Welcome!

Microsoft Cloud Authors: Pat Romanski, Lori MacVittie, Andreas Grabner, Jim Kaskade, John Basso

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
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...