Highlights
- Gross business wins of $571 million,
representing a gross book to bill of 1.47. Net business wins of
$486 million, representing a net book to bill of 1.25.
- Quarter 2 net revenue of $389 million,
a 3.4% increase year on year and a 4% increase on a constant dollar
organic basis.
- Income from operations up 41% year on
year to $68.1 million or 17.5% of revenue.
- Earnings per share of 95 cents, up 48%
year on year.
- Earnings guidance revised up 8% from a
range of $3.60 - $3.70 to a range of $3.90 - $4.00 and revenue
revised from a range of $1,600 - $1,650 million to a range of
$1,570 - $1,600 million.
- Announces expanded share repurchase
programme of up to $400 million.
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 second quarter ended June 30, 2015.
In the second quarter net revenue grew 3.4% year on year to
$388.7 million from $376 million in the same quarter last year.
This represented 9% constant currency growth and 4% constant dollar
organic growth year on year.
Income from operations increased by 41% to $68.1 million or
17.5% of revenue compared to $48.3 million or 12.8% for the same
quarter last year.
Net income increased by 44% to $58.6 million or 95 cents per
share on a diluted basis, compared with $40.8 million or 64 cents
per share for the same quarter last year.
Revenue in the first half of 2015 increased by 7.1 % to $776.9
million from $725.7 million in 2014. This represented 12.4%
constant currency growth and 6.7% constant dollar organic growth
year on year.
Income from operations in the first half of 2015, increased by
48% to $134.8 million or 17.4% of revenue, compared with $91.3
million or 12.6% of revenue in the previous year.
Net income in the first half of 2015 increased by 49% to $114.5
million, compared with $77 million last year. Year to date earnings
increased by 52% from $1.85 per share on a diluted basis compared
to $1.22 per diluted share last year.
Guidance for the full year 2015 has been updated with earnings
increased from a range of $3.60 - $3.70 to a range of $3.90 - $4.00
and revenue reduced from a range $1,600 - $1,650 million to a range
of $1,570 - $1,600 million.
Day’s sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account were 45 days at June 30,
2015, compared with 47 days at the end of March 2015.
For the quarter ended June 30, 2015, cash generated from
operating activities was $28.1 million and capital expenditure was
$13.4 million and $58 million of shares were repurchased. As a
result, the company’s net cash amounted to $132 million at June 30,
2015, compared to net cash of $172 million at March 31, 2015.
In addition to the $58 million of shares repurchased year to
date, the company’s board has approved a further expansion of the
share repurchase programme of up to $400 million which will be
funded using committed financing and cash on hand.
CEO, Ciaran Murray commented “In quarter two we achieved a
record level of net new business awards of $486 million, a book to
bill of 1.25 and grew our backlog by 8% over last year. Our
operating margin expanded to 17.5% and EPS was 95c an increase of
48% over last year. We expect this margin performance to continue,
and are raising 2015 earnings guidance by 8%, from a range of $3.60
- $3.70 to a range of $3.90 - $4.00. Our backlog conversion is
lower than forecast so we expect 2015 revenue to be in the range of
$1,570 - $1,600 million compared with our previous range of $1,600
- $1,650 million. With our balance sheet capacity we will continue
our recent policy of increasing shareholder value through the use
of share buyback programmes and we are expanding our share
repurchase programme by up to $400 million”.
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 second quarter conference call today, July
28, 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 81 locations in 37 countries and has approximately
11,300 employees. Further information is available at
www.iconplc.com.
ICON/ICLR-F
ICON plc
Consolidated Income Statements
(Unaudited)
Three and Six Months ended June 30, 2015 and
June 30, 2014
(Dollars, in thousands, except share and per
share data)
Three Months Ended Six Months
Ended June 30,
June 30, June 30,
June 30, 2015
2014 2015
2014 Revenue: Gross revenue $524,098 $506,404
$1,027,464 $982,948 Reimbursable expenses (135,441)
(130,384) (250,576) (257,294)
Net
revenue 388,657 376,020 776,888 725,654
Costs and
expenses: Direct costs 224,961 227,188 453,039 443,328 Selling,
general and administrative expense 81,321 87,622 160,875 166,570
Depreciation and amortization 14,244 12,922 28,169
24,470
Total costs and expenses 320,526
327,732 642,083 634,368
Income from
operations 68,131 48,288 134,805 91,286 Net interest
expense (10) (38) (13) 53
Income
before provision for income taxes 68,121 48,250 134,792 91,339
Provision for income taxes (9,537) (7,467)
(20,338) (14,361)
Net income $58,584
$40,783 $114,454 $76,978 Net income per
Ordinary Share: Basic $0.97 $0.66 $1.90
$1.24 Diluted $0.95 $0.64 $1.85 $1.22
Weighted average number of Ordinary Shares outstanding:
Basic 60,244,982 61,934,923 60,263,021
61,855,783 Diluted 61,801,687 63,343,269
61,849,326 63,290,292
ICON plc
Summary Balance Sheet Data
June 30, 2015 and March 31,
2015
(Dollars, in thousands)
June 30, March 31, 2015
2015 (Unaudited) (Unaudited)
Cash and short-term investments 192,196 191,675 Debt (60,000)
(20,000) Net (debt)/cash 132,196 171,675 Accounts receivable
358,008 361,780 Unbilled revenue 173,614 156,595 Payments on
account (268,494) (253,043) Total 263,128 265,332 Working
Capital 260,485 253,048 Total Assets 1,636,254 1,604,901
Shareholder's Equity 1,022,212 999,269
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version on businesswire.com: http://www.businesswire.com/news/home/20150728005687/en/
ICON PlcInvestor Relations1-888-381-7923orBrendan
BrennanChief Financial Officer+ 353 –1-291-2000orSimon HolmesEVP
Investor Relations and Corporate Development+ 353 –1-291-2000
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