Highlights
- Net business wins (including
pass-through) in the quarter of $885 million; a book to bill of
1.31.
- Closing backlog (including
pass-through) of $7.9 billion, a year on year increase of
10.5%.
- Quarter 1 reported revenue of $675
million. This represents a year on year increase of 8.8% or 11.1%
on a constant currency basis.
- Reported income from operations was
$102 million, or 15.1% of revenue. This represents an increase of
11.1% over Q1 2018.
- Reported earnings per share of $1.63,
an increase of 14.8% over Q1 2018.
- Revenue guidance increased from a range
of $2,735 - $2,835 million to a range of $2,760 - $2,840 million.
Earnings per share guidance increased from a range of $6.69 - $6.89
to a range of $6.75 - $6.95.
- Strong cash generated from operating
activities totalling $95 million in the quarter. This represents an
increase of $54 million on Q1 2018.
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, 2019.
CEO Dr. Steve Cutler commented, “I’m pleased with our results in
quarter one which represent a good start to 2019. Supported by a
strong book to bill of 1.31x, our backlog of business increased by
11% year over year to $7.9 billion. Revenue grew by 11% on a
constant currency basis over the same period last year and combined
with further leverage of our cost base enabled us to deliver
earnings per share of $1.63, a 15% increase. With new business
opportunities continuing to be robust and our strong balance sheet
enhanced by solid cash collection during the quarter, we look to
the future with optimism. We are therefore increasing our 2019
revenue guidance from a range of $2,735 - $2,835 million to a range
of $2,760 - $2,840 million and we are increasing earnings guidance
from a range of $6.69 - $6.89 to $6.75 - $6.95.”
First Quarter 2019 Results
Gross business wins (including pass-through) in the first
quarter were $1.04 billion and cancellations were $156 million.
This resulted in net business wins of $885 million and a book to
bill of 1.31.
Reported revenue for quarter 1 was $674.9 million. This
represents a year on year increase of 8.8% or 11.1% on a constant
currency basis.
Reported income from operations in the quarter was $101.9
million or 15.1% of revenue compared to $91.7 million or 14.8% of
revenue for the same quarter last year.
Reported net income for the quarter was $88.3 million or 13.1%
of revenue compared with $78.1 million or 12.6% of revenue in the
same quarter last year.
Reported earnings per share on a diluted basis was $1.63, an
increase of 14.8%, compared to $1.42 per share for the same quarter
last year.
On a comparative basis, non-GAAP days sales outstanding were 59
days at March 31, 2019, compared with 57 days at the end of
December 2018.
Cash generated from operating activities for the quarter was
$94.6 million. During the quarter, the Group completed the purchase
of MolecularMD for $42.3 million, capital expenditure was $7.0
million and $25 million worth of stock was repurchased at an
average price of $124.84. As a result, at March 31, 2019, the
company had net cash of $128.6 million, compared to net cash of
$106.5 million at December 31, 2018 and net cash of $4.6 million at
the end of March 2018.
Other Information
The new leasing standard (ASU No. 2016-02) ‘Leases’ was
effective for ICON plc from January 1, 2019. ICON adopted the new
standard as of January 1, 2019 under the modified retrospective
approach. Under this transition method, the new standard is applied
from January 1, 2019 without restatement of comparative period
amounts. Results as at December 31, 2018 and for the three months
ended March 31, 2018 are therefore presented under the previous
lease accounting principles.
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), this press
release contains certain non-GAAP financial measures. 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 tomorrow, May
2nd, 2019 at 10:00 EDT [15:00 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 employed
approximately 13,920 employees in 90 locations in 37 countries as
at March 31, 2019. Further information is available at
www.iconplc.com.
Source: ICON plc
ICON plc
Condensed Consolidated Statements of
Operations
(US GAAP)
Three Months ended March 31, 2019 and
March 31, 2018
(Dollars, in thousands, except share
and per share data)
(Unaudited)
Three Months Ended
March
March
31,
2019
31,
2018
Revenue 674,852 620,125
Costs and
expenses: Direct costs (475,497) (430,592) Selling, general and
administrative expense (81,912) (80,915) Depreciation and
amortization (15,497) (16,898)
Total costs
and expenses (572,906) (528,405)
Income
from operations 101,946 91,720 Net interest expense
(1,609) (2,972)
Income before provision for
income taxes 100,337 88,748 Provision for income taxes
(12,040) (10,650)
Net income
88,297 78,098 Net income per Ordinary Share:
Basic $1.64 $1.45 Diluted $1.63
$1.42 Weighted average number of Ordinary Shares
outstanding: Basic 53,845,407 53,925,560
Diluted 54,142,510 54,985,790
ICON plc
Summary Balance Sheet Data
March 31, 2019 and December 31,
2018
(Dollars, in thousands)
March 31, December 31, 2019
2018 (Unaudited) (Audited) Cash
and short-term investments 477,937 455,761 Debt (349,357) (349,264)
Net cash/(debt) 128,580 106,497 Net Accounts Receivable
537,626 503,249 Working Capital 728,251 719,560 Total
Assets 2,607,258 2,354,255 Shareholder's Equity 1,422,185
1,354,281
ICON/ICLR-F
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version on businesswire.com: https://www.businesswire.com/news/home/20190501005949/en/
ICON plc Contact:Investor Relations +1 888 381 7923 orBrendan
Brennan, Chief Financial Officer +353 1 291 2000Jonathan Curtain,
Vice President Corporate Finance & Investor Relations +353 1
291 2000http://www.iconplc.com
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