BioClinica Reports Record Service Revenue for the Fourth Quarter and Year End 2011

Full-Year Non-GAAP Operating Income Grew 21.5% on an 8.4% Increase in Service Revenues

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

NEWTOWN, Pa.--(BUSINESS WIRE)--BioClinica^®, Inc. (NASDAQ: BIOC), a global provider of clinical trial management solutions, today announced its financial results for the fourth quarter and year ended December 31, 2011.

Financial highlights for the quarter ended December 31, 2011 include:

• Service revenues were $18.3 million as compared with $16.5 million for the same period 2010.
• GAAP operating income was $1.8 million as compared with $1.2 million for same period 2010.
• GAAP net income was $1.2 million, or $0.07 per fully diluted share, as compared with $831,000, or $0.05 per fully diluted share, for the same period 2010.
• Non-GAAP operating income was $2.4 million as compared with $1.8 million for the same period 2010.
• Non-GAAP net income was $1.5 million, or $0.09 per fully diluted share, as compared with $1.2 million, or $0.08 per fully diluted share, for the same period 2010.
• Backlog was $123.1 million as compared with $110.7 million for the same period 2010.

Financial highlights for the year ended December 31, 2011 include:

• Service revenues were $68.0 million as compared with $62.7 million for the same period 2010.
• GAAP operating income was $4.4 million (after a restructuring charge of $1.7 million) as compared with $4.3 million for the same period 2010.
• GAAP net income was $2.8 million, or $0.17 per fully diluted share (after a restructuring charge of $1.1 million, or $0.07 per share), as compared with $2.8 million, or $0.17 per fully diluted share, for the same period 2010.
• Non-GAAP operating income was $8.2 million as compared with $6.8 million for the same period 2010.
• Non-GAAP net income was $5.3 million, or $0.32 per fully diluted share, as compared with $4.3 million, or $0.27 per fully diluted share, for the same period 2010.

“The accelerating adoption of BioClinica’s enhanced hosted and SaaS clinical trial technology solutions helped drive the company to another year of record service revenue. We also benefitted from ongoing operational efficiency initiatives that contributed toward improved year-over-year non-GAAP operating margin on service revenue,” said Mark L. Weinstein, President and CEO of BioClinica.

“Our business was strong across our eClinical and medical imaging offerings as we significantly grew our customer base. We signed a greater number of enterprise-wide agreements and more multi-product agreements than ever before in our history.” Mr. Weinstein added, “As the trend continued for clinical trial sponsors to reduce the number of vendors they engage, BioClinica benefitted from our broad spectrum of products and services that are designed with flexibility, speed and ease of use built in. The fact that our solutions are scalable to handle any size study in any phase of development is also a big positive in the market.”

Some of the highlights for the year include:

• We were awarded 35 Trident IWR contracts for 22 customers.
• We launched our enhanced OnPoint CTMS, and added 10 new CTMS clients.
• We released a more powerful version of BioClinica Express EDC that makes it easier to monitor protocol compliance, complete studies with greater speed and efficiency, and includes compatibility with Optimizer, our state-of-the-art clinical supply simulator/manager.
• We signed several preferred provider agreements with leading pharmaceutical companies and top-tier CROs, increasing our worldwide business footprint.
• We expanded our client base by adding 50 new sponsors to our roster, including 22 new medical imaging sponsors and 28 eClinical sponsors. These additional sponsors represent a broad spectrum of international pharmaceutical and medical device companies.
• We reorganized our employee teams to better support our growth, particularly to support client-related projects for Trident IWR and OnPoint CTMS.

Mr. Weinstein concluded, “Our backlog of $123.1 million is a record and with our compelling suite of products and services, we are very optimistic about the future. We expect our full-year 2012 service revenue to be in the range of $73 to $77 million, our full-year GAAP EPS to be in the range of $0.26 to $0.32 per fully diluted share, and our full-year non-GAAP EPS to be in the range of $0.36 to $0.42 per fully diluted share.”

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 [phone] from the U.S.; international callers may telephone [phone], 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, Acct # 360; Replay ID # 386423. The replay will also be on the website under “Investor Relations” at www.bioclinica.com for two weeks.

Non-GAAP Financial Information

BioClinica is providing information on 2011 and 2010 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, BioClinica’ 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 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 BioClinica’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 BioClinica’s control. The factors discussed herein and expressed from time to time in BioClinica’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 BioClinica undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance. You should review the BioClinica’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 Year Ended
		12/31/11			12/31/10		12/31/11			12/31/10
Service revenues		18,335			16,466		67,993			62,714
Reimbursement revenues		4,084			3,061		15,971			12,474
Total revenues	$	22,419		$	19,527	$	83,964		$	75,188
Costs and expenses:
Cost of service revenues		10,785			10,450		42,217			39,559
Cost of reimbursement revenues		4,084			3,061		15,971			12,474
Sales & marketing expenses		2,402			2,139		8,726			9,004
General & admin. expenses		3,145			2,389		10,172			8,446
Amortization of intangible assets
related to acquisitions		156			165		623			638
Mergers & acquisition related costs	-				114		162			749
Restructuring costs	-			-			1,719		-
Total cost and expenses		20,572			18,318		79,590			70,870
Operating income		1,847			1,209		4,374			4,318
Interest income (expense) – net		(14	)	-			(40	)		11
Income before income tax		1,833			1,209		4,334			4,329
Income tax provision		668			378		1,536			1,576
Net income		1,165			831		2,798			2,753
Basic earnings per share	$	0.07		$	0.05	$	0.18		$	0.18
Weighted average number
of shares - basic		15,677			15,246		15,652			15,035
Diluted earnings per share	$	0.07		$	0.05	$	0.17		$	0.17
Weighted average number of
shares – diluted		16,165			15,981		16,432			15,874

