Highlights
- Backlog of business up 9% year on year to $3.95 billion
-
Quarter 1 gross business wins of $514 million, a gross book to bill of
1.29. Net business wins of $440 million, a net book to bill of 1.10 -
Quarter 1 net revenue $401 million, an increase of 3.2% year on year,
4.9% on a constant currency basis -
Quarter 1 income from operations of $76.0 million or 19.0% of revenue,
an increase of 14.0% year on year - Quarter 1 earnings per share 1.12 up 24% year on year
DUBLIN–(BUSINESS WIRE)– ICON
plc (NASDAQ:ICLR), a global provider of drug
development solutions and services to the pharmaceutical, biotechnology
and medical device industries, today reported its financial results for
the first quarter ended March 31, 2016.
In the first quarter net revenue grew 3.2% year on year to $400.5
million from $388.2 million in the same quarter last year. This
represented 4.9% constant currency growth and 1.2% constant dollar
organic growth year on year.
Income from operations in the quarter, increased by 14.0% to $76.0
million or 19.0% of revenue compared to $66.7 million or 17.2% for the
same quarter last year.
Net income in the quarter increased by 12.7% to $63.0 million or $1.12
per share on a diluted basis, compared with $55.9 million or $0.90 per
share for the same quarter last year.
Day’s sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account were 47 days at March 31, 2016,
compared with 41 days at the end of December 31, 2015 and 47 days at the
end of March 2015.
Cash generated from operating activities for the quarter was $59.4
million. Capital expenditure for the quarter was $7.7 million. As a
result, at March 31, 2016, the company had net debt of $100 million,
compared to net debt of $158 million at December 31, 2015 and net cash
of $172 million at end of March 2015.
CEO, Ciaran Murray commented “Quarter one represents a solid start to
2016. We have grown our backlog of business to close to $4 billion, 9%
higher than the same quarter last year. Revenue grew by 4.9% year on
year on a constant currency basis and further margin expansion enabled
us to deliver earnings per share of $1.12, a 24% increase over last
year”.
In addition to the financial measures prepared in accordance with
generally accepted accounting principles (GAAP), this press release
contains certain non-GAAP financial measures, including non-GAAP
operating and net income and non-GAAP diluted earnings per share. While
non-GAAP financial measures are not superior to or a substitute for the
comparable GAAP measures, ICON believes certain non-GAAP information is
useful to investors for historical comparison purposes.
ICON will hold its first quarter conference call today, April 26, 2016
at 9:00 EDT [14:00 Ireland & UK]. This call and linked slide
presentation can be accessed live from our website at http://investor.iconplc.com.
A recording will also be available on the website for 90 days following
the call. In addition, a
calendar of company events, including upcoming conference
presentations, is available on our website, under “Investors”. This
calendar will be updated regularly.
This press release contains forward-looking statements. These statements
are based on management’s current expectations and information currently
available, including current economic and industry conditions. These
statements are not guarantees of future performance or actual results,
and actual results, developments and business decisions may differ from
those stated in this press release. The forward-looking statements are
subject to future events, risks, uncertainties and other factors that
could cause actual results to differ materially from those projected in
the statements, including, but not limited to, the ability to enter into
new contracts, maintain client relationships, manage the opening of new
offices and offering of new services, the integration of new business
mergers and acquisitions, as well as economic and global market
conditions and other risks and uncertainties detailed from time to time
in SEC reports filed by ICON, all of which are difficult to predict and
some of which are beyond our control. For these reasons, you should not
place undue reliance on these forward-looking statements when making
investment decisions. The word « expected » and variations of such words
and similar expressions are intended to identify forward-looking
statements. Forward-looking statements are only as of the date they are
made and we do not undertake any obligation to update publicly any
forward-looking statement, either as a result of new information, future
events or otherwise. More information about the risks and uncertainties
relating to these forward-looking statements may be found in SEC reports
filed by ICON, including its Form 20-F, F-1, S-8 and F-3, which are
available on the SEC’s website at http://www.sec.gov.
ICON plc is a global provider of drug development solutions and services
to the pharmaceutical, biotechnology and medical device industries. The
company specialises in the strategic development, management and
analysis of programs that support clinical development – from compound
selection to Phase I-IV clinical studies. With headquarters in Dublin,
Ireland, ICON currently, operates from 89 locations in 37 countries and
has approximately 12,200 employees. Further information is available at www.iconplc.com.
