SOURCE: Pacific Biometrics, Inc.

June 12, 2008 08:45 ET

Pacific Biometrics, Inc. Reaches Key Milestone for Backlog and Total Active Contracts

Company Reports Backlog of $15.0M and Total Active Contracts of $21.0M

SEATTLE, WA--(Marketwire - June 12, 2008) - Pacific Biometrics, Inc. (OTCBB: PBME) ("PBI"), a leading provider of specialized central laboratory and contract research services, disclosed today that it has achieved key fiscal milestones in the value of its backlog and total active contracts. As of June 4, 2008, PBI reported contract backlog, defined as the dollar value of unbilled revenue on signed contracts, totaling $15.0 million, and total active contracts, defined as the total dollar value of all contracts currently active in the laboratory, totaling $21.0 million. These milestones were set at the start of fiscal 2008 and each represents all-time highs for the Company in its 19 years of operation.

Financial metrics, including backlog, total active contracts, and revenue projections, are tracked as bimonthly "snapshots" by the Company. These snapshots show upward and downward variability from one period to the next, which is driven by the timing of the start and end dates of lab testing for specific contracts, changes in the scope of contracts once testing has begun, the billing dates for completed work, the addition of newly signed contracts, and other factors. The company expects to disclose values for backlog and total active contracts annually.

"Achieving our targets for backlog and total active contracts represents a major milestone for PBI," commented Ron Helm, Chairman and Chief Executive Officer. "It is well recognized in the industry that these metrics provide insight into future revenue potential. Although actual results will vary depending on timing of studies, enrollment rates and other factors beyond our control, backlog generally forecasts about 18 months of forward revenues. For this reason it has been management's stated objective to steadily increase the value of the company's backlog. Indeed, during the past four years the value of our backlog has increased by about 400%. This was achieved by increasing our business development efforts, stepping up sales & marketing activities, diversifying our client base, enhancing our science & technology expertise, and adding new service areas to our menu. Regarding the latter, the most notable new area has been the creation of our wholly owned subsidiary, Pacific Biomarkers, which is offering clinical biomarker services in the fastest-growing lab sector for drug-development services."

Mr. Helm continued: "We announced clinical study contracts with some of the largest pharmaceutical and biotech companies in the world this year, which has substantially added to our backlog for work to be performed during fiscal 2009 and 2010. PBI will continue to focus on providing quality specialty laboratory services in its core areas, including cardiovascular disease, diabetes, metabolic syndrome, osteoporosis, and arthritis, as well as in clinical biomarker services through Pacific Biomarkers. We believe the demand for our expertise in clinical development studies for our clients will continue to be a significant driver for future growth."

About Pacific Biometrics, Inc. (PBI):

Established in 1989, PBI provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The company provides expert services in the areas of cardiovascular disease, diabetes, osteoporosis, arthritis, and nutrition. The PBI laboratory is accredited by the College of American Pathologists, and through its non-profit affiliate Pacific Biometrics Research Foundation, is one of only three U.S.-based members of the Centers for Disease Control (CDC) Cholesterol Reference Method Laboratory Network. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies.

Pacific Biomarkers, Inc., incorporated February 1, 2008 as a wholly owned subsidiary of Pacific Biometrics, Inc., focuses specifically on the emerging field of biomarker assay development and testing. Services include validating and performing ligand-binding assays for novel clinical biomarkers, immunogenicity testing, and multiplex testing.

For more information about Pacific Biometrics, visit the company's web site at www.pacbio.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements including, but not limited to, the growth in revenues and backlog that may result from established and new services, our strategic planning and business development plans, impacts on our financial results, our future growth, and the viability and acceptance of our products and services in the market. Values for backlog and active contracts reported here are based on internal, unaudited management reports. These values can vary from day to day depending on contract modifications or cancellations. Moreover, the method used for calculating backlog and total active contracts may change from time to time. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, our ability to bid on and win laboratory services contracts, the success of our marketing and business development efforts, competition in the industry, and our ability to manage growth, as well as the risks and other factors set forth in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-KSB for the year ended June 30, 2007 and our Form 10-QSB for the quarters ended September 30, 2007, December 31, 2007, and March 31, 2008).

Contact Information

  • Contacts:

    Pacific Biometrics, Inc.
    Ron Helm
    Chairman and CEO
    (206) 298-0068

    Kari Charbonnel
    (206) 298-0068