BIOCLINICA, INC. AND SUBSIDIARIES GAAP to non-GAAP Reconciliation (1) (In thousands, except per share data) (unaudited)
	For the Three Months Ended				For the Year Ended
		12/31/11		12/31/10		12/31/11		12/31/10
GAAP operating income		1,847		1,209		4,374		4,318
Stock-based compensation*		348		289		1,369		1,080
Amortization of intangible assets
related to acquisitions		156		165		623		638
Merger & acquisition related costs		--		114		162		749
Restructuring charges		--		--		1,719		--
Non-GAAP operating income		2,351		1,777		8,247		6,785
GAAP net income		1,165		831		2,798		2,753
Stock-based compensation, net of taxes		220		199		884		687
Amortization of intangible assets
related to acquisitions, net of taxes		98		113		402		406
M&A related cost, net of taxes		--		78		105		476
Restructuring charges, net of taxes		--		--		1,110		--
Non-GAAP net income (2)		1,483		1,221		5,299		4,322
GAAP diluted earnings per share	$	0.07	$	0.05	$	0.17	$	0.17
Non-GAAP diluted earnings per share	$	0.09	$	0.08	$	0.32	$	0.27
*Stock based compensation included in total costs and expenses is as follows:
Cost of service revenues		120		101		471		385
Sales and marketing expenses		11		13		41		50
General and admin. expenses		217		175		857		645
Total stock-based compensation		348		289		1,369		1,080

(1) This table presents a reconciliation of GAAP to non-GAAP income from operations, net income and diluted earnings per share for the three months and year ended December 31, 2011 and 2010. 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.

(2) The effective tax rate used is 35.4% for fiscal 2011 and 36.4% for fiscal 2010.

BIOCLINICA, INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands) (unaudited)
ASSETS
	December 31, 2011			December 31, 2010
Current assets:
Cash and cash equivalents	$	12,575		$	10,443
Accounts receivable, net		15,995			11,866
Prepaid expenses and other
current assets		1,743			2,501
Deferred income taxes		5,637			3,625
Total current assets		35,950			28,435
Property & equipment, net		16,186			14,029
Intangibles, net		1,808			2,430
Goodwill		34,302			34,302
Deferred income taxes		1,021			128
Other assets		796			705
Total assets	$	90,063		$	80,029
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,422		$	1,983
Accrued expenses and
other current liabilities		5,944			4,283
Deferred revenue		13,080			13,395
Deferred income tax		526		-
Current liability for
acquisition earn-out		2,000		-
Current maturities of capital
lease obligations		423			168
Total current liabilities		24,395			19,829
Long-term liability for acquisition earn-out		--			1,886
Long-term maturities of capital lease
Obligations		1,535			710
Deferred income taxes		4,499			1,845
Other liability		1,574			880
Total liabilities		32,003			25,150
Stockholders’ equity:
Common stock	4			4
Treasury stock (3)		(1,126	)		(16	)
Additional paid-in capital		49,564			48,074
Contingent consideration		--			--
Retained earnings		9,590			6,792
Accumulated other
comprehensive income		28			25
Total stockholders’ equity		58,060			54,879
Total liabilities &
stockholders’ equity	$	90,063		$	80,029

(3) During the fourth quarter, BioClinica purchased 73,800 shares of its stock at an average price of $4.45 per share, as part of its stock repurchase program. For the year ended December 31, 2011, BioClinica purchased 230,513 shares of its stock at an average price of $4.85 per share. At December 31, 2011, there was $867,000 of funds remaining that may yet be used to repurchase shares under the plan that originally authorized purchases up to $2 million.

BIOCLINICA, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (In thousands) (unaudited)
	For the Year Ended
	12/31/11			12/31/10
Cash flows from operating activities:
Net income		2,798			2,753
Adjustments to reconcile net income to net cash provided by
Operating activities:
Depreciation and amortization		4,597			3,452
Stock based compensation expense		1,369			1,080
Provision for deferred income taxes		275			295
Bad debt provision		22			15
Accretion of acquisition earn-out		114			302
Changes in operating assets and liabilities:
Increase in accounts receivable		(4,149	)		(605	)
(Decrease) increase in prepaid expenses and
other current assets		761			(667	)
Increase in other assets		(91	)		(67	)
Increase (decrease) in accounts payable		355			(1,848	)
Increase (decrease) in accrued expenses and
other current liabilities		1,294			(251	)
Decrease in deferred revenue		(316	)		(855	)
Increase in other liabilities		697			388
Net cash provided by operating activities	$	7,726		$	3,992
Cash flows from investing activities:
Purchases of property and equipment		(1,859	)		(2,916	)
Capitalized software development costs		(3,908	)		(4,277	)
Net cash paid for acquisition earn-out		--			(1,257	)
Net cash used in investing activities	$	(5,767	)	$	(8,450	)
Cash flows from financing activities:
Proceeds from sale/leaseback		1,335			195
Payments under capital lease obligations		(253	)	-
Purchase of treasury stock		(1,110	)		(15	)
Proceeds from exercise of stock options		205			122
Excess tax benefit related to stock options		20			46
Net cash provided by financing activities	$	197		$	348
Effect of exchange rate changes on cash		(24	)		(17	)
Net increase (decrease) in cash and cash equivalents		2,132			(4,127	)
Cash and cash equivalents at beginning of period		10,443			14,570
Cash and cash equivalents at end of period	$	12,575		$	10,443