Welcome!

Microsoft Cloud Authors: Elizabeth White, Mihai Corbuleac, Pat Romanski, David Bermingham, Steven Mandel

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
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.