Bioclinica 8-K Bioclinica Announces Second Quarter 2010 Financial Results

Exhibit 99.1

	Company Contact — Jim Dorsey
	BioClinica, Inc.
	267-757-3040 Investor Contact — Linda Decker Financial Media — Bill Gordon Porter, LeVay & Rose, Inc. 212-564-4700 Trade Media Contact — Beth Nestlerode Diccicco Battista Communications 215-957-0300

FOR IMMEDIATE RELEASE

BIOCLINICA ANNOUNCES SECOND QUARTER 2010 FINANCIAL RESULTS

— Conference Call Today at 11:00 A.M. EDT --

NEWTOWN, PA, August 4, 2010— BioClinica™, Inc. (NASDAQ: BIOC), a global provider of clinical trial management services, today announced its financial results for the second quarter and six months ended June 30, 2010.

Financial highlights for the quarter ended June 30, 2010 include:

• Service revenues were $15.7 million as compared with $13.9 million for the same period 2009.

• GAAP income from operations was $812,000 as compared with $702,000 for the same period 2009.

• GAAP net income was $497,000, or $0.03 per fully diluted share, as compared with $529,000, or $0.04 per fully diluted share, for the same period 2009.

• Non-GAAP income from operations was $1.5 million as compared with $1.4 million for the same period 2009.

• Non-GAAP net income was $945,000, or $0.06 per fully diluted share, as compared with $1.0 million, or $0.07 per fully diluted share, for the same period 2009.

• Backlog was $104.2 million as of June 30, 2010, as compared with $94.1 million as of June 30, 2009.

Financial highlights for the six months ended June 30, 2010 include:

• Service revenues were $30.4 million as compared with $28.4 million for the same period 2009.

• GAAP income from operations was $2.0 million as compared with $1.9 million for the same period 2009.

• GAAP net income was $1.2 million, or $0.08 per fully diluted share, as compared with $1.3 million, or $0.09 per fully diluted share, for the same period 2009.

• Non-GAAP income from operations was $3.3 million as compared with $3.0 million for the same period 2009.

• Non-GAAP net income was $2.0 million, or $0.13 per fully diluted share, as compared with $2.1 million, or $0.14 per fully diluted share, for the same period 2009.

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Mark Weinstein, CEO of BioClinica said, “This was a very productive quarter as we worked on integrating our recent acquisitions, prepared to launch several new products and continued investing in our technology and operational infrastructure. Each of our development projects, including new and upgraded technology-enabled service offerings as well as internal systems to improve operational efficiencies, is a key component to our continued success. Our products need to be best-in-class and our internal systems must support our ability to be the highest quality, lowest cost producer.”

Mr. Weinstein added, “Of particular note we were pleased to be able to launch the enhanced TranSenda clinical trial management system (CTMS), which included BioClinica enhancements, infrastructure and rebranding, at the DIA Conference in June. This was done in a remarkably fast turnaround time, in that we completed the TranSenda acquisition in March of 2010. The BioClinica CTMS system, which is built on the Microsoft .NET framework, is a full-functioning expandable clinical trial system that is a viable, cost-effective solution for any size pharmaceutical or medical device company.”

“We are also working on finalizing the development of BioClinica’s next-generation Trident IVR/IWR interactive response system and are on track to launch it during the second half of this year,” Mr. Weinstein continued. “This system is in its final stages of testing and validation and we are in active discussions with several major pharmaceutical companies about adopting the system for use on a global basis. Feedback from the marketplace has validated our assumption that this product will provide sponsors with the most comprehensive, cost-effective IVR/IWR product in the market. Additionally, when this product is implemented alongside BioClinica Optimizer, our clients will have the only comprehensive system that will allow them to optimize their clinical supplies/randomization schemes at the start of a study, have that optimized scheme automatically configure the majority of their IVR/IWR, and then once the study is operational, re-optimize on a continual basis using real-time information from the Trident IVR/IWR.”

