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…