Welcome!

.NET Authors: Ivan Antsipau, JP Morgenthal, Sandi Mappic, Yeshim Deniz, Carmen Gonzalez

News Feed Item

BioClinica Reports 15.7% Growth in Service Revenue and 26.1% Increase in Non-GAAP Operating Income for Third Quarter

BioClinica®, Inc. (NASDAQ: BIOC), a leading global provider of clinical trial management solutions, today announced its financial results for the third quarter and nine months ended September 30, 2012.

Financial highlights for the quarter ended September 30, 2012 include:

  • Service revenues increased 15.7% to a record $19.2 million as compared with $16.6 million for the same period 2011.
  • GAAP operating income was $1.1 million including a restructuring charge of $839,000 as compared with $479,000 including a restructuring charge of $1.0 million for the same period 2011.
  • GAAP net income was $542,000, or $0.03 per fully diluted share, as compared with $358,000, or $0.02 per fully diluted share in the year-ago quarter.
  • Non-GAAP operating income increased 26.1% to $2.6 million as compared with $2.0 million for the same period 2011.
  • Non-GAAP net income increased 10.3% to $1.5 million compared with $1.4 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 nine months ended September 30, 2012 include:

  • Service revenues increased 14.5% to $56.8 million as compared with $49.7 million for the same period 2011.
  • GAAP operating income was $4.4 million including a restructuring charge of $839,000 as compared with $2.5 million including a restructuring charge of $1.7 million for the same period 2011.
  • GAAP net income was $2.6 million, or $0.16 per fully diluted share as compared with $1.6 million, or $0.10 per fully diluted share for the same period 2011.
  • Non-GAAP operating income increased 19.1% to $7.0 million as compared with $5.9 million for the same period 2011.
  • Non-GAAP net income increased 12.7% to $4.3 million compared with $3.8 million; this equated to $0.26 per fully diluted share, as compared with $0.23 per fully diluted share in the same period 2011.

Mark L. Weinstein, President and Chief Executive Officer of BioClinica said, "We are extremely pleased with our third quarter operating results, which included strong growth in service revenue and non-GAAP operating income and margin resulting from increased demand for both our eClinical and medical imaging offerings.”

“We are excited to have had several significant contract wins this quarter, attracting some of the largest and most discerning global pharmaceutical companies to our roster of clients. Sanofi's selection of BioClinica's OnPoint as its enterprise CTMS for all of its global clinical trials underscores the strength, scalability and integrity of our technology, the importance of our relationship with Microsoft, and the clear advantages of SharePoint. Additionally, Sanofi has selected us as a preferred provider of medical imaging solutions.” He continued, “Other agreements such as those with Isis Pharmaceuticals and Luitpold Pharmaceuticals for BioClinica's Express EDC also reflect the growing acceptance and recognition of our transformational technology and superior service across the industry. We were also pleased to have recently announced TauRx’s selection of both our Trident IWR/IVR and medical imaging solutions for its upcoming Phase III clinical trial, further establishing our position as a leading global player. Sanofi and TauRx are representative of many of our clients, from small to major global pharmaceutical and biotech companies, that are selecting us for both our eClinical and medical imaging products and services.”

Mr. Weinstein continued, “In order to further strengthen our medical imaging solutions offering, we realigned our global operational structure along therapeutic lines during the third quarter. These changes were implemented and completed during the quarter, and resulted in a restructuring charge, primarily comprised of severance and related costs, of $839,000, or $0.03 per diluted share, all of which was incurred in the quarter. As a result of this restructuring, we expect to realize $1.0 million of annualized operating savings, commencing immediately.”

“Our current backlog of $114.1 million compares favorably with last quarter's $110.2 million. Our backlog and strong proposal pipeline position us well for future growth. We are reiterating our full-year 2012 service revenue to be in the range of $73 to $77 million, and our full-year non-GAAP EPS to be in the range of $0.36 to $0.42 per fully diluted share. As a result of the $0.03 per share restructuring charge, we are revising our full-year GAAP EPS to be in the range of $0.23 to $0.29 per fully diluted share as compared to previous GAAP EPS guidance of $0.26 to $0.32 per diluted share,” concluded Mr. Weinstein.

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, Conference ID #401423. 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 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 Company’s ability to convert backlog into revenue as a result of many factors, including but not limited to, contract cancelations; 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.

                         
BIOCLINICA, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
 
 

For the Three Months Ended

For the Nine Months Ended

9/30/12 9/30/11 9/30/12 9/30/11
 
Service revenues 19,227 16,623 56,835 49,658
Reimbursement revenues 5,701 4,847 13,836 11,887
Total revenues $24,928 $21,470 $70,671 $61,545
 
Costs and expenses:
Cost of service revenues 11,968 10,434 35,248 31,432
Cost of reimbursement revenues 5,701 4,847 13,836 11,887
Sales & marketing expenses 2,489 2,081 7,848 6,324
General & admin. expenses 2,697 2,434 8,081 7,027
Amortization of intangible assets related to acquisitions 138 155 429 467
Mergers & acquisition related costs - - - 162
Restructuring costs 839 1,040 839 1,719
Total cost and expenses 23,832 20,991 66,281 59,018
 
Operating income 1,096 479 4,390 2,527
Interest income (expense) - net (34) (12) (67) (26)
Income before income tax 1,062 467 4,323 2,501
Income tax provision 520 109 1,754 868
Net income $542 $358 $2,569 $1,633
 
Basic earnings per share $0.03 $0.02 $0.16 $0.10
 
Weighted average number of shares - basic 15,596 15,640 15,626 15,645
 
Diluted earnings per share $0.03 $0.02 $0.16 $0.10
 
Weighted average number of shares - diluted 16,461 16,383 16,467 16,515
 
 
BIOCLINICA, INC. AND SUBSIDIARIES
GAAP to non-GAAP Reconciliation (1)
(in thousands, except per share data)
(unaudited)
                         
