– Reiterates Full-Year Guidance –
– Conference Call Today at 11:00 A.M. EDT –
August 8, 2012. NEWTOWN, PA – BioClinica®, Inc., (NASDAQ: BIOC), a leading global provider of clinical trial management solutions, today announced its financial results for the second quarter and six months ended June 30, 2012.
Financial highlights for the quarter ended June 30, 2012 include:
- Service revenues increased 12.8% to $19.1 million as compared with $16.9 million for the same period 2011.
- GAAP operating income was $1.7 million as compared with $1.5 million for the same period 2011.
- GAAP net income was $1.0 million, or $0.06 per fully diluted share as compared with $924,000, or $0.06 per fully diluted share in the year-ago quarter.
- Non-GAAP operating income increased 14.3% to $2.3 million as compared with $2.0 million for the same period 2011.
- Non-GAAP net income increased 11.4% to $1.4 million compared with $1.3 million; this equated to $0.09 per fully diluted share, as compared with $0.08 per fully diluted share in the same period 2011.
Financial highlights for the six months ended June 30, 2012 include:
- Service revenues increased 13.8% to $37.6 million as compared with $33.0 million for the same period 2011.
- GAAP operating income was $3.3 million as compared with $2.0 million including a restructuring charge of $679,000 for the same period 2011.
- GAAP net income was $2.0 million, or $0.12 per fully diluted share as compared with $1.3 million, or $0.08 per fully diluted share. The first half of 2011 results included a restructuring charge of $679,000 or $0.03 per share.
- Non-GAAP operating income increased 15.5% to $4.5 million as compared with $3.9 million for the same period 2011.
- Non-GAAP net income increased 14.1% to $2.8 million compared with $2.4 million; this equated to $0.17 per fully diluted share, as compared with $0.15 per fully diluted share in the same period 2011.
Mark L. Weinstein, President and Chief Executive Officer of BioClinica said, "Both our eClinical and medical imaging solutions contributed to our strong second quarter revenue growth. We continue to add new customers across our product categories, many of whom contracted with us for multiple clinical trial solutions. Our growth is coming from new customers as well as from further penetration of our existing customers. Currently 40% of our eClinical clients are using more than one of our solutions."
He continued, "Strategic partnerships remain an important component of our business model, helping to transform our technology products and service offerings into comprehensive clinical trial solutions. These relationships extend our competitive advantage, while providing clients with innovative technology and clear financial benefits. As an example, in June we were awarded Microsoft's prestigious Life Sciences Innovation Award for the "Monitor Visit Report" capability of our OnPoint CTMS developed in collaboration with C.R. Bard. This solution makes it easier for clinical site monitors to enter essential study information, and is an example of how our relationship with Microsoft creates cost-saving innovations that enable drugs to get to market efficiently and cost-effectively."
Mr. Weinstein added, "During the second quarter, we experienced strong year-over-year growth in service revenues reflecting increased customer acceptance of our integrated eClinical suite, including our Trident IWR, OnPoint CTMS, Express EDC and Optimizer product offerings. Combined with continued strong demand for our medical imaging solutions, this led to a record quarter of service revenues of $19.1 million. As our overall business improves, so has our profitability, with increases in both sequential and year-over-year GAAP and non-GAAP operating margin. The growth in business in each of these products demonstrates our successful acquisition strategy, as we acquired companies with innovative technologies, integrated the operations, re-branded the products, and increased the customer base."
"Our current backlog of $110.2 million is lower than last year's second quarter backlog of $112.5 million and this year's first quarter backlog of $125.8 million because of the cancellation of a large drug program due to lack of efficacy. This cancelled program for which we were providing medical imaging solutions was long term in nature and had a remaining backlog of approximately $17 million and a remaining duration of seven years. Even with the cancellation, the $110.2 million of backlog combined with our strong proposal pipeline positions us well to support our future growth. We are reiterating our full-year 2012 service revenue to be in the range of $73 to $77 million, our full-year GAAP EPS to be in the range of $0.26 to $0.32 per fully diluted share and our full-year non-GAAP EPS to be in the range of $0.36 to $0.42 per fully diluted share," concluded Mr. Weinstein.
Conference Call Information
Management of BioClinica, Inc. will host a conference call today at 11:00 a.m. EDT. 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 # 397185. The replay will also be on the website under the "Investors" section at www.bioclinica.com for two weeks.
Non-GAAP Financial Information
BioClinica is providing information on 2012 and 2011 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 companiesand 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.
– FINANCIAL TABLES TO FOLLOW –