BioClinica Announces Fourth Quarter and Year End 2009 Financial Results

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BIOCLINICA ANNOUNCES FOURTH QUARTER AND YEAR END 2009 FINANCIAL RESULTS

– Conference Call Today at 11:00 A.M. EST –

February 10, 2011

NEWTOWN, PA – BioClinica™, Inc. (NASDAQ: BIOC), a global provider of clinical trial services, today announced its financial results for the quarter and year ended December 31, 2009. The operating results of Phoenix Data Systems ("PDS") are included in the financial results following the acquisition of PDS that was completed March 24, 2008. The CapMed division, which was sold on January 6, 2009, was reclassified as a discontinued operation for all periods presented.

Financial highlights for the quarter ended December 31, 2009 include:

• Service revenues were $14.9 million as compared with $15.0 million for the same period 2008.
• GAAP income from continuing operations before interest and taxes was $1.6 million as compared with $2.3 million for the same period 2008.
• GAAP income from continuing operations, net of taxes was $943,000, or $0.06 per fully diluted share, as compared with $1.7 million, or $0.11 per fully diluted share, for the same period 2008.
• Non-GAAP income from continuing operations before interest and taxes was $2.0 million as compared with $2.4 million for the same period 2008.
• Non-GAAP income from continuing operations, net of taxes was $1.2 million, or $0.08 per fully diluted share, as compared with $1.8 million, or $0.12 per fully diluted share, for the same period 2008.
• Backlog was $98.7 million as of December 31, 2009 as compared with $96.5 million at September 30, 2009 and compared with $92.7 million as of December 31, 2008.

Financial highlights for the year ended December 31, 2009 include:

• Service revenues reached a record $57.4 million as compared with $56.2 million for the same period 2008.
• GAAP income from continuing operations before interest and taxes was $4.7 million as compared with $8.5 million for the same period 2008.
• GAAP income from continuing operations, net of taxes was $3.0 million, or $0.20 per fully diluted share, as compared with $5.8 million, or $0.40 per fully diluted share, for the same period 2008.
• Non-GAAP income from continuing operations before interest and taxes was $7.1 million as compared with $9.4 million for the same period 2008.
• Non-GAAP income from continuing operations, net of taxes was $4.5 million or $0.30 per fully diluted share, as compared with $6.4 million, or $0.44 per fully diluted share, for the same period 2008.

Mark L. Weinstein, President and Chief Executive Officer of BioClinica said, "As we enter our twentieth year of business, I am extremely proud to be the CEO of BioClinica, a leader in our industry. We offer a suite of integrated services including medical image management, electronic data capture, data management, IVR/IWR, clinical supply optimization and other eClinical services. Despite difficult market conditions, we reflect positively upon the successes that we achieved during the last year, including record service revenue. Among the many highlights for the year were the acquisitions of Tourtellotte Solutions and CardioNow, as well as our rebranding into BioClinica. The two acquisitions complemented and increased our suite of services, and the integration of both companies into BioClinica has been very successful. BioClinica Optimizer, a clinical supply forecasting and optimization product, has an established presence in four of the top 10 pharmaceutical companies and there are many discussions underway with other companies. Additionally, our team is completing the development of our Trident IVR/IWR which will be launched this summer. Further, our rebranding has also met with great success, and I am pleased to note that our brand recognition today is as high as it was before the rebranding took place last April. Customers and potential customers alike have a high awareness level of our new name, and with that, comes the value of our brand equity that translates into high-quality, cost-effective and best-in-class solutions."

"The increases in market activity that began late last year have continued into the first quarter of 2010 and have resulted in an increased level of proposal activity," Mr. Weinstein continued. "Company-wide, we have increased and strengthened the component offerings in our suite of clinical trial services, and we have also benefited from the continued trends in the pharmaceutical industry to outsource their clinical trials services to companies such as BioClinica. With an established and growing global presence, 20 years of experience and a stellar reputation in the industry, we believe BioClinica will continue to benefit from these changing industry trends. Our balance sheet remains strong and we continue to seek acquisitions that will enable us to strengthen our products and services, while also helping us to increase our market share."

Mr. Weinstein concluded, "With our strengthened offerings, increased proposal activity and our improved backlog, we expect full-year 2010 service revenue to be in the range of $61 to $65 million and non-GAAP EPS to be in the range of $0.33 to $0.37 per share, which equates to GAAP EPS in the range of $0.25 to $0.29 per share."

Conference Call Information
Management of BioClinica, Inc. will host a conference call today at 11:00 a.m. EST. Those who wish to participate in the conference call may telephone 877-869-3847 from the U.S.; international callers may telephone 201-689-8261, approximately 15 minutes before the call. There will be a simultaneous webcast on www.bioclinica.com. A digital replay will be available by telephone approximately two hours after the call's completion for two weeks, and may be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers, Acct# 360; Replay ID# 342457. The replay will also be on the website under "Investor Relations" at www.bioclinica.com for two weeks.

Non-GAAP Financial Information
BioClinica is providing information on 2009 and 2008 non-GAAP income from continuing operations before interest and taxes, non-GAAP income from continuing operations, net of taxes and non-GAAP diluted earnings per share that exclude certain items, as well as the related income tax effects, because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. The non-GAAP information excludes the impact of stock-based compensation, amortization of intangible assets related to acquisitions, restructuring charges and merger and acquisition costs. We believe the non-GAAP information provides supplemental information useful to investors in comparing our results of operations on a consistent basis from period to period. Management uses these non-GAAP measures in assessing our core operating performance and evaluating our ongoing business operations. These measures are not in accordance with, or an alternative for, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. The information therefore may not necessarily be comparable to that of other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are included below in this press release.

About BioClinica, Inc.
BioClinica, Inc. is a leading global provider of integrated, technology-enhanced clinical trial services. BioClinica supports pharmaceutical and medical device innovation with imaging core lab, internet image transport, electronic data capture, interactive voice and web response, and clinical supply chain design and optimization solutions. BioClinica services maximize efficiency and manageability throughout all phases of the clinical trial process. With more than 2,000 successful trials to date, BioClinica has supported the clinical development of many new medicines from early phase trials through final approval. BioClinica operates state-of-the-art, regulatory-body-compliant imaging core labs on two continents, and supports worldwide eClinical and data management services from offices in the United States, Europe and Asia. For more information, please visit www.bioclinica.com.

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the consummation and the successful integration of current and proposed acquisitions, the timing of projects due to the variability in size, scope and duration of projects, estimates and guidance made by management with respect to the Company's financial results, backlog, critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. You should review the Company's filings, especially risk factors contained in the Form 10-K and the recent form 10-Q.

– FINANCIAL TABLES TO FOLLOW –