BioClinica Profits Fall 50%, Continues to Seek Acquisitions
BioClinica’s revenues and profits continued to fall in the second quarter, with net income sliced by half from the same period in 2008 to $529,000. Diluted earnings per share were $0.04 compared with $0.10 in the second quarter 2008. Revenues for the Newtown, Pa.-based contract research organization (CRO) also dropped 11% to $17.1 million.
“Although the first half of 2009 was challenging from a new business perspective, we are pleased that our operating results were generally in line with our expectations. Our modest sequential increase in quarterly backlog, to $94.1 million from $93.3 million last quarter is an indication that the market is improving,” president and CEO Mark Weinstein said in a statement.
BioClinica lowered its full year service revenues guidance to $57 million to $60 million from $60 million to $63 million and cut its full year earnings per share guidance to $0.18 to $0.21 per share from $0.23 to $0.25 per share.
This is the first quarter that BioClinica’s financial results included the operating results of Phoenix Data Systems, which the company acquired in March. The company made a failed attempt to acquire etrials Worldwide in June, which Weinstein referenced in his comments yesterday.“Our focus continues to be finding opportunities that leverage our clinical research expertise, global operating capabilities and brand reputation for quality client service,” he said. “While we were disappointed by the termination of the etrials acquisition announced in June, there remain a number of acquisition candidates that we are evaluating which would further our strategy of expanding our capabilities in the clinical trials arena.”