BioClinica(TM), Inc. (NASDAQ: BIOC), a global provider of clinical trial services, today announced its financial results for the quarter and nine months ended September 30, 2009. The operating results of Phoenix Data Systems ("PDS") are included in the financial results following the acquisition of PDS that was completed March 24, 2008. The CapMed division, which was sold on January 6, 2009, was reclassified as a discontinued operation for all periods presented.

We are commencing the presentation of certain non-GAAP financial information that we believe is useful in assessing our core operating performance, evaluating our ongoing business operations and comparing our results of operations on a consistent basis from period to period. We are providing information for 2009 and 2008 non-GAAP income from continuing operations before interest and taxes, non-GAAP income from continuing operations net of taxes, and non-GAAP diluted earnings per share. 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. See further discussion and information in "non-GAAP financial information" paragraph and "GAAP to non-GAAP Reconciliation" table below.

Financial highlights for the quarter ended September 30, 2009 include:

-- Service revenues were $14.1 million as compared with $15.1 million for the same period 2008.

-- GAAP income from continuing operations before interest and taxes was $1.2 million as compared with $2.3 million for the same period 2008.

-- GAAP income from continuing operations, net of taxes was $674,000, or $0.05 per fully diluted share as compared with $1.5 million, or $0.10 per fully diluted share, for the same period 2008.

-- Non-GAAP income from continuing operations before interest and taxes was $2.0 million as compared with $2.7 for the same period 2008.

-- Non-GAAP income from continuing operations, net of taxes was $1.2 million or $0.08 per fully diluted share, as compared with $1.8 million, or $0.12 per fully diluted share, for the same period 2008.

-- Backlog was $96.5 million as of September 30, 2009 as compared with $94.1 million at June 30, 2009 and compared with $101.7 million as of September 30, 2008.

Financial highlights for the nine months ended September 30, 2009 include:

-- Service revenues were $42.5 million as compared with $41.2 million for the same period 2008.

-- GAAP income from continuing operations before interest and taxes was $3.1 million as compared with $6.2 million for the same period 2008.

-- GAAP income from continuing operations net of taxes was $2.0 million, or $0.13 per fully diluted share, as compared with $4.1 million, or $0.29 per fully diluted share, for the same period 2008.

-- Non-GAAP income from continuing operations before interest and taxes was $5.1 million as compared with $7.1 million for the same period 2008.

-- Non-GAAP income from continuing operations, net of taxes was $3.2 million or $0.21 per fully diluted share, as compared with $4.7 million, or $0.33 per fully diluted share, for the same period 2008.

The Company is reiterating its full year 2009 service revenues guidance of $57-$60 million and its full year 2009 GAAP EPS guidance of $0.18 to $0.21 per share, and issuing non-GAAP EPS guidance of $0.27 to $0.30 per share.

Mark L. Weinstein, President and Chief Executive Officer of BioClinica said, "The third quarter was very positive and busy on multiple fronts. Our operating results were in line with our expectations and we completed the acquisitions of Tourtellotte Solutions, Inc. ("Tourtellotte") and CardioNow, a unit of Agfa Healthcare ("CardioNow"). The integration of both acquisitions is on schedule and we believe both Tourtellotte and CardioNow will be accretive in 2010. We continue to see a pickup in proposal activity and the sequential quarter over quarter increase in backlog indicates a strengthening of the overall clinical trial services market."

"The CardioNow solutions provide core labs, investigator sites, and medical device and pharmaceutical companies with an established and proven web-based system for the secure, regulatory compliant transmission and analysis of medical images that are integral components of clinical trials. CardioNow fits perfectly into BioClinica's strategy of adding components that both complement our current products and services and help to create a more efficient clinical trial process," Mr. Weinstein added.

Mr. Weinstein continued, "With the addition of the Tourtellotte team we have a tremendous set of resources and products. Tourtellotte pioneered the first major parameter-driven interactive voice response (IVR) and the world's first interactive web response (IWR) for a top five global pharmaceutical company. The software they designed, developed and continue to support is currently being used in over 150 active clinical trials and has been used in over 300 trials since its inception. As a part of BioClinica, Ed Tourtellotte and his expanded team are currently developing a state of the art next-generation interactive voice/interactive web response system (IXR) that redefines how interactive response technology can function in the biopharmaceutical industry. It is parameter-driven, built specifically for the web, and is able to support rapid, flexible customization that gives sponsors greater control over cost and data than traditional IVR. In addition to the new IXR product we are actively marketing Tourtellotte's tcVisualize product, which is a software solution that allows biopharmaceutical companies to simulate and optimize the clinical supply chain. Using tcVisualize, study managers can develop the perfect clinical supply plan resulting in a rapid return on investment by reducing product waste, trial delays, and lost patient enrollment due to product stockouts. tcVisualize is currently being used by four of the top ten global pharmaceutical companies."

