Highlights
- Backlog of business up 9% year on year
to $3.95 billion
- Quarter 1 gross business wins of $514
million, a gross book to bill of 1.29. Net business wins of $440
million, a net book to bill of 1.10
- Quarter 1 net revenue $401 million, an
increase of 3.2% year on year, 4.9% on a constant currency
basis
- Quarter 1 income from operations of
$76.0 million or 19.0% of revenue, an increase of 14.0% year on
year
- Quarter 1 earnings per share 1.12 up
24% 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 first quarter ended March 31, 2016.
In the first quarter net revenue grew 3.2% year on year to
$400.5 million from $388.2 million in the same quarter last year.
This represented 4.9% constant currency growth and 1.2% constant
dollar organic growth year on year.
Income from operations in the quarter, increased by 14.0% to
$76.0 million or 19.0% of revenue compared to $66.7 million or
17.2% for the same quarter last year.
Net income in the quarter increased by 12.7% to $63.0 million or
$1.12 per share on a diluted basis, compared with $55.9 million or
$0.90 per share for the same quarter last year.
Day’s sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account were 47 days at March 31,
2016, compared with 41 days at the end of December 31, 2015 and 47
days at the end of March 2015.
Cash generated from operating activities for the quarter was
$59.4 million. Capital expenditure for the quarter was $7.7
million. As a result, at March 31, 2016, the company had net debt
of $100 million, compared to net debt of $158 million at December
31, 2015 and net cash of $172 million at end of March 2015.
CEO, Ciaran Murray commented “Quarter one represents a solid
start to 2016. We have grown our backlog of business to close to $4
billion, 9% higher than the same quarter last year. Revenue grew by
4.9% year on year on a constant currency basis and further margin
expansion enabled us to deliver earnings per share of $1.12, a 24%
increase over last year”.
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 first quarter conference call today, April
26, 2016 at 9:00 EDT [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 89 locations in 37 countries and has approximately
12,200 employees. Further information is available at
www.iconplc.com.
ICON/ICLR-F
ICON plc Consolidated Income Statements
(Unaudited) (Before restructuring and other items)
Three Months ended March 31, 2016 and March 31, 2015
(Dollars, in thousands, except share and per share data)
Three Months Ended
March
31,
March31,
2016
2015
Revenue: Gross revenue 542,583 503,366 Reimbursable expenses
(142,061) (115,135)
Net revenue 400,522 388,231
Costs and
expenses: Direct costs 228,603 228,078 Selling, general and
administrative expense 80,789 79,555 Depreciation and amortization
15,120 13,925
Total costs and expenses
324,512 321,558
Income from
operations 76,010 66,673 Net interest expense
(2,881) (3)
Income before provision for income taxes 73,129 66,670
Provision for income taxes
(10,165) (10,801)
Net income
62,964 55,869
Net income per Ordinary Share: Basic
$1.14 $0.93 Pro forma Diluted
$1.12 $0.90
Weighted average number of Ordinary Shares outstanding: Basic
55,011,019
60,281,059 Pro forma Diluted
56,242,164 61,856,347
Consolidated Income Statements (Unaudited) (US GAAP)
Three Months ended March 31, 2016 and March 31, 2015
(Dollars, in thousands, except share and per share data)
Three Months Ended
March
31,
March
31,
2016
2015
Revenue: Gross revenue 542,583 503,366 Reimbursable expenses
(142,061) (115,135)
Net revenue 400,522 388,231
Costs and
expenses: Direct costs 228,603 228,078 Selling, general and
administrative expense 80,789 79,555 Depreciation and amortization
15,120 13,925 Restructuring and other items
0 0
Total costs and
expenses 324,512
321,558
Income from operations 76,010 66,673
Net interest expense (2,881)
(3)
Income before provision for
income taxes 73,129 66,670 Provision for income taxes
(10,165) (10,801)
Net income 62,964
55,869 Net income per Ordinary Share: Basic
$1.14 $0.93
Diluted $1.12
$0.90 Weighted average number of Ordinary Shares
outstanding: Basic 55,011,019
60,281,059 Diluted
56,242,164 61,856,347
ICON
plc Summary Balance Sheet Data March 31, 2016 and
December 31, 2015 (Dollars, in thousands)
March 31,
December 31, 2016 2015 (Unaudited)
(Audited)* Cash and short-term investments
247,857 189,901 Debt (348,278) (348,306) Net (debt)/cash (100,421)
(158,405) Accounts receivable 362,322 409,165 Unbilled
revenue 238,645 173,649 Payments on account (318,061) (318,697)
Total 282,906 264,117 Working Capital 372,775 290,939
Total Assets 1,796,135 1,717,209 Shareholder's Equity
843,685 763,096
*Due to amendments in US GAAP, the Senior Notes are shown net of
financing costs on the balance sheet with effect from Q1 2016 ($1.7
million). The position at December 31, 2015 has been restated.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160426005790/en/
ICON plcInvestor Relations, 1-888-381-7923orBrendan Brennan, +
353-1-291-2000Chief Financial OfficerorSimon Holmes, +
353-1-291-2000EVP Investor Relations and Corporate
Developmenthttp://www.iconplc.com
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