Highlights
- Net business wins in the quarter of $930 million; a book to
bill of 1.28. Full year net business wins of $3.6 billion, a net
book to bill of 1.30.
- Record closing backlog of $8.6 billion, an increase of 11.4%
year on year.
- Quarter 4 reported revenue of $725.4 million representing a
6.8% year on year increase or 7.5% on a constant currency basis.
Full year reported revenue of $2,806 million representing an 8.1%
year on year increase or 9.6% on a constant currency basis.
- Adjusted earnings per share attributable to the Group for the
quarter of $1.83, an increase of 12.8% over Quarter 4 2018. Full
Year adjusted earnings per share attributable to the Group of
$6.88, a 13.0% increase over prior year*.
- In January 2020, ICON acquired MedPass International, a leading
medical device CRO and consultancy practice in Europe.
- 2020 outlook reaffirmed with revenue guidance in the range of
$2,972 - $3,092 million and earnings per share guidance in the
range of $7.55 – $7.85 a year over year increase of 9.7% -
14.1%.
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 fourth quarter and full year ended
December 31, 2019.
CEO Dr. Steve Cutler commented, “During 2019 the combination of
a positive market environment and our differentiated Patient, Site
and Data strategy resulted in another record year for ICON. Our
strong business development performance across our core service
areas generated net business bookings of over $3.6 billion and we
consequently grew our backlog by 11.4%. This resulted in constant
currency revenue growth of nearly 10% to over $2.8 billion and a
robust trailing twelve month book to bill of 1.3x. In addition,
supported by the efficiencies of our industry leading global
support infrastructure, we grew our earnings per share by 13% year
over year to $6.88.
Today we are delighted to announce the acquisition of MedPass
International, our fourth strategic acquisition within 12 months.
MedPass International, a leading medical device CRO and consultancy
practice, will add scale to our existing Medical Device and
Diagnostic Research operations in Europe as well as adding new
medical device regulatory and clinical capabilities, including
noted expertise in complex class 3 medical devices, interventional
cardiology and structural heart devices. The combined offering of
both organisations will enable ICON to aggressively build share in
the growing market for global medical device and diagnostic
services.
As we look forward, we expect 2020 to be another year of solid
revenue and earnings growth and we reaffirm our outlook with
revenue guidance in the range of $2,972 - $3,092 million and
earnings per share guidance in the range of $7.55 - $7.85, a year
over year increase of 9.7% - 14.1%”
Fourth Quarter 2019 Results
Gross business wins in the fourth quarter were $1.1 billion and
cancellations were $164 million. This resulted in net business wins
of $930 million and a book to bill of 1.28.
Reported revenue for Quarter 4 was $725.4 million. This
represents a year on year increase of 6.8% or 7.5% on a constant
currency basis.
Reported income from operations in the quarter was $115.3
million or 15.9% of revenue compared to $101.8 million or 15.0% of
revenue for Q4 2018. This represents a year on year increase of
13.3%.
Reported net income attributable to the Group for the quarter
was $99.0 million or 13.6% of revenue compared with $88.2 million
or 13.0% of revenue in Q4 2018. This represents year on year growth
of 12.3%.
Adjusted earnings per share attributable to the Group on a
diluted basis was $1.83, compared to $1.62 per share for Q4 2018.
This represents a year on year increase of 12.8%.
On a comparative basis, non-GAAP days sales outstanding were 54
days at December 31, 2019, compared with 56 days at the end of
September 2019.
Cash generated from operating activities for the quarter was
$134.4 million. During the quarter, the Group made a payment in
respect of the MeDiNova Research acquisition of $14.8 million,
capital expenditure was $18.7 million and $5.4 million worth of
stock was repurchased at an average price of $152.66. As a result,
at December 31, 2019, the company had net cash of $220.3 million,
compared to net cash of $121.7 million at September 30, 2019 and
net cash of $106.5 million at the end of December 2018.
Full Year 2019 Results
Full year gross business wins were $4.3 billion and
cancellations were $603 million. This resulted in net business wins
of $3.6 billion and a book to bill of 1.30.
Full year reported revenue was $2,806 million. This represents a
year on year increase of 8.1% or 9.6% on a constant currency
basis.
Full year reported income from operations was $433.4 million or
15.4% of revenue compared to $385.8 million or 14.9% of revenue for
the equivalent prior year period*. This represents a year on year
increase of 12.3%.
Full year reported net income attributable to the Group was
$374.0 million or 13.3% of revenue compared with $333.7 million or
12.9% of revenue for the equivalent prior year period*. This
represents year on year growth of 12.1%.
Adjusted earnings per share attributable to the Group on a
diluted basis was $6.88, compared to $6.09 per share for the
equivalent prior year period*. This represents a year on year
increase of 13.0%.
Cash generated from operating activities for the year was $412.5
million. During the year, $119.6 million was spent on acquisitions
(net of cash acquired), $50.6 million on capital expenditure and
$146.9 million worth of stock was repurchased at an average price
of $141.95.
*before non-recurring charges.
Other Information
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.