“Our focus on our imaging core lab services remains strong and we continue to make investments that improve our operational efficiencies and increase our image analysis capabilities. Our development efforts this quarter included enhancing our new WebSend product to support the electronic transport of images from the various imaging modalities that are used across therapeutic areas, including cardiology, oncology, musculoskeletal and central nervous system disorders.” He added, “Further, we made significant investments to enhance our imaging core lab services, including the BioPACS™ and BioREAD™ systems. When integrated with WebSend, we believe these new systems will fortify our position as a state-of-the-art imaging core lab and provide operational efficiencies that are expected to result in significant cost savings as new studies are brought on to this platform.”

Mr. Weinstein concluded, “While we are seeing improvements in overall market activity, and are pleased to report backlog increased 10.7% year over year, we continue to experience delays in contract executions and project starts relative to signings. As a result, we now expect our second half results will be sequentially flat with our first half results, and are therefore narrowing our full year service revenue guidance to $61 to $63 million, and lowering our full year non-GAAP EPS to be in the range of $0.25 to $0.30 per share and correspondingly our GAAP EPS to be in the range of $0.15 to $0.20 per share.”

Conference Call Information
Management of BioClinica, Inc. will host a conference call today (August 4, 2010) at 11:00 a.m. EDT. Those who wish to participate in the conference call may telephone 877-869-3847 from the U.S.; international callers may telephone 201-689-8261, approximately 15 minutes before the call. 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 877-660-6853 from the U.S. or 201-612-7415 for international callers, Acct# 360; Replay ID# 353964. The replay will also be on the website under “Investor Relations” at www.bioclinica.com for two weeks.

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Non-GAAP Financial Information
BioClinica is providing information on 2010 and 2009 non-GAAP income from operations, non-GAAP net income 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. 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. 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. Therefore, the information 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 management services. BioClinica supports pharmaceutical and medical device innovation with imaging core lab, internet image transport, electronic data capture, interactive voice and web response, Microsoft Office-Smart clinical trial management, and clinical supply chain forecasting and optimization solutions. BioClinica services maximize efficiency and manageability throughout all phases of the clinical trial process. With more than 20 years of experience and over 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, Europe and Asia. For more information, please visitwww.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 circumstance. You should review the Company’s filings, especially risk factors contained in the Form 10-K and the recent Form 10-Q.

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BIOCLINICA, INC. AND SUBSIDIARIES
Consolidated Statements of Income

(In thousands, except per share data)
(unaudited)

	For the Three Months Ended					For the Six Months Ended
	06/30/10			06/30/09		06/30/10		06/30/09
Service revenues		15,688			13,921		30,434		28,396
Reimbursement revenues		3,703			3,142		7,061		5,737
Total revenues	$	19,391		$	17,063	$	37,495	$	34,133
Costs and expenses:
Cost of service revenues		9,946			8,608		18,897		17,669
Cost of reimbursement revenues		3,703			3,142		7,061		5,737
Sales & marketing expenses		2,565			2,166		4,775		4,322
General & admin. expenses		1,916			1,867		3,988		3,784
Amortization of intangible assets related to acquisitions		138			112		279		231
Mergers & acquisition related costs		311			—		516		—
Restructuring costs		—			466		—		466
Total cost and expenses		18,579			16,361		35,516		32,209
Income from operations		812			702		1,979		1,924
Interest income (expense) — net		(2	)		7		1		27
Income before income tax		810			709		1,980		1,951
Income tax provision		313			180		772		636
Net income		497			529		1,208		1,315
Basic earnings per share	$	0.03		$	0.04	$	0.08	$	0.09
Weighted average number of shares — basic		15,155			14,356		14,852		14,341
Diluted earnings per share	$	0.03		$	0.04	$	0.08	$	0.09
Weighted average number of shares — diluted		16,065			15,118		15,861		15,101

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BIOCLINICA, INC. AND SUBSIDIARIES
GAAP to non-GAAP Reconciliation (1)
(In thousands, except per share data)
(unaudited)

