The contribution of eClinical specialist Phoenix Data Systems, acquired by Bio-Imaging in March, was a major factor in the revenue increase.
For the full-year, revenues increased to $56.2m, up 50 per cent and with a $12.5m contribution from PDS, and despite the fourth-quarter net loss operating income accelerated 75 per cent to $8.5m in 2008.
Fourth-quarter service revenues came in at $15m, up from $10.1m a year earlier, and Bio-Imaging posted a net loss of $163,000.
Mark Weinstein, Bio-Imaging’s CEP, said that 2008 was “a record year” for the company with a strong performance from its core business as well as the Phoenix Data acquisition. He said prospects for the company are good, as imaging and electronic data capture (EDC) are both seeing expanded use in clinical testing.
But like many of its peers Bio-Imaging is seeing a delay in projects as clients hold off on new investments during the economic downturn. He also said some major projects “being split into smaller components from a budget approval process.”
In light of that Bio-Imaging has seen a near-9 per cent dip in backlog to around $93m at the end of 2008.
Bio-Imaging sold CapMed – a unit specialising in portable personal health record and health management technologies – in order to focus on its core clinical services business. The divestment has been reclassified as a discontinued business, so counts as a $2.4m operating loss for Bio-Imaging over the course of 2008.
Looking ahead to 2009, Bio-Imaging is predicting that revenues will advance to $60m-$63m.