 
For the Three Months Ended For the Nine Months Ended
9/30/12 9/30/11 9/30/12 9/30/11
 
GAAP operating income 1,096 479 4,390 2,527
Stock-based compensation * 477 349 1,367 1,021
Amortization of intangible assets related to acquisitions 138 155 429 467
Mergers & acquisition related costs - - - 162
Restructuring charges 839 1,040 839 1,719
Non-GAAP operating income $2,550 $2,023 $7,025 $5,896
 
GAAP net income 542 358 2,569 1,633
Stock-based compensation, net of taxes 315 227 902 664
Amortization of intangible assets related to acquisitions, net of taxes 91 101 283 304
Mergers & acquisition related costs, net of taxes - - - 105
Restructuring charges, net of taxes 554 676 554 1,117
Non-GAAP net income $1,502 $1,362 $4,308 $3,823
 
GAAP diluted earnings per share $0.03 $0.02 $0.16 $0.10
 
Non-GAAP diluted earnings per share $0.09 $0.08 $0.26 $0.23
 
* Stock based compensation included in total costs and expenses is as follows:
Cost of service revenues 137 120 406 351
Sales & marketing expenses 13 11 41 30
General & admin. expenses 327 218 920 640
477 349 1,367 1,021

 

(1)

 

This table presents a reconciliation of GAAP to non-GAAP income from operations, net income and

diluted earnings per share for the three and nine months ended September 30, 2012 and 2011. 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.

 
BIOCLINICA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
(unaudited)
               
 
September 30, 2012 December 31, 2011
ASSETS
 
Cash & cash equivalents $13,184 $12,575
Accounts receivable, net 18,950 16,353
Prepaid expenses & other current assets 1,886 1,743
Deferred income taxes 5,522 5,637
Total current assets 39,542 36,308
 
Property & equipment, net 19,771 16,186
Intangibles, net 1,378 1,808
Goodwill 34,302 34,302
Deferred income taxes 43 1,021
Other assets 765 796
 
Total assets $95,801 $90,421
 
LIABILITIES
 
Accounts payable $2,320 $2,422
Accrued expenses & other current liabilities 5,760 5,944
Deferred revenue 14,179 13,438
Deferred income tax - 526
Current maturities of capital lease obligations 1,006 423
Current liability for acquisition earn-out 2,000 2,000
Total current liabilities 25,265 24,753
 
Long-term capital lease obligations 3,522 1,535
Deferred income taxes 4,689 4,499
Other liability 1,453 1,574
Total liabilities 34,929 32,361
 
STOCKHOLDERS' EQUITY
Common stock 4 4
Treasury stock (3) (2,440) (1,126)
Additional paid-in-capital 51,151 49,564
Retained earnings 12,159 9,590
Accumulated other comprehensive (loss) income (2) 28
Total stockholders' equity 60,872 58,060
 
Total liabilities & stockholders' equity $95,801 $90,421
 
(3)   During the nine months ended September 30, 2012, the Company repurchased 243,200 shares of BioClinica stock at
an average price of $5.40 per share, as part of its stock repurchase program. At September 30, 2012, there was
$1.5 million of funds remaining that may yet be used to repurchase shares under the plan that authorizes purchases
up to $4 million.
 

BIOCLINICA, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)

(unaudited)

 

             
   
 
For the Nine Months Ended
9/30/12 9/30/11
 
Cash flows from operating activities:
Net income 2,569 1,633
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 3,767 3,266
Provision for deferred income taxes 769 829
Excess tax benefit related to stock options (11) -
Bad debt provision (recovery) 32 (15)
Stock based compensation 1,367 1,019
Gain on sale/leaseback 124 44

Accretion of acquisition earn-out

- 114
Changes in operating assets and liabilities:
Increase in accounts receivable (2,628) (1,603)
Increase in prepaid expenses & other current assets (166) (89)
Decrease (increase) in other assets 32 (42)
(Decrease) increase in accounts payable (123) 113
Decrease in accrued expenses & other current liabilities (337) (89)
Increase (decrease) in deferred revenue 742 (19)
(Decrease) increase in other liabilities (123) 742
Net cash provided by operating activities $6,014 $5,903
 
Cash flows from investing activities:
Purchases of property & equipment (3,305) (1,352)
Capitalized software development costs (3,731) (2,843)
Net cash used in investing activities ($7,036) ($4,195)
 
Cash flows from financing activities:
Proceeds from sale/leaseback 3,037 918
Payments under capital lease obligations (466) (157)
Purchase of treasure stock (1,314) (784)
Excess tax benefit related to stock options 11 -
Proceeds from exercise of stock options 367 138
Net cash provided by financing activities $1,635 $115
 
Effect of exchange rate changes on cash (4) 26
 
Net increase in cash & cash equivalents $609 $1,849
Cash and cash equivalents at beginning of period $12,575 10,443
Cash and cash equivalents at end of period $13,184 $12,292
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: Esmeralda Swartz, CMO of MetraTech, has spent 16 years as a marketing, product management, and busin...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Robin Raymond, Chief Architect at Hookflash Inc., will walk through the shifting landscape of traditional telephone a...
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it’s a mix of architectural style...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
Connected devices are changing the way we go about our everyday life, from wearables to driverless cars, to smart grids and entire industries revolutionizing business opportunities through smart objects, capable of two-way communication. But what happens when objects are given an IP-address, and we rely on that connection, sometimes with our lives? How do we secure those vast data infrastructures and safe-keep the privacy of sensitive information? This session will outline how each and every connected device can uphold a core root of trust via a unique cryptographic signature – a “bir...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...