	For the Three Months Ended				For the Six Months Ended
	06/30/10		06/30/09		06/30/10		06/30/09
GAAP income from operations		812		702		1,979		1,924
Stock-based compensation*		285		161		520		397
Amortization of intangible assets related to acquisitions		138		112		279		231
Merger & acquisition related costs		311		—		516		—
Restructuring charges		—		466		—		466
Non-GAAP income from operations		1,546		1,441		3,294		3,018
GAAP income from operations, net of taxes		497		529		1,208		1,315
Stock-based compensation, net of taxes		174		111		317		268
Amortization of intangible assets related to acquisitions, net of taxes		84		80		170		156
M&A related cost, net of taxes		190		—		315		—
Restructuring charges, net of taxes		—		314		—		314
Non-GAAP income from operations, net of taxes		945		1,034		2,010		2,053
GAAP diluted earnings per share	$	0.03	$	0.04	$	0.08	$	0.09
Non-GAAP diluted earnings per share	$	0.06	$	0.07	$	0.13	$	0.14
*Stock based compensation included in total costs and expenses is as follows:
Cost of service revenues		99		56		189		143
Sales and marketing expenses		13		8		26		20
General and admin. expenses		173		97		305		234
Total stock-based compensation		285		161		520		397

(1) This table presents a reconciliation of GAAP to non-GAAP income from operations, net income and diluted earnings per share for the three and six months ended June 30, 2010 and 2009. 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.

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BIOCLINICA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
(unaudited)

ASSETS

	June 30, 2010			December 31, 2009
Current assets:
Cash and cash equivalents	$	11,569		$	14,570
Accounts receivable, net		11,125			10,966
Prepaid expenses and other current assets		1,844			1,869
Deferred income taxes		3,023			3,370
Total current assets		27,561			30,775
Property & equipment, net		12,689			9,040
Intangibles, net		2,789			1,969
Goodwill		34,327			32,933
Deferred income taxes		86			—
Other assets		583			620
Total assets	$	78,035		$	75,337
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,789		$	3,899
Accrued expenses and other current liabilities		3,665			4,134
Deferred revenue		12,008			14,256
Current liability for acquisition earn-out		1,257			1,184
Total current liabilities		21,719			23,473
Long-term liability for acquisition earn-out		1,771			1,657
Deferred income taxes		1,257			1,167
Other liability		709			505
Total liabilities		25,456			26,802
Stockholders’ equity:
Common stock		4			4
Additional paid-in capital		46,143			43,104
Contingent consideration		1,309			1,309
Retained earnings		5,247			4,039
Accumulated other comprehensive income (loss)		(124	)		79
Total stockholders’ equity		52,579			48,535
Total liabilities & stockholders’ equity	$	78,035		$	75,337

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BIOCLINICA, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)

	For the Six Months Ended
	06/30/10			06/30/09
Cash flows from operating activities:
Net income		1,208			1,315
Adjustments to reconcile net income to net cash provided by
Operating activities:
Depreciation and amortization		1,588			1,322
Provision for deferred income taxes		285			544
Bad debt (recovery) expense		(22	)		84
Stock based compensation expense		520			368
Accretion of acquisition earn-out		188			—
Changes in operating assets and liabilities:
Decrease in accounts receivable		160			2,772
(Increase) decrease in prepaid expenses and other current assets		(54	)		208
Decrease in other assets		49			108
Increase (decrease) in accounts payable		665			(1,734	)
Decrease in accrued expenses and other current liabilities		(762	)		(1,013	)
Decrease in deferred revenue		(2,240	)		(2,546	)
Increase in other liabilities		248			28
Net cash provided by operating activities	$	1,833		$	1,456
Cash flows from investing activities:
Purchases of property and equipment		(4,816	)		(1,567	)
Net cash received for sale of assets of discontinued operations		—			500
Net cash used in investing activities	$	(4,816	)	$	(1,067	)
Cash flows from financing activities:
Payments under equipment lease obligations		—			(33	)
Excess tax benefit related to stock options		30			—
Proceeds from exercise of stock options		22			3
Net cash provided by (used in) financing activities	$	52		$	(30	)
Effect of exchange rate changes on cash		(70	)		(2	)
Net (decrease) increase in cash and cash equivalents		(3,001	)		357
Cash and cash equivalents at beginning of period		14,570			14,265
Cash and cash equivalents at end of period	$	11,569		$	14,622

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