BioClinica Announces Third Quarter 2011 Financial Results

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

November 9, 2011.  NEWTOWN, PA – BioClinica®, Inc., (NASDAQ: BIOC), a global provider of clinical trial management and technology solutions, today announced its financial results for the third quarter and nine months ended September 30, 2011.

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Financial highlights for the three months ended September 30, 2011 include:

• Service revenues increased 4.1% to $16.6 million as compared with $16.0 million for the same period in 2010.
• GAAP operating income was $479,000 (which included a restructuring charge of $1.0 million) as compared with $1.3 million for the same period in 2010.
• GAAP net income was $358,000, or $0.02 per fully diluted share (which included a restructuring charge of $676,000, or $0.04 per share) as compared with $808,000, or $0.05 per fully diluted share, for the same period in 2010.
• Non-GAAP operating income increased 8.2% to $2.0 million as compared with $1.9 million for the same period in 2010.
• Non-GAAP net income increased to $1.4 million as compared with $1.2 million for the same period in 2010; on a fully diluted basis, non-GAAP earnings per share increased to $0.08 per fully diluted share as compared with $0.07 per fully diluted share reported for the same period in 2010.
• Backlog increased 8.7% to $115.6 million as of September 30, 2011 as compared with $106.3 million as of September 30, 2010.

Financial highlights for the nine months ended September 30, 2011 include:

• Service revenues increased 7.4% to $49.7 million as compared with $46.2 million for the same period in 2010.
• GAAP operating income was $2.5 million as compared with $3.1 million for the same period in 2010.
• GAAP net income was $1.6 million, or $0.10 per fully diluted share, as compared with $1.9 million, or $0.12 per fully diluted share, for the same period in 2010.
• Non-GAAP operating income increased 17.5% to $5.9 million as compared with $5.0 million for the same period in 2010.
• Non-GAAP net income increased to $3.8 million as compared with $3.1 million for the same period in 2010; on a fully diluted basis, non-GAAP earnings per share increased to $0.23 per fully diluted share as compared with $0.20 per fully diluted share reported for the same period in 2010.

"We continue to build our reputation in the industry for providing superior integrated clinical research technology solutions to our clients. With a full range of hosted and SaaS solutions, we support a growing number of clinical trials across the world," said Mark L. Weinstein, President and CEO of BioClinica. "Our third quarter results reflect the progress we have made as our clients seek improved speed and efficiency to implement and execute their clinical trials. These improvements reflect the momentum that is building across all areas of our business, including increased interest in our core medical imaging services, Express EDC, OnPoint CTMS, Optimizer and Trident IVR/IWR. In addition to a growing revenue base, our continued development of our BioPACS™ imaging management system is resulting in efficiency gains that have contributed to improved year-over-year non-GAAP operating income."

"Further, as clinical trial sponsors continue to reduce the number of vendors they use by selecting providers who can fulfill more of their clinical trial software and imaging needs, BioClinica's best-of-breed, interoperable platforms are gaining more traction across the industry. In addition to a growing base of pharmaceutical and medical device clients, we are also experiencing increased interest from leading CROs to serve as their preferred providers for their global clinical trials," Mr. Weinstein continued.

Two weeks ago BioClinica hosted its first annual eClinical users conference at the Microsoft Technology Center in Malvern, Pennsylvania. The two-day meeting was attended by over 80 current and prospective clients that ranged from the largest pharmaceutical and medical device companies to small biotech companies. In commenting on the successful conference, Mr. Weinstein said, "Some of the most rewarding results of this conference were hearing our current clients talk about how satisfied they are with the solutions we provide them, and having them share their ideas on how we can continue to further advance our products and services."

"With increased sales of our products and a strong backlog, we are on track to meet our previously issued guidance. We are reiterating our expectations for full-year 2011 service revenues to be in the range of $66 to $70 million, our full-year GAAP EPS, including a restructuring charge of $0.07 per share, to be in the range of $0.16 to $0.21 per diluted share, and our full-year non-GAAP EPS to be in the range of $0.30 to $0.35 per diluted share," he concluded.

During the third quarter, BioClinica purchased 51,700 shares of its stock at an average price of $4.81 per share, as part of its stock repurchase program. For the nine months ended September 30, 2011, BioClinica purchased 156,713 shares of its stock at an average price of $5.04 per share. At September 30, 2011, there was $1.2 million of funds remaining that may yet be used to repurchase shares under the plan that originally authorized purchases up to $2 million.

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 # 380957. 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 2011 and 2010 non-GAAP income from operations, non-GAAP net income 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, certain of which are recurring in nature, 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. Therefore, the information 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 management solutions. BioClinica supports pharmaceutical and medical device innovation with imaging core lab, internet image transport, electronic data capture, interactive voice and web response, clinical trial management and clinical supply chain design and optimization solutions. BioClinica solutions maximize efficiency and manageability throughout all phases of the clinical trial process. With over 20 years of experience and 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 circumstance. You should review the Company's filings, especially risk factors contained in the Form 10-K and the recent Form 10-Q.

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