"Our strong balance sheet supports our ability to grow our company both organically and through acquisitions. Acquisitions continue to be an important part of our growth strategy and we intend to seek acquisitions that are complementary to our current suite of products and services while helping to create a more efficient clinical trial process," Mr. Weinstein said.

Mr. Weinstein concluded, "I am very pleased with our operational performance and our enhanced opportunities due to our recent acquisitions. I believe our vision of offering "best in class" integrated solutions to pharmaceutical, biotechnology and medical device companies to improve the overall efficiency of the drug development process is completely in line with what our clients are looking for and, therefore, will lead to ongoing successes in the future."

Conference Call Information

Management of BioClinica, Inc. will host a conference call today at 11 a.m. EST. Those who wish to participate in the conference call may telephone 888-335-6674 from the U.S.; international callers may telephone 973-321-1100, approximately 15 minutes before the call. The conference ID# for both numbers is 36541392. 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 800-642-1687 from the U.S. or 706-645-9291 for international callers, conference ID# 36541392. 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 2009 and 2008 non-GAAP income from continuing operations before interest and taxes, non-GAAP income from continuing operations net of taxes 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. 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. The information therefore 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 services. BioClinica supports pharmaceutical and medical device innovation with imaging core lab, internet image transport, electronic data capture, interactive voice and web response, and clinical supply chain design and optimization solutions. BioClinica services maximize efficiency and manageability throughout all phases of the clinical trial process. With 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 and Europe. 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 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 circumstances. 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
                                      09/30/09        09/30/08         09/30/09        09/30/08
Service revenues                          14,146          15,093           42,542          41,225
Reimbursement revenues                    4,227           3,048            9,964           10,198
Total revenues                        $   18,373      $   18,141       $   52,506      $   51,423
Costs and expenses:
Cost of service revenues                  8,937           8,513            26,606          23,451
Cost of reimbursement revenues            4,227           3,048            9,964           10,198
Sales & marketing expenses                1,617           2,120            5,939           5,817
General & admin. expenses                 1,759           1,962            5,543           5,401
Amortization of intangible assets
related to acquisitions                   113             212              344             369
Restructuring charges                     --              --               466             --
Merger & acquisition costs                560             --               560             --
Total cost and expenses                   17,213          15,855           49,422          45,236
Income from continuing operations
before interest and taxes                 1,160           2,286            3,084           6,187
Interest income, net                      4               97               31              348
Income tax provision                      (490   )        (856   )         (1,126 )        (2,409 )
Income from continuing operations,
net of taxes                              674             1,527            1,989           4,126
Loss from discontinued operations,
net of taxes                              --              (451   )         --              (1,165 )
Net income                                674             1,076            1.989           2,961
Basic earnings per share:
Income from continuing operations     $   0.05        $   0.11         $   0.14        $   0.30
Loss from discontinued operations     $   --          $   (0.03  )     $   --          $   (0.08  )
Net income                            $   0.05        $   0.08         $   0.14        $   0.22
Weighted average number
of shares - basic                         14,367          14,334           14,346          13,554
Diluted earnings per share:
Income from continuing operations     $   0.05        $   0.10         $   0.13        $   0.29
Loss from discontinued operations     $   --          $   (0.03  )     $   --          $   (0.09  )
Net income                            $   0.05        $   0.07         $   0.13        $   0.20
Weighted average number of
shares - diluted                          15,146          15,173           15,161          14,461


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
                                           09/30/09     09/30/08        09/30/09     09/30/08
GAAP income from continuing
operations before interest and taxes             1,160        2,286           3,084        6,187
Stock-based compensation*                        202          201             599          538
Amortization of intangible assets
related to acquisitions                          113          212             344          369
Restructuring charges                            --           --              466          --
Merger & acquisition costs                       560          --              560          --
Non-GAAP income from continuing
operations before interest and taxes             2,035        2,699           5,053        7,094
GAAP income from continuing
operations, net of taxes                         674          1,527           1,989        4,126
Stock-based compensation, net of taxes           128          129             380          344
Amortization of intangible assets
related to acquisitions, net of taxes            72           136             218          236
Restructuring charges, net of taxes              --           --              295          --
Merger & acquisition cost, net of taxes          355          --              355          --
Non-GAAP income from continuing
operations, net of taxes                         1,229        1,792           3,237        4,706
GAAP diluted earnings per share:
Income from continuing operations          $     0.05   $     0.10      $     0.13   $     0.29
Non-GAAP diluted earnings per share:
Income from continuing operations          $     0.08   $     0.12      $     0.21   $     0.33
*Stock based compensation included in total costs and expenses is
as follows:
Cost of service revenues                         165          149             470          402
Sales and marketing expenses                     18           28              65           72
General and admin. expenses                      19           24              64           64
Total stock-based compensation                   202          201             599          538