Adjusted earnings per share attributable to the Group (Non-GAAP)
has been computed by dividing net income attributable to the Group
by the weighted average number of shares outstanding. GAAP earnings
per share attributable to the Group has been computed by dividing
net income attributable to the Group plus a GAAP charge associated
with non-controlling interest in MeDiNova Research (“MeDiNova”) by
the weighted average number of shares outstanding. ICON purchased a
majority shareholding in MeDiNova on 23 May 2019 and has a right to
acquire the remaining share in the company during 2020. The vendors
also have a right to sell the remaining shares exclusively to ICON
during 2020.
ICON will hold its fourth quarter conference call tomorrow,
February 20th, 2020 at 9:00 EST [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 outsourced drug and device
development and commercialisation services to pharmaceutical,
biotechnology, medical device and government and public health
organisations. 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
employed approximately 14,650 employees in 97 locations in 40
countries as at December 31, 2019. Further information is available
at www.iconplc.com.
Source: ICON plc Contact: Investor Relations +1888 381 7923 or
Brendan Brennan Chief Financial Officer +353 1 291 2000 Jonathan
Curtain Vice President Corporate Finance and Investor Relations
+353 1 291 2000 All at ICON.
ICON plc
Condensed Consolidated
Statements of Operations
(Non-GAAP)
Three and Twelve Months ended
December 31, 2019 and December 31, 2018
(Dollars, in thousands, except
share and per share data)
(Unaudited)
Three Months Ended
Twelve Months Ended
December
December
December
December
31, 2019
31, 2018
31, 2019
31, 2018
Revenue
725,409
679,025
2,805,839
2,595,777
Costs and expenses:
Direct costs
(508,191)
(479,206)
(1,974,135)
(1,818,220)
Selling, general and administrative
expense
(86,184)
(83,124)
(336,748)
(325,794)
Depreciation and amortization
(15,708)
(14,910)
(61,550)
(65,916)
Total costs and expenses
(610,083)
(577,240)
(2,372,433)
(2,209,930)
Income from operations
115,326
101,785
433,406
385,847
Net interest expense
(1,848)
(1,599)
(6,417)
(8,743)
Income before provision for income
taxes
113,478
100,186
426,989
377,104
Provision for income taxes
(13,617)
(12,023)
(51,133)
(43,411)
Net income
99,861
88,163
375,856
333,693
Net income attributable to non-controlling
interest
(854)
-
(1,870)
-
Net income attributable to the
Group
99,007
88,163
373,986
333,693
Adjusted net income per Ordinary Share
attributable to the Group:
Adjusted basic (non-GAAP)
$1.85
$1.63
$6.94
$6.17
Adjusted diluted (non-GAAP)
$1.83
$1.62
$6.88
$6.09
Weighted average number of Ordinary Shares
outstanding:
Basic
53,630,331
54,071,137
53,859,537
54,118,764
Diluted
54,219,975
54,475,302
54,333,461
54,790,663
ICON plc
Condensed Consolidated
Statements of Operations
(US GAAP)
Three and Twelve Months ended
December 31, 2019 and December 31, 2018
(Dollars, in thousands, except
share and per share data)
(Unaudited)
Three Months Ended
Twelve Months Ended
December
December
December
December
31, 2019
31, 2018
31, 2019
31, 2018
Revenue
725,409
679,025
2,805,839
2,595,777
Costs and expenses:
Direct costs
(508,191)
(479,206)
(1,974,135)
(1,818,220)
Selling, general and administrative
expense
(86,184)
(83,124)
(336,748)
(325,794)
Depreciation and amortization
(15,708)
(14,910)
(61,550)
(65,916)
Restructuring costs
-
-
-
(12,490)
Total costs and expenses
(610,083)
(577,240)
(2,372,433)
(2,222,420)
Income from operations
115,326
101,785
433,406
373,357
Net interest expense
(1,848)
(1,599)
(6,417)
(8,743)
Income before provision for income
taxes
113,478
100,186
426,989
364,614
Provision for income taxes
(13,617)
(12,023)
(51,133)
(41,958)
Net income
99,861
88,163
375,856
322,656
Net income attributable to non-controlling
interest
(854)
-
(1,870)
-
Net income attributable to the
Group
99,007
88,163
373,986
322,656
Net income per Ordinary Share attributable
to the Group:
Basic
$1.78
$1.63
$6.85
$5.96
Diluted
$1.76
$1.62
$6.79
$5.89
Weighted average number of Ordinary Shares
outstanding:
Basic
53,630,331
54,071,137
53,859,537
54,118,764
Diluted
54,219,975
54,475,302
54,333,461
54,790,663
ICON plc Summary Consolidated Balance
Sheet Data December 31, 2019 and December 31, 2018
(Dollars, in thousands)
December 31,
December 31,
2019
2018
(Unaudited)
(Audited)
Cash and short-term investments
569,937
455,761
Debt
(349,640)
(349,264)
Net cash/(debt)
220,297
106,497
Net Accounts Receivable
583,489
503,249
Working Capital
493,728
719,560
Total Assets
2,907,512
2,354,255
Shareholder's Equity
1,618,055
1,354,281
ICON/ICLR-F
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200219005954/en/
ICON plc Investor Relations +1 888 381 7923 or Brendan Brennan
Chief Financial Officer +353 1 291 2000 Jonathan Curtain Vice
President Corporate Finance & Investor Relations +353 1 291
2000 http://www.iconplc.com
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