Highlights
- Gross business wins of $518 million,
representing a gross book to bill of 1.31. Net business wins of
$475 million, representing a net book to bill of 1.20.
- Quarter 3 net revenue of $395 million,
a 1.8% increase year on year and a 4.1% increase on a constant
dollar organic basis.
- Income from operations up 20.1% year on
year to $71.4 million or 18.1% of revenue.
- Earnings per share of $1.02, up 29%
year on year.
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 third quarter ended September 30,
2015.
In the third quarter net revenue grew 1.8% year on year to
$394.7 million from $387.6 million in the same quarter last year.
This represented 7.5% constant currency growth and 4.1% constant
dollar organic growth year on year.
Income from operations increased by 20.1% to $71.4 million or
18.1% of revenue compared to $59.4 million or 15.3% for the same
quarter last year.
Net income increased by 22% to $61.5 million or $1.02 per share
on a diluted basis, compared with $50.3 million or $0.79 per share
for the same quarter last year.
Year to date revenue for 2015 increased by 5.2% to $1,171.6
million from $1,113.2 million in 2014. This represented 9.3%
constant currency growth and 4.4% constant dollar organic growth
year on year.
Year to date income from operations for 2015, increased by 37%
to $206.2 million or 17.6% of revenue, compared with $150.9 million
or 13.5% of revenue in the previous year.
Year to date net income for 2015 increased by 38% to $176
million, compared with $127.3 million last year. Year to date
earnings increased by 43% from $2.87 per share on a diluted basis
compared to $2.01 per diluted share last year.
Day’s sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account were 46 days at September
30, 2015, compared with 45 days at the end of June 2015.
For the quarter ended September 30, 2015, cash generated from
operating activities was $74 million, capital expenditure was $12.2
million and $230 million of shares were repurchased as part of the
$400 million share repurchase programme announced in July 2015. As
a result, at September 30, 2015, the company had net debt of $33
million, compared to net cash of $132 million at June 30, 2015.
CEO, Ciaran Murray commented “ Quarter three was another strong
quarter for ICON. We achieved net new business wins of $475
million, which represented a book to bill of 1.2 and grew our
backlog by 8% over last year. Revenue grew sequentially to $395
million representing 4.1% constant dollar organic growth over the
same period last year. Our operating margin expanded to 18.1% and
as a result earnings per share increased 29% year over year to
$1.02.”
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 third quarter conference call today, October
27, 2015 at 9:00 EDT [13:00 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 77 locations in 38 countries and has approximately
11,700 employees. Further information is available at
www.iconplc.com.
ICON/ICLR-F
ICON plc
Consolidated Income Statements
(Unaudited)
Three and Nine Months ended September
30, 2015 and September 30, 2014
(Dollars, in thousands, except share
and per share data)
Three Months Ended Nine Months Ended
September 30,
September 30,
September 30,
September 30,
2015
2014
2015
2014
Revenue: Gross revenue $557,095 $519,127 $1,584,559 $1,502,075
Reimbursable expenses (162,354) (131,538) (412,930)
(388,832)
Net revenue 394,741 387,589
1,171,629 1,113,243
Costs and expenses: Direct costs
226,555 229,963 679,593 673,291 Selling, general and administrative
expense 82,435 84,466 243,310 251,036 Depreciation and amortization
14,366 13,737 42,535 38,207
Total
costs and expenses 323,356 328,166 965,438
962,534
Income from operations 71,385 59,423 206,191
150,709 Net interest expense (647) 109 (660)
162
Income before provision for income taxes 70,738
59,532 205,531 150,871 Provision for income taxes (9,196)
(9,216) (29,534) (23,577)
Net income
$61,542 $50,316 $175,997 $127,294 Net
income per Ordinary Share: Basic $1.05 $0.81
$2.95 $2.06 Diluted $1.02 $0.79 $2.87
$2.01 Weighted average number of Ordinary Shares
outstanding: Basic 58,681,332 61,878,429
59,735,791 61,863,332 Diluted 60,391,448
63,442,607 61,349,827 63,434,260
ICON plc
Summary Balance Sheet Data
September 30, 2015 and June 30,
2015
(Dollars, in thousands)
September 30,
June 30, 2015 2015
(Unaudited) (Unaudited) Cash and short-term
investments 316,987 192,196 Debt (350,000) (60,000) Net (debt)/cash
(33,014) 132,196 Accounts receivable 386,590 358,008
Unbilled revenue 195,646 173,614 Payments on account (294,774 )
(268,494) Total 287,462 263,128 Working Capital 107,377
260,485 Total Assets 1,812,792 1,636,254
Shareholder's Equity 863,266 1,022,212
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151027005791/en/
ICON plcInvestor Relations, 1-888-381-7923orBrendan
Brennan, + 353 1 291 2000CFOorSimon Holmes, +353 1 291 2000EVP IR
& Corporate Developmenthttp://www.iconplc.com
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