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Bio-Imaging Technologies, Inc. (BITI) Beats Second Quarter Estimates, Raises Guidance

Bio-Imaging Technologies, Inc. (BITI) is a contract healthcare service organization that provides support to the pharmaceutical, biotechnology and medical device industries during clinical trial processes. Bio-Imaging reported second quarter results this morning that surpassed analysts’ estimates. Revenues were $19.3 million, an increase of 65% year over year and higher than consensus of $17.3 million. Sales increased largely due to the acquisition of Phoenix Data Systems (PDS), which was finalized on March 24, 2008. Net income jumped 115% to $1.1 million, or 7 cents per share. Analysts were expecting earnings of 5 cents per share.

Mark L. Weinstein, President and Chief Executive Officer of Bio-Imaging, said, “The integration of the PDS acquisition is proceeding as planned. Together Bio-Imaging and Phoenix Data Systems offer a more comprehensive set of clinical trial services to our pharmaceutical and biotechnology customers. The acquisition of Phoenix Data Systems expands our core clinical trial services business into the rapidly growing electronic data capture market and leverages our global operational capabilities and sales and marketing reach into pharmaceutical and biotechnology companies.”

Sales backlog increased 45% to $115.8 million vs. prior year levels. “We continue to experience strong year-over-year operating results and are particularly pleased with our first full quarter of combined operating results with PDS,” said Mr. Weinstein. “Based on the strength of our backlog and positive trends in service revenue and operating income, we are increasing our full year 2008 service revenue guidance to $53 to $56 million from $52 to $55 million and increasing our earnings per share guidance to $0.23 to $0.25 per share from our previous guidance of $0.22 to $0.24 per share. This guidance includes financial results of PDS from the acquisition date through the end of the year, and the earnings per share calculation includes the additional 2.3 million shares issued March 24, 2008 pursuant to the acquisition.”

Shares of BITI closed at $6.95 yesterday and have traded in a 52-week range of $6.03 – $9.95. With 14.3 million shares outstanding, BITI has a market cap of $99 million.

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