ICON Issues Financial Guidance for Full Year 2023
10 Janvier 2023 - 2:45PM
Business Wire
Highlights
- Full Year 2023 Revenue guidance in the range of $7,940 - $8,340
million, representing growth of 3.3% – 6.8% over Full Year 2022
Revenue guidance.
- Full Year 2023 adjusted earnings per share1 guidance in the
range of $12.40 - $13.05, representing growth of 6.4% – 10.1% over
Full Year 2022 adjusted earnings per share guidance.
- Reaffirming Full Year 2022 guidance of revenue in the range of
$7,690 - $7,810 million and adjusted earnings per share1 in the
range of $11.65 – $11.85.
ICON plc, (NASDAQ: ICLR), a world-leading clinical
research organization powered by healthcare intelligence, today
announced its financial guidance for the year ending December 31,
2023. For the full year 2023, revenue is expected to be in the
range of $7,940 - $8,340 million, representing growth of 3.3% –
6.8%, and adjusted earnings per share1 is expected to be in the
range of $12.40 – $13.05, representing growth of 6.4% – 10.1%, over
Full Year 2022 revenue and adjusted earnings per share guidance,
respectively.
CEO Steve Cutler commented, “ICON’s achievements in advancing
the speed and efficiency of clinical development continue to
progress as we support an ever-growing number of customer
partnerships, and we are pleased with our strong operational
delivery and cost management in 2022. Our outlook for 2023 reflects
a continued solid demand environment albeit with persistent
macroeconomic challenges, resulting in full year revenue guidance
in the range of $7,940 - $8,340 million and adjusted earnings per
share1 guidance in the range of $12.40 - $13.05.”
Full year 2023 financial guidance assumptions:
- An effective tax rate of circa 16.5%.
- Circa $1.1 billion of free cash flow and capital expenditures
of circa $200 million.
- Interest expense in the range of $280 – $300 million.
- Hedging solution finalized resulting in proportion of fixed
debt amounting to circa 60% of total debt.
- Excludes any potential share repurchase or M&A activity in
the above guidance.
With respect to full year 2022, the company reaffirmed its
current guidance of revenue in the range of $7,690 - $7,810 million
and adjusted earnings per share1 in the range of $11.65 -
$11.85.
About ICON plc
ICON plc is a world-leading healthcare intelligence and clinical
research organization. From molecule to medicine, we advance
clinical research providing outsourced services to pharmaceutical,
biotechnology, medical device and government and public health
organizations. We develop new innovations, drive emerging therapies
forward and improve patient lives. With headquarters in Dublin,
Ireland, ICON employed approximately 41,150 employees in 113
locations in 53 countries as at September 30, 2022. For further
information about ICON, visit: www.iconplc.com,
This press release contains forward-looking statements,
including statements regarding our financial guidance. 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, the impact of
COVID-19 on our business, as well as other 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,
F-4, S-8, F-3 and certain other reports, which are available on the
SEC's website at http://www.sec.gov.
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
adjusted earnings per share. Adjusted earnings per share excludes
amortization, stock compensation, foreign exchange gains and
losses, and restructuring and transaction-related /
integration-related adjustments. 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.
1 The full-year 2022 and 2023 guidance adjusted earnings per
share measures are provided on a non-GAAP basis because the company
is unable to predict with a reasonable degree of certainty certain
items contained in the GAAP measures without unreasonable efforts.
For the same reasons, the company is unable to address the probable
significance of the unavailable information.
Source: ICON plc
ICON/ICLR-F
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version on businesswire.com: https://www.businesswire.com/news/home/20230110005535/en/
Investor Relations +1 888 381 7923 Brendan Brennan Chief
Financial Officer + 353 1 291 2000 Kate Haven Vice President
Investor Relations +1 888 381 7923
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