i bot more of this yesterday. the sector that biti operates in as a contract research organization (CRO)is moving in the direction biti pioneered...their technology as utilized in presenting phase trial data and drug/biotech applications is becoming the preferred method of choice for the FDA...the industry in my opinion is moving in biti's direction and that is beginning to show up in the numbers...note the following from their 2nd qtr release:
Commenting on the results, Mark L. Weinstein, president and chief executive officer of Bio-Imaging, stated, ``We continue to be pleased with the progress we are making in building a sustainable, profitable business. Our revenues grew by 35% from our previous quarter in Fiscal 2000 and our Contracted/Committed backlog has increased to $13.4M as of March 31, 2000 from previously reported $12.3M as of December 31, 1999 and $7.0M as of September 30, 1999. Contracted/Committed backlog is the amount of revenue that remains to be earned on signed and agreed to contracts. When we compare our first half of 1999 to our first half of 2000 we see that the number of active clients has increased by 32% (25 to 33) and the number of active projects has increased by 79% (39 to 70).
Over the past quarter we have increased our operations infrastructure in order to ensure that our service levels are maintained at the highest levels for our clients. This increase in expenses is required because of the large number of projects that have or will be started between February and July of this year. We believe that revenues associated with these new projects should be seen in coming quarters.
Through actively expanding our customer base, we have reduced our revenue concentration. For the first six months of fiscal 1999 8 clients accounted for approximately 80% of our revenues, and in the same period for fiscal 2000, 13 clients have accounted for approximately 80% of our revenues.
Regulatory authorities, i.e. the Food and Drug Administration (``FDA''), have recently made public statements wherein they supported processes and submission packages of the type pioneered by Bio-Imaging for the digital submission of medical imaging data. This elimination of film-based submissions and the anticipated release of regulatory guidelines for submission of digital imaging data should accelerate the growth of our business in the coming quarters.``
The price here to me is very attractive (around 11/16)...and i think this stock is just a release or two away from a good move...all above my opinion only...do your own due diligence.
gpg |