ICON/ICLR-F
| ICON plc | |||||||||||
| Consolidated Income Statements (Unaudited) | |||||||||||
| (Before restructuring and other items) | |||||||||||
| Three Months ended March 31, 2016 and March 31, 2015 | |||||||||||
| (Dollars, in thousands, except share and per share data) | |||||||||||
| Three Months Ended | |||||||||||
|
March 31, |
March |
||||||||||
|
2016 |
2015 |
||||||||||
| Revenue: | |||||||||||
| Gross revenue | 542,583 | 503,366 | |||||||||
| Reimbursable expenses | (142,061) | (115,135) | |||||||||
| Net revenue | 400,522 | 388,231 | |||||||||
| Costs and expenses: | |||||||||||
| Direct costs | 228,603 | 228,078 | |||||||||
| Selling, general and administrative expense | 80,789 | 79,555 | |||||||||
| Depreciation and amortization | 15,120 | 13,925 | |||||||||
| Total costs and expenses | 324,512 | 321,558 | |||||||||
| Income from operations | 76,010 | 66,673 | |||||||||
| Net interest expense | (2,881) | (3) | |||||||||
| Income before provision for income taxes | 73,129 | 66,670 | |||||||||
| Provision for income taxes | (10,165) | (10,801) | |||||||||
| Net income | 62,964 | 55,869 | |||||||||
| Net income per Ordinary Share: | |||||||||||
| Basic | $1.14 | $0.93 | |||||||||
| Pro forma Diluted | $1.12 | $0.90 | |||||||||
| Weighted average number of Ordinary Shares outstanding: | |||||||||||
| Basic | 55,011,019 | 60,281,059 | |||||||||
| Pro forma Diluted | 56,242,164 | 61,856,347 | |||||||||
| Consolidated Income Statements (Unaudited) | |||||||||||
| (US GAAP) | |||||||||||
| Three Months ended March 31, 2016 and March 31, 2015 | |||||||||||
| (Dollars, in thousands, except share and per share data) | |||||||||||
| Three Months Ended | |||||||||||
|
March 31, |
March 31, |
||||||||||
|
2016 |
2015 |
||||||||||
| Revenue: | |||||||||||
| Gross revenue | 542,583 | 503,366 | |||||||||
| Reimbursable expenses | (142,061) | (115,135) | |||||||||
| Net revenue | 400,522 | 388,231 | |||||||||
| Costs and expenses: | |||||||||||
| Direct costs | 228,603 | 228,078 | |||||||||
| Selling, general and administrative expense | 80,789 | 79,555 | |||||||||
| Depreciation and amortization | 15,120 | 13,925 | |||||||||
| Restructuring and other items | 0 | 0 | |||||||||
| Total costs and expenses | 324,512 | 321,558 | |||||||||
| Income from operations | 76,010 | 66,673 | |||||||||
| Net interest expense | (2,881) | (3) | |||||||||
| Income before provision for income taxes | 73,129 | 66,670 | |||||||||
| Provision for income taxes | (10,165) | (10,801) | |||||||||
| Net income | 62,964 | 55,869 | |||||||||
| Net income per Ordinary Share: | |||||||||||
| Basic | $1.14 | $0.93 | |||||||||
| Diluted | $1.12 | $0.90 | |||||||||
| Weighted average number of Ordinary Shares outstanding: | |||||||||||
| Basic | 55,011,019 | 60,281,059 | |||||||||
| Diluted | 56,242,164 | 61,856,347 | |||||||||
| ICON plc | ||||||||||
| Summary Balance Sheet Data | ||||||||||
| March 31, 2016 and December 31, 2015 | ||||||||||
| (Dollars, in thousands) | ||||||||||
| March 31, | December 31, | |||||||||
| 2016 | 2015 | |||||||||
| (Unaudited) | (Audited)* | |||||||||
| Cash and short-term investments | 247,857 | 189,901 | ||||||||
| Debt | (348,278) | (348,306) | ||||||||
| Net (debt)/cash | (100,421) | (158,405) | ||||||||
| Accounts receivable | 362,322 | 409,165 | ||||||||
| Unbilled revenue | 238,645 | 173,649 | ||||||||
| Payments on account | (318,061) | (318,697) | ||||||||
| Total | 282,906 | 264,117 | ||||||||
| Working Capital | 372,775 | 290,939 | ||||||||
| Total Assets | 1,796,135 | 1,717,209 | ||||||||
| Shareholder’s Equity | 843,685 | 763,096 | ||||||||
*Due to amendments in US GAAP, the Senior Notes are shown net of
financing costs on the balance sheet with effect from Q1 2016 ($1.7
million). The position at December 31, 2015 has been restated.
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Contacts
ICON plc
Investor Relations, 1-888-381-7923
or
Brendan
Brennan, + 353-1-291-2000
Chief Financial Officer
or
Simon
Holmes, + 353-1-291-2000
EVP Investor Relations and Corporate
Development
http://www.iconplc.com
Source: ICON plc
Cet article ICON Reports First Quarter 2016 Results est apparu en premier sur EEI-BIOTECHFINANCES.