PDS Acquisition Boosts Bio-Imaging Earnings
Newtown, Pa.-based contract research organization (CRO) Bio-Imaging Technologies released second quarter financial results that show a 61% increase in service revenues compared with the same period a year ago. Revenues hit $15.2 million for its second quarter compared with $9.5 million for the same period last year. This most recent earnings report reflects the operating results of Bio-Imaging’s March 2008 acquisition of Phoenix Data Systems (PDS). Bio-Imaging’s backlog increased 44.6% to $115.8 million, of which $17.2 million is attributable to PDS. Based on Bio-Imaging Technologies success during the first half of the year, president and chief executive officer Mark Weinstein said the company is increasing its 2008 service revenue guidance to $53 million to $56 million, up from $53 million to $55 million.