« Return to News | Technology Solutions | CROs/Service Providers

BioClinica Profits Down, Revenues Up Due to Acquisition

Wednesday, May 6, 2009 10:07 AM

BioClinica, the recently renamed and rebranded Bio-Imaging Technologies, reported a 31% drop in profit for the first quarter 2009 compared with the same period last year. Net income decreased from $1.14 million, or $0.09 per diluted share, in 2008, to $786,000, or $0.05 per diluted share, for Q1 2009.

The CRO’s first quarter 2009 revenues increased 31% over the same period last year, due in large part to the acquisition of Phoenix Data Systems in March 2008, which contributed $3.7 million to BioClinica’s Q1 2009 revenues.

In early morning trading, BioClinica’s share price was down 2.26% to $3.90.

“During the quarter, we continued to experience similar trends as we did late last year, as our clients responded to the economic climate by delaying certain contract decisions and dividing other projects into small components to meet budgetary requirements,” said president and CEO Mark Weinstein in a company statement. Despite the current economic environment, our backlog of $93.3 million represented a modest improvement sequentially as compared to the $92.7 million at the end of fiscal 2008.”

BioClinica also announced yesterday plans to acquire etrials Worldwide. This acquisition is expected to have a neutral effect on earnings per share  in 2009 (excluding one-time charges related to the transaction), and the company reiterated its full-year 2009 earnings per share guidance of $0.23 to $0.25 per share. 

As a result of the expected etrials acquisition, BioClinica increased its 2009 service revenue guidance to be in the range of $65 to $70 million, up from the previous guidance of $60 to $63 million.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

December 17

Medici Global says its Alzheimer's Facebook page demonstrates the need for more early detection trials

Analysts: Expect more equity purchases of CROs in 2013

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

January 2013

Parexel celebrates 30 years of change, growth
CRO's founder and chairman reflects on challenges of the past, present and future

Strategies for increasing patient diversity in trials
Sponsors look to improve racial, ethnic recruitment without going overseas

Already a subscriber?
Log in to your digital subscription.

Purchase the January issue.

Subscribe to The CenterWatch Monthly.

December 2012

Publicity, regulation tightening reins on use of KOLs
Debate rages over need to revamp how sponsors use, pay medical experts

Time may be right to makeover the investigator brochure
Size, complexity prevent critical document from being thoroughly read

Already a subscriber?
Log in to your digital subscription.

Purchase the December issue.

Subscribe to The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.