Bioclinica Outlines Next Phase of Growth and Global Expansion
- Strong business performance and leading medical imaging position provides strong platform for investment in core businesses
- Expanded customer base generates broader demand for enhanced Drug Safety Solutions and Software Solutions
- Increased market demand drives expansion of Clinical Services in Asia-Pacific
Princeton, N.J. September 10, 2019 – Bioclinica, a leading provider of clinical science and technology expertise to assist the life science industry, today provided an update on the company’s five-year plan to further advance its industry leadership by focusing on serving a broader set of customer segments through the company’s core businesses. Responding to the increased global market demand for clinical trial services, Bioclinica will extend its core competencies to new customer segments, expand its operations, and launch enhanced services into the Asia-Pacific market. These actions provide increased benefit to both new and existing customers working to bring new therapies to market.
“Bioclinica’s growth agenda is directed at increasing the reach of our Medical Imaging and Drug Safety Solutions and further developing new product capabilities in Software Solutions,” said David Herron, President & CEO. “Today’s customers want trusted partners with the experience to understand their unique needs while delivering high quality, high-performance services to support their drug development priorities around the globe. We are reshaping our company to best respond to the needs of each of our customers and customer segments.”
Enterprise Value Delivered
Over the last 18 months, Bioclinica has achieved several major milestones, including:
Exceptional Business Performance: Bioclinica has experienced six consecutive strong fiscal quarters, with increasing top-line revenue growth and margin expansion that demonstrate the strength of Bioclinica’s customer-centric strategy, delivering value for customers and investors alike. The company’s backlog has also grown due to strong new business growth and the ability to address the growing complexity of trials in the therapeutic areas of immuno-oncology, Alzheimer’s, NASH, and cardiovascular disease.
Sale of Global Site Network to AES: Bioclinica and Accelerated Enrollment Solutions (AES), a business unit of PPD, announced last week that AES has purchased Bioclinica’s clinical research site network, a transaction that puts Bioclinica in a strong financial position to continue to reinvest in the core businesses.
Expansion in both New and Existing Markets: Bioclinica is expanding and establishing new locations in the U.S. and Asia-Pacific markets in order to respond to increasing market demands while expanding business margins.
Recognized Innovation: With the recent product launches of Clinical Adjudication and SMART Eligibility, Bioclinica continues to demonstrate the company’s skill in creating software that reduces errors that can lead to trial delays, while saving time and money for sponsors.
“Through a disciplined approach to driving quality customer service and scientific innovation, and a consistent focus on high-value opportunities that complement its portfolio, Bioclinica continues to generate consistently strong growth and increase enterprise value,” said Herron. “The company momentum speaks to significant market opportunity and demand for Bioclinica products and services.”
Drivers of the next phase of growth
Enhanced Investment in Core Business Areas
Medical imaging continues to be a critical biomarker in clinical trials measuring the safety and efficacy of investigational treatments. As the world leader in centralized medical imaging services, Bioclinica continues to see a strong return on investment in scaling its global offerings and investing in local expertise in order to help clients best manage trial data and local regulatory requirements. Bioclinica Medical Imaging is led by the team of Michael O’Neal, MD; Chief Medical Officer; Thomas Fuerst, PhD; Chief Science Officer; and Joyce Suhy, PhD; Senior Vice President, Medical Imaging; each leader has spent more than 15 years at Bioclinica and driven the company’s success in this space.
Bioclinica Drug Safety Solutions now provides comprehensive full lifecycle operational support and consulting to navigate regulatory requirements and help ensure patient safety from human trials through post-approval commercialization. Under the expert leadership of Humaira Qureshi, MSc, the company will continue to expand client partnerships to serve the growing need to manage safety-related data of increasing volumes and complexities. Continued expansion into emerging markets with evolving regulatory environments remains a key focal area.
Understanding the scientific aspects of the ever-increasing complexity of clinical trials is an imperative. Bioclinica Software Solutions is increasing investment in data science and artificial intelligence software applications to further improve the automation of interrelated data collection, produce better insights to improve trial management, and produce better quality regulatory submissions. Bioclinica’s software organization, led by Theo Beack, is driving the evolution of our eClinical products development efforts to optimize value for customers and patients.
Expand Operations with International Centers of Excellence
Bioclinica has taken the first steps to expand its offerings in key high growth international markets with increasingly complex and changing regulatory and commercial environments. By creating a global network comprised of local centers of excellence led by well recognized local industry experts with deep regulatory and clinical knowledge, the company will offer efficient clinical trial services in these markets with more uniform and reliable data and deeper consultative insights for clients. Over the next three years, Bioclinica intends to hire nearly 600 experts in newly established Centers of Excellence in the U.S. and Asia to meet the needs of international clients of all sizes and requirements.
“Our consistently strong revenue growth is the result of our long-standing established leadership position in medical imaging and the trust our clients put in us. Through our relentless focus on customer success and innovation, we have become a trusted global partner for more than 500 biopharmaceutical clients," said Herron. "Over the past many years, Bioclinica has repeatedly demonstrated success and continues to bring value in executing essential aspects of the business of clinical trial solutions, from protocol design advisory and core lab imaging efficacy and safety assessments, trial management software solutions and clinical adjudication support, to post-marketing drug safety solutions. All this adds up to the company being well placed to thrive in the life-science industry transformation.”