Bioclinica Inc. (BIOC, Financial) filed Quarterly Report for the period ended 2012-03-31.
Bioclinica Inc has a market cap of $88.9 million; its shares were traded at around $5.71 with a P/E ratio of 21 and P/S ratio of 1.1.
Reimbursement revenues and cost of reimbursement revenues were $4.1 million for the three months ended March 31, 2012 and $3.5 million for the same period in 2011, an increase of $613,000, or 17.4%. 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.
Cost of service revenues were $11.6 million for the three months ended March 31, 2012 and $10.6 million for the same period in 2011, an increase of $1.0 million, or 9.9%. Cost of service revenues for the three months ended March 31, 2012 and the three months ended March 31, 2011 are comprised of professional salaries and benefits and allocated overhead. The increase is primarily attributable to the additional personnel to support the growth of our Trident IWR, OnPoint CTMS and full service Express EDC solutions. The cost of revenues as a percentage of total revenues also fluctuates due to work-flow variations in the utilization of staff and the mix of services provided by us in any given period. We expect that our cost of service revenues will increase for the remainder of fiscal 2012 due to increased servicing costs to support the growth of our Trident IWR, OnPoint CTMS and full service Express EDC solutions.
Sales and marketing expenses were $2.6 million for the three months ended March 31, 2012 and $1.9 million for the same period in 2011, an increase of $754,000, or 40.5%. Sales and marketing expenses for the three months ended March 31, 2012 and the three months ended March 31, 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.
General and administrative expenses were $2.6 million for the three months ended March 31, 2012 and $2.2 million for the same period in 2011, an increase of $380,000, or 17.1%. General and administrative expenses for the three months ended March 31, 2012 and the three months ended March 31, 2011 consisted primarily of salaries and benefits, allocated overhead, professional and consulting services and corporate insurance. The increase is due to increased information technology personnel and costs to support our technology needs. We expect that our general and administrative expenses will increase for fiscal 2012 but decrease as a percentage of total revenue going forward.
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Bioclinica Inc has a market cap of $88.9 million; its shares were traded at around $5.71 with a P/E ratio of 21 and P/S ratio of 1.1.
Highlight of Business Operations:
Service revenues were $18.5 million for the three months ended March 31, 2012 and $16.1 million for the same period in 2011, an increase of $2.4 million or 14.9%. The increase in service revenues was due to an increase in work performed on the increased backlog from the prior year. Pfizer, Inc., encompassing 16 projects, represented 17.2% of our service revenue for the three months ended March 31, 2012. For the three months ended March 31, 2011, Pfizer Inc., encompassing 17 distinct projects, represented 19.7% of our service revenues.Reimbursement revenues and cost of reimbursement revenues were $4.1 million for the three months ended March 31, 2012 and $3.5 million for the same period in 2011, an increase of $613,000, or 17.4%. 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.
Cost of service revenues were $11.6 million for the three months ended March 31, 2012 and $10.6 million for the same period in 2011, an increase of $1.0 million, or 9.9%. Cost of service revenues for the three months ended March 31, 2012 and the three months ended March 31, 2011 are comprised of professional salaries and benefits and allocated overhead. The increase is primarily attributable to the additional personnel to support the growth of our Trident IWR, OnPoint CTMS and full service Express EDC solutions. The cost of revenues as a percentage of total revenues also fluctuates due to work-flow variations in the utilization of staff and the mix of services provided by us in any given period. We expect that our cost of service revenues will increase for the remainder of fiscal 2012 due to increased servicing costs to support the growth of our Trident IWR, OnPoint CTMS and full service Express EDC solutions.
Sales and marketing expenses were $2.6 million for the three months ended March 31, 2012 and $1.9 million for the same period in 2011, an increase of $754,000, or 40.5%. Sales and marketing expenses for the three months ended March 31, 2012 and the three months ended March 31, 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.
General and administrative expenses were $2.6 million for the three months ended March 31, 2012 and $2.2 million for the same period in 2011, an increase of $380,000, or 17.1%. General and administrative expenses for the three months ended March 31, 2012 and the three months ended March 31, 2011 consisted primarily of salaries and benefits, allocated overhead, professional and consulting services and corporate insurance. The increase is due to increased information technology personnel and costs to support our technology needs. We expect that our general and administrative expenses will increase for fiscal 2012 but decrease as a percentage of total revenue going forward.
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