(1) This table presents a reconciliation of GAAP to non-GAAP income from continuing operations before interest and taxes, income from continuing operations net of taxes and diluted earnings per share for the three months and nine months ended September 30, 2009 and 2008. 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)
ASSETS
                                                  September 30, 2009    December 31, 2008
Current assets:
Cash and cash equivalents                         $         13,060      $        14,265
Accounts receivable, net                                    11,218               11,982
Prepaid expenses and other current assets                   1,565                2,315
Assets held for sale                                        --                   500
Deferred income taxes                                       3,802                3,084
Total current assets                                        29,645               32,146
Property & equipment net                                    7,681                7,022
Intangibles, net                                            2,114                2,058
Goodwill                                                    33,296               27,391
Other assets                                                471                  591
Total assets                                      $         73,207      $        69,208
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable                                  $         2,630       $        3,832
Accrued expenses and other current liabilities              6,319                5,236
Deferred revenue                                            13,701               15,106
Current maturities of capital lease obligations             22                   54
Total current liabilities                                   22,672               24,228
Long-term capital lease obligations                         53                   65
Deferred income taxes                                       1,035                927
Other liabilities                                           2,151                576
Total liabilities                                           25,911               25,796
Stockholders' equity:
Common stock                                                4                    4
Additional paid-in capital                                  42,864               42,270
Contingent consideration                                    1,309                --
Retained earnings                                           3,069                1,080
Accumulated other comprehensive income                      50                   58
Total stockholders' equity                                  47,296               43,412
Total liabilities & stockholders' equity          $         73,207      $        69,208


BIOCLINICA, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows+
(In thousands)
(unaudited)
                                                                  For the Nine Months Ended
                                                                  09/30/09         09/30/08
Cash flows from operating activities:
Net income                                                            1,989            2,959
Adjustments to reconcile net income to net cash provided by
Operating activities:
Depreciation and amortization                                         2,109            2,347
(Benefit) provision for deferred income taxes                         (820   )         240
Bad debt expense (recovery)                                           84               (29     )
Stock based compensation expense                                      599              538
Loss from discontinued operations                                     --               1,165
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable                            1,573            (1,364  )
Decrease in prepaid expenses and other current assets                 748              68
Decrease in other assets                                              119              53
(Decrease) Increase in accounts payable                               (1,204 )         1,404
Increase in accrued expenses and other current liabilities            160              515
Decrease in deferred revenue                                          (1,407 )         (1,133  )
Decrease in other liabilities                                         (80    )         (39     )
Increase in net assets held for sale                                  --               506
Cash provided by continuing operations activities                 $   3,870        $   7,230
Cash used by discontinued operations                              $   --           $   (1,671  )
Net cash provided by operating activities                         $   3,870        $   5,559
Cash flows from investing activities:
Purchases of property and equipment                                   (2,435 )         (2,120  )
Net cash received for sale of assets of discontinued operations       500              --
Net cash paid for acquisitions                                        (3,144 )         (8,129  )
Net cash used in investing activities
from continuing operations                                        $   (5,079 )     $   (10,249 )
Purchase of plant, property and equipment for
discontinued operations                                           $   --           $   (240    )
Net cash used in investing activities                             $   (5,079 )     $   (10,489 )
Cash flows from financing activities:
Payments under equipment lease obligations                            (43    )         (135    )
Excess tax benefit related to stock options                           --               77
Proceeds from exercise of stock options                               27               381
Net cash (used in) provided by financing activities
from continuing operations                                        $   (16    )     $   323
Effect of exchange rate changes on cash                               20               55
Net decrease in cash and cash equivalents                             (1,205 )         (4,662  )
Cash and cash equivalents at beginning of period                      14,265           17,915
Cash and cash equivalents at end of period                        $   13,060       $   13,253

SOURCE: BioClinica, Inc.

BioClinica, Inc. Jim Dorsey, 267-757-3040 or Porter, LeVay & Rose, Inc. Investors: Linda Decker, 212-564-4700 or Financial Media: Bill Gordon, 212-564-4700 or Diccicco Battista Communications Trade Media: Brian Gawron, 215-957-0300