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

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

                -- Conference Call Today at 11:00 A.M. EST --

Business Wire

NEWTOWN, Pa. -- November 08, 2012

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            For the Nine Months
                         Ended                           Ended
                         9/30/12           9/30/11       9/30/12       9/30/11
                                                                       
Service revenues         19,227            16,623        56,835        49,658
Reimbursement            5,701             4,847         13,836        11,887
revenues
Total revenues           $24,928           $21,470       $70,671       $61,545
                                                                       
Costs and
expenses:
  Cost of
  service                11,968            10,434        35,248        31,432
  revenues
  Cost of
  reimbursement          5,701             4,847         13,836        11,887
  revenues
  Sales &
  marketing              2,489             2,081         7,848         6,324
  expenses
  General &
  admin.                 2,697             2,434         8,081         7,027
  expenses
  Amortization
  of intangible
  assets related         138               155           429           467
  to
  acquisitions
  Mergers &
  acquisition            -                 -             -             162
  related costs
  Restructuring          839               1,040         839           1,719
  costs
  Total cost and         23,832            20,991        66,281        59,018
  expenses
                                                                       
Operating income         1,096             479           4,390         2,527
Interest income          (34)              (12)          (67)          (26)
(expense) - net
Income before            1,062             467           4,323         2,501
income tax
Income tax               520               109           1,754         868
provision
Net income               $542              $358          $2,569        $1,633
                                                                       
Basic earnings           $0.03             $0.02         $0.16         $0.10
per share
                                                                       
Weighted average
number of shares         15,596            15,640        15,626        15,645
- basic
                                                                       
Diluted earnings         $0.03             $0.02         $0.16         $0.10
per share
                                                                       
Weighted average
number of shares         16,461            16,383        16,467        16,515
- diluted
                                                                       


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          1,096             479            4,390         2,527
income
   Stock-based          477               349            1,367         1,021
   compensation *
   Amortization
   of intangible
   assets related       138               155            429           467
   to
   acquisitions
   Mergers &
   acquisition          -                 -              -             162
   related costs
   Restructuring        839               1,040          839           1,719
   charges
Non-GAAP                $2,550            $2,023         $7,025        $5,896
operating income
                                                                       
GAAP net income         542               358            2,569         1,633
   Stock-based
   compensation,        315               227            902           664
   net of taxes
   Amortization
   of intangible
   assets related       91                101            283           304
   to
   acquisitions,
   net of taxes
   Mergers &
   acquisition          -                 -              -             105
   related costs,
   net of taxes
   Restructuring
   charges, net         554               676            554           1,117
   of taxes
Non-GAAP net            $1,502            $1,362         $4,308        $3,823
income
                                                                       
GAAP diluted
earnings per            $0.03             $0.02          $0.16         $0.10
share
                                                                       
Non-GAAP diluted
earnings per            $0.09             $0.08          $0.26         $0.23
share
                                                                       
* Stock based
compensation
included in total
costs and
expenses is as
follows:
   Cost of
   service              137               120            406           351
   revenues
   Sales &
   marketing            13                11             41            30
   expenses
   General &
   admin.               327               218            920           640
   expenses
                        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,       December 31,
                                              2012                2011
    ASSETS
                                                                  
Cash & cash equivalents                       $13,184             $12,575
Accounts receivable, net                      18,950              16,353
Prepaid expenses & other current              1,886               1,743
assets
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              5,760               5,944
liabilities
Deferred revenue                              14,179              13,438
Deferred income tax                           -                   526
Current maturities of capital lease           1,006               423
obligations
Current liability for acquisition             2,000               2,000
earn-out
    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               (2)                 28
(loss) income
    Total stockholders' equity                60,872              58,060
                                                                  
    Total liabilities & stockholders'         $95,801             $90,421
    equity
                                                                  

(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             (11)             -
     options
     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          (166)            (89)
       current assets
       Decrease (increase) in other assets           32               (42)
       (Decrease) increase in accounts               (123)            113
       payable
       Decrease in accrued expenses & other          (337)            (89)
       current liabilities
       Increase (decrease) in deferred               742              (19)
       revenue
       (Decrease) increase in other                  (123)            742
       liabilities
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                11               -
  options
  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            $12,575          10,443
period
Cash and cash equivalents at end of period           $13,184          $12,292
                                                                      

Contact:

BioClinica, Inc.
Jim Dorsey, 267-757-3040
or
Trade Media
Diccicco Battista Communications
Rachel Summers, 484-342-3600
or
Porter, LeVay & Rose, Inc.
Investors
Michael Porter, 212-564-4700
or
Financial Media
Bill Gordon, 212-564-4700
 
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