Free 7-day Trial
All Articles and Columns »

Bioclinica Inc. Reports Operating Results (10-Q)

August 09, 2012 | About:
10qk

10qk

18 followers
Bioclinica Inc. (BIOC) filed Quarterly Report for the period ended 2012-06-30.

Bioclinica Inc has a market cap of $81.6 million; its shares were traded at around $5.2 with a P/E ratio of 18.6 and P/S ratio of 1.

Highlight of Business Operations:

Service revenues were $19.1 million for the three months ended June 30, 2012 and $16.9 million for the same period in 2011, an increase of $2.2 million or 12.8%. The increase in service revenues was due to an increase in work performed as a result of strong growth from our eClinical solutions, including our full service EDC, Trident IWR and OnPoint CTMS as well as solid performance in our medical imaging solutions offering. Pfizer, Inc., encompassing 18 projects, represented 18.5% of our service revenue for the three months ended June 30, 2012. For the three months ended June 30, 2011, Pfizer Inc., encompassing 19 distinct projects, represented 22.0% of our service revenues.

Sales and marketing expenses were $2.7 million for the three months ended June 30, 2012 and $2.4 million for the same period in 2011, an increase of $362,000, or 15.2%. Sales and marketing expenses for the three months ended June 30, 2012 and the three months ended June 30, 2011 were comprised of direct sales and marketing costs, salaries and benefits and allocated overhead. The increase is due to additional sales personnel and related costs as we expand our sales efforts for our eClinical product in the U.S. and Europe. We expect that our sales and marketing costs will increase for fiscal 2012 but decrease as a percentage of total revenue going forward.

Service revenues were $37.6 million for the six months ended June 30, 2012 and $33.0 million for the same period in 2011, an increase of $4.6 million or 13.8%. The increase in service revenues was due to an increase in work performed as a result of strong growth from our eClinical solutions, including our full service EDC, Trident IWR and OnPoint CTMS as well as solid performance in our medical imaging solutions offering. Pfizer, Inc., encompassing 19 projects, represented 17.9% of our service revenue for the six months ended June 30, 2012. For the six months ended June 30, 2011, Pfizer Inc., encompassing 19 distinct projects, represented 21.0% of our service revenues.

Reimbursement revenues and cost of reimbursement revenues were $8.1 million for the six months ended June 30, 2012 and $7.0 million for the same period in 2011, an increase of $1.1 million, or 15.6%. Reimbursement revenues and cost of reimbursement revenues consist of payments received from the customer for revenues and cost of reimbursement revenues fluctuate significantly over the course of any given project, and quarter to quarter variations are a reflection of this project timing. Therefore, our management believes that reimbursement revenues and cost of reimbursement revenues are not a significant indicator of our overall performance trends. At the request of our clients, we may directly pay the independent radiologists who review our clients imaging data. In such cases, per contractual arrangement, these costs are billed to our clients and are included in reimbursement revenues and cost of reimbursement revenues.

Sales and marketing expenses were $5.4 million for the six months ended June 30, 2012 and $4.2 million for the same period in 2011, an increase of $1.1 million, or 26.3%. Sales and marketing expenses for the six months ended June 30, 2012 and the six months ended June 30, 2011 were comprised of direct sales and marketing costs, salaries and benefits and allocated overhead. The increase is due to additional sales personnel and related costs as we expand our sales efforts for our eClinical product in the U.S. and Europe. We expect that our sales and marketing costs will increase for fiscal 2012 but decrease as a percentage of total revenue going forward.

Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 4.0/5 (1 vote)

Comments

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK
Hide