Bio-Imaging Technologies reported 50% revenue growth for 2008 following the March 2008 acquisition of Phoenix Data Systems (PDS). Full year 2008 service revenues increased to $56.2 million, up from $37.5 million in 2007. PDS accounted for $12.5 million of that revenue.
Service revenues for the fourth quarter also increased, up 48% to $15 million compared with $10.1 million for the same period in 2007. For the full year 2008, net income jumped 73.5% to $5.8 million, or $0.40 per fully diluted share, compared with net income for the full year 2007 of $3.3 million, or $0.26 per fully diluted share.
“With the acquisition and integration of PDS into our suite of clinical trial services, we are capitalizing on our strong relationships with major pharmaceutical, biotech and medical device companies,” said Bio-Imaging president and CEO Mark Weinstein.“We believe Bio-Imaging’s success, despite the global economic slowdown, demonstrates not only our strong business model, but also the important role our clinical trial services play as major pharmaceutical, biotech and medical device companies strive to get their products to market.”
The company maintained its full year 2009 service revenue guidance of $60 to $63 million, with fully diluted earnings per share to be in the range of $0.23 to $0.25, despite an 8.8% decrease in backlog over the end of the third quarter 2008.
“We continue to see our clients responding to current economic conditions with some contract decisions being delayed and certain major projects being split into smaller components from a budget approval process,” Weinstein said.