BITI trades otc bb around 5/8:
all this stem cell/biotech stuff is going to need phase trials and tons of stuff submitted to
the fda....this is where biti comes in...think about it AFTER you research the company and
see what they do for drug and biotech companies...and look at how the numbers are
trending higher.
from recent 10q:
OVERVIEW
Bio-Imaging Technologies, Inc. ("Bio-Imaging" or the "Company") is a
pharmaceutical contract service organization, providing services that support
the product development process of the pharmaceutical, biotechnology and medical
device industries. The Company specializes in assisting its clients in the
design and management of the medical-imaging component of clinical trials for
all modalities which consist of computerized tomography ("CT"), magnetic
resonance imaging ("MRI"), x-rays, dual energy x-ray absorptiometry ("DEXA"),
position emission tomography single photon emission computerized tomography
("PET SPECT") and ultrasound. The Company provides services which include the
processing and analysis of medical images and the data-basing and regulatory
submission of medical images, quantitative data and text.
The Company's sales cycle (the period from the presentation by the Company
to a potential client to the engagement of the Company by such client) is
generally twelve months. In addition, the contracts under which the Company is
engaged to perform services typically cover a period of 12 to 36 months and the
volume and type of services performed by the Company generally vary during the
course of a project. In an effort to expand its client base, obtain additional
contracts and generate additional revenues, beginning in the fiscal year ended
September 30, 1998, the Company increased its sales and marketing efforts. The
Company believes that these efforts are beginning to yield positive results. No
assurance can be made that the Company's project revenues will increase to
levels required to achieve profitability. Although the Company experienced a
loss for the nine months ended June 30, 2000, the Company's project revenues
increased as compared to the same period in the fiscal year ended September 30,
1999 ("Fiscal 1999"). Project revenues were generated from 38 clients
encompassing 79 projects for the nine months ended June 30, 2000 as compared to
32 clients encompassing 59 projects for the same period in Fiscal 1999. This
represents an increase of 18.8% in clients and an increase of 33.9% in projects
for the nine months ended June 30, 2000 as compared to the same period in Fiscal
1999. The Company's contracted/committed backlog was approximately $13,500,000
as of June 30, 2000 as compared to approximately $13,400,000 as of March 31,
2000, approximately $12,300,000 as of December 31, 1999 and approximately
$7,054,000 as of September 30, 1999. Contracted/committed backlog as of August
9, 2000 was approximately $17,300,000. Contracted/committed backlog is the
amount of revenue that remains to be earned on signed and agreed to contracts.
Such contracts are subject to termination by the Company or its clients at any
time or for any reason.
The Company believes that demand for its services and technologies will
grow during the long-term as the use of digital technologies for data
acquisition and management increases in the radiology and drug development
communities. The Company also believes that there is a growing recognition
within the bio-pharmaceutical industry regarding the use of an independent
centralized core laboratory for analysis of medical imaging data that is derived
from clinical trials and the rigorous regulatory requirements relating to the
submission of this data. In addition, the
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Food and Drug Administration ("FDA") is gaining experience with electronic
submissions and is continuing to develop guidelines for computerized submission
of data, including medical images. Furthermore, the increased use of digital
medical images in clinical trials, especially for important drug classes such as
anti-inflammatory, neurologic and oncologic therapeutics and diagnostic image
agents, generate large amounts of image data that will require processing,
analysis, data management and submission services. Due to several factors,
including, without limitation, an increase in competition, there can be no
assurance that demand for the Company's services and technologies will grow,
sustain growth, or that additional revenue generating opportunities will be
realized by the Company.
Nine Months Ended June 30, 2000 and 1999
----------------------------------------
Project revenues for the nine months ended June 30, 2000 and 1999 were
approximately $4,106,000 and $3,185,000, respectively, an increase of
approximately $921,000 or 28.9%. Project revenues in the nine months ended June
30, 2000 and 1999 were derived from 38 clients encompassing 79 projects and 32
clients encompassing 59 projects, respectively. Two clients represented
approximately 30.7% of the Company's project revenues for the nine months ended
June 30, 2000. For the comparable period last year, two clients represented
approximately 29.7% of the Company's project revenues. The increase in project
revenues is primarily a result of the increase in the number of clients and
projects for which the Company was engaged to perform services. This increase
resulted primarily from the increase in the Company's sales and marketing
efforts over the past year. The Company's scope of work in both periods included
medical imaging core laboratory services and image-based information management
services.
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Cost of revenues for the nine months ended June 30, 2000 and 1999 were
comprised of professional salaries and benefits and allocated overhead. Cost of
revenues for the nine months ended June 30, 2000 and 1999 were approximately
$2,706,000 and $1,871,000, respectively, an increase of approximately $835,000
or 44.6%. This increase is attributable to an increase in staffing levels
required for project related tasks for the nine months ended June 30, 2000 and
in anticipation of work to be performed on new contracts as compared to the same
period in the prior year.
The difference between project revenues and cost of revenues may fluctuate
as a percentage of project revenues based on the utilization of staff and the
mix of services provided by the Company to its clients during the comparable
periods. The decrease in this percentage in the nine months ended June 30, 2000
from the comparable period in Fiscal 1999 resulted from a lower increase in
project revenues as compared to higher project related costs which was primarily
attributable to the Company increasing its staffing levels during the nine
months ended June 30, 2000 to support its existing contracts and in anticipation
of future business.
Three Months Ended June 30, 2000 and 1999
-----------------------------------------
Project revenues for the quarters ended June 30, 2000 ("Third Quarter of
Fiscal 2000") and 1999 ("Third Quarter of Fiscal 1999") were approximately
$1,565,000 and $1,032,000, respectively, an increase of approximately $533,000
or 51.6%. Project revenues in the Third Quarter of Fiscal 2000 and Fiscal 1999
were derived from 33 clients encompassing 60 projects and 26 clients
encompassing 49 projects, respectively. Two clients represented approximately
39.5% of the Company's project revenues for the three months ended June 30,
2000. For the comparable period last year, two clients represented approximately
32.1% of the Company's project revenues. The increase in project revenues is
primarily a result of the increase in the number of clients and projects for
which the Company was engaged to perform services. This increase resulted
primarily from the increase in the Company's sales and marketing efforts over
the past year. The Company's scope of work in both periods included medical
imaging core laboratory services and image-based information management
services. |
