Highlights
- Quarter 4 net revenue increased 13.0%
year on year to $390 million. Full Year 2014 net revenue increased
12.5% to $1.50 billion.
- Quarter 4 income from operations before
non-recurring charges was $60.4 million or 15.5% of revenue. Full
year 2014 income from operations before non-recurring charges was
$211.1 million or 14% of net revenue.
- Earnings per share before non-recurring
charges for Quarter 4 and the full year 2014 were 87 cents and
$2.87 respectively.
- Quarter 4 gross business wins were $552
million, representing a gross book to bill of 1.41. Quarter 4 net
business wins were $469 million, representing a net book to bill of
1.20. Full year net new business awards were $1.8 billion,
representing a net book to bill of 1.21.
- Full year 2015 revenue guidance in the
range of $1,610 – $1,675 million, representing growth of 7-11%.
Earnings per share guidance is in the range of $3.45 - $3.60, an
increase of 20-25%.
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, 2014.
In the fourth quarter net revenue grew 13.0% year on year to
$390.1 million from $345.2 million in the same quarter last
year.
Income from operations before non-recurring charges was $60.4
million or 15.5% of revenue, compared to $38.7 million or 11.2% for
the same quarter last year.
Net income before non-recurring charges was $54 million or 87
cents per share on a diluted basis, compared with $33.5 million or
53 cents per share for the same quarter last year.
Full year net revenues for 2014 increased 12.5% to $1,503
million from $1,336 million in 2013.
Full year income from operations before non-recurring charges
was $211.1 million or 14.0% of revenue, compared with income from
operations before non-recurring charges of $130.2 million or 9.7%
of revenue in the previous year.
On a US GAAP basis, income from operations was $202.4 million or
13.5% compared with $121.2 million or 9.1% in the prior year.
Full year net income before non-recurring charges for 2014 was
$181.3 million or $2.87 per share on a diluted basis, compared with
net income before non-recurring charges of $110 million or $1.77
per share on a diluted basis last year.
On a US GAAP basis net income for the full year was $172.5
million, compared to $102.8 million last year. Net margin for the
full year 2014 was 11.5% of revenue, up from 7.7% in 2013. Earnings
per share on a US GAAP basis for 2014 was $2.73 per share compared
with $1.65 in 2013.
Full year 2015 revenue guidance is in the range of $1,610 –
$1,675 million, representing growth of 7-11%. This includes the
recently announced acquisition of MediMedia Pharma Solutions; on a
constant currency organic basis revenue is expected to grow by
6-10%. Earnings per share guidance is in the range of $3.45 -
$3.60, an increase of 20-25%.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 40 days at December
31, 2014, compared with 32 days at the end of December 2013.
For the quarter ended December 31, 2014, cash generated from
operating activities was $75.2 million and capital expenditure was
$10.2 million. For the full year 2014, cash flow from operating
activities was $170 million and capital expenditure was $32.8
million. In addition, we completed $107 million of share
repurchases during the quarter and in total $140 million for the
full year. Consequently the company’s net cash amounted to $216
million at December 31, 2014, compared to net cash of $321 million
at December 31, 2013.
CEO Ciaran Murray commented, "In 2014 our excellence in
execution, along with our market leading innovative solutions
enabled our customers to enhance the productivity of their
development programmes and further consolidated our position as a
leader in the drug development industry. This has enabled us to
book $1.8 billion of new business, to grow our closing backlog by
16% to $3.6 billion and drive revenues by 13% to over $1.5 billion.
By continuing to improve our operational performance and expand our
margins we increased EPS by 62% to $2.87. For 2015 we are guiding
revenue to be in the range of $1,610 - 1,675 million, an increase
of 7-11%, and earnings to be in the range $3.45- $3.60, an increase
of 20-25%.”
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 fourth quarter conference call today,
February 25, 2015 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 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 83 locations in 38 countries and has approximately
10,600 employees. Further information is available at
www.iconplc.com.
ICON plc Consolidated Income Statements
(Unaudited) (Before restructuring and other items)
Three and Twelve Months ended December 31, 2014 and
December 31, 2013 (Dollars, in thousands, except
share and per share data) Three
Months Ended Twelve Months Ended December 31,
December 31, December 31,
December 31, 2014 2013
2014 2013 Revenue: Gross revenue 528,211 450,062
2,030,286 1,784,345 Reimbursable expenses (138,138)
(104,821) (526,970)
(448,287)
Net revenue 390,073 345,241
1,503,316 1,336,058
Costs and expenses: Direct costs
229,876 215,326 903,167 845,413 Selling, general and administrative
expense 85,425 79,241 336,461 313,931 Depreciation and amortization
14,335 11,963
52,542 46,514
Total costs and
expenses 329,636 306,530
1,292,170 1,208,858
Income from operations 60,437 38,711 211,146 130,200
Net interest expense 204 39
366 (302)
Income
before provision for income taxes 60,641 38,750 211,512 129,898
Provision for income taxes (6,671)
(5,270) (30,248)
(19,902)
Net income 53,970
33,480 181,264
109,996 Net income per Ordinary Share: Basic
89c 54c $2.95
$1.81 Diluted 87c
53c $2.87 $1.77
Weighted average number of Ordinary Shares outstanding:
Basic 60,394,465 61,431,281
61,496,115 60,907,274
Diluted 61,908,135 62,828,079
63,131,417 62,253,251
ICON plc Consolidated Income Statements
(Unaudited) (US GAAP) Three and Twelve Months
ended December 31, 2014 and December 31, 2013
(Dollars, in thousands, except share and per share data)
Three Months Ended Twelve
Months Ended December 31,
December 31, December 31,
December 31, 2014 2013 2014 2013
Revenue: Gross revenue 528,211 450,062 2,030,286 1,784,345
Reimbursable expenses (138,138)
(104,821) (526,970)
(448,287)
Net revenue 390,073 345,241 1,503,316
1,336,058
Costs and expenses: Direct costs 229,876
215,326 903,167 845,413 Selling, general and administrative expense
85,425 79,241 336,461 313,931 Depreciation and amortization 14,335
11,963 52,542 46,514 Restructuring and other items 8,796
- 8,796
9,033
Total costs and expenses 338,432
306,530 1,300,966
1,214,891
Income from operations 51,641
38,711 202,350 121,167 Net interest expense 204
39 366
(302)
Income before provision for income taxes
51,845 38,750 202,716 120,865 Provision for income taxes
(6,671) (5,270) (30,248)
(18,053)
Net income
45,174 33,480 172,468
102,812 Net income per Ordinary Share:
Basic 74c 54c
$2.80 $1.69 Diluted 73c
53c $2.73
$1.65 Weighted average number of Ordinary Shares
outstanding: Basic 60,394,465
61,431,281 61,496,115
60,907,274 Diluted 61,908,135
62,828,079 63,131,417
62,253,251
ICON plc Summary Balance Sheet
Data December 31, 2014 and December 31, 2013
(Dollars, in thousands)
December 31, December 31, 2014
2013 (Audited) (Audited) Net cash
216,000
320,836
Accounts receivable 370,956 342,581 Unbilled revenue 146,163
113,239 Payments on account (280,097) (297,347) Total 237,022
158,473 Working Capital 281,148 352,259 Total Assets
1,527,791 1,442,460 Shareholder's Equity 950,206 910,579
ICON/ICLR-F
ICON plcContact:Investor Relations 1-888-381-7923orBrendan
BrennanCFO + 353 1 291 2000orSimon HolmesEVP IR & Corporate
Development +353 1 291 2000http://www.iconplc.com
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