Highlights
- Record net business wins in the quarter of $931 million; a book
to bill of 1.31.
- Quarter 3 reported revenue of $710.4 million. This represents
strong year on year growth of 8.5% or 9.5% on a constant currency
basis.
- Adjusted earnings per share attributable to the Group of $1.74,
a robust increase of 12.9% over Q3 2018. Year to date adjusted
earnings per share attributable to the Group of $5.06, a 13.0%
increase over prior year*.
- Non-GAAP days sales outstanding reduced to 56 days in Q3 from
61 days in previous quarter.
- Symphony Clinical Research, a provider of site and patient
clinical trial support services, was acquired during the
quarter.
- Revenue guidance increased from a range of $2,760 - $2,840
million to a range of $2,790 - $2,830 million. Earnings per share
guidance increased from a range of $6.75 - $6.95 to a range of
$6.81 – $6.95.
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 third quarter ended September 30,
2019.
CEO Dr. Steve Cutler commented, “ICON’s quarter 3 results show
continuing growth and represent a strong endorsement of our overall
strategy. During quarter 3, ICON’s net business wins were a record
$931 million, representing a strong book to bill of 1.31. We grew
our backlog 12% year over year to $8.4 billion, constant currency
revenue grew 9.5% to $710 million and earnings per share increased
13% year over year to $1.74. In addition, we further strengthened
our differentiated Patient, Site and Data strategy through the
acquisition of Symphony Clinical Research, a leading provider of at
home trial and support services. Given our strong progress this
year we are increasing our 2019 revenue guidance from a range of
$2,760 - $2,840 million to a range of $2,790 - $2,830 million and
we are increasing earnings guidance from a range of $6.75 - $6.95
to $6.81 - $6.95.”
Third Quarter 2019 Results
Gross business wins in the third quarter were $1.1 billion and
cancellations were $148 million. This resulted in net business wins
of $931 million and a book to bill of 1.31.
Reported revenue for quarter 3 was $710.4 million. This
represents a year on year increase of 8.5% or 9.5% on a constant
currency basis.
Reported income from operations in the quarter was $110 million
or 15.5% of revenue compared to $97.9 million or 15.0% of revenue
for Q3 2018. This represents a year on year increase of 12.4%.
Reported net income attributable to the Group for the quarter
was $94.8 million or 13.3% of revenue compared with $84.5 million
or 12.9% of revenue in Q3 2018. This represents year on year growth
of 12.2%.
Adjusted earnings per share attributable to the Group on a
diluted basis was $1.74, an increase of 12.9%, compared to $1.54
per share for Q3 2018.
During Quarter 3, the Group completed the purchase of Symphony
Clinical Research a leading provider of site and patient support
services (see separate press release).
On a comparative basis, non-GAAP days sales outstanding were 56
days at September 30, 2019, compared with 61 days at the end of
June 2019.
Cash generated from operating activities for the quarter was
$160.7 million. During the quarter, the Group acquired Symphony
Clinical Research for an initial payment of $31.6 million, capital
expenditure was $13.7 million and $76.5 million worth of stock was
repurchased at an average price of $151.80. As a result, at
September 30, 2019, the company had net cash of $121.7 million,
compared to net cash of $81.8 million at June 30, 2019 and net cash
of $142.3 million at the end of September 2018.
Year to date 2019 Results
Gross business wins year to date were $3.2 billion and
cancellations were $439 million. This resulted in net business wins
of $2.7 billion and a book to bill of 1.31.
Year to date reported revenue was $2,080 million. This
represents a year on year increase of 8.5% or 10.3% on a constant
currency basis.
Reported income from operations year to date was $318.1 million
or 15.3% of revenue compared to $284.1 million or 14.8% of revenue
for the equivalent prior year period*. This represents a year on
year increase of 12.0%.
Reported net income attributable to the Group year to date was
$275.0 million or 13.2% of revenue compared with $245.5 million or
12.8% of revenue for the equivalent prior year period*. This
represents year on year growth of 12.0%.
Adjusted earnings per share on a diluted basis attributable to
the Group was $5.06, an increase of 13.0%, compared to $4.47 per
share for the equivalent prior year period*.
*before non-recurring charges.
Other Information
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.
Adjusted earnings per share attributable to the Group (Non-GAAP)
has been computed by dividing net income attributable to the Group
by the weighted average number of shares outstanding. GAAP earnings
per share attributable to the Group has been computed by dividing
net income attributable to the Group plus a GAAP charge associated
with non-controlling interest in MeDiNova Research (“MeDiNova”) by
the weighted average number of shares outstanding. ICON purchased a
majority shareholding in MeDiNova on 23 May 2019 and has a right to
acquire the remaining share in the company during 2020. The vendors
also have a right to sell the remaining shares exclusively to ICON
during 2020.
ICON will hold its third quarter conference call tomorrow,
October 24th, 2019 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 employed
approximately 14,600 employees in 99 locations in 40 countries as
at September 30, 2019. Further information is available at
www.iconplc.com.
Source: ICON plc
Contact: Investor Relations +1888 381 7923 or
Brendan Brennan Chief Financial Officer +353 1 291 2000
Jonathan Curtain Vice President Corporate Finance and Investor
Relations +353 1 291 2000
All at ICON.
ICON plc
Condensed Consolidated Statements of
Operations
(Non-GAAP)
Three and Nine Months ended September 30,
2019 and September 30, 2018
(Dollars, in thousands, except share and per
share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September
September
September
September
30, 2019
30, 2018
30, 2019
30, 2018
Revenue
710,441
655,017
2,080,430
1,916,752
Costs and expenses:
Direct costs
(499,791)
(459,196)
(1,465,944)
(1,339,014)
Selling, general and administrative
expense
(85,449)
(80,819)
(250,564)
(242,670)
Depreciation and amortization
(15,157)
(17,062)
(45,842)
(51,006)
Total costs and expenses
(600,397)
(557,077)
(1,762,350)
(1,632,690)
Income from operations
110,044
97,940
318,080
284,062
Net interest expense
(1,541)
(1,887)
(4,569)
(7,144)
Income before provision for income
taxes
108,503
96,053
313,511
276,918
Provision for income taxes
(13,020)
(11,526)
(37,516)
(31,388)
Net income
95,483
84,527
275,995
245,530
Net income attributable to non-controlling
interest
(658)
-
(1,016)
-
Net income attributable to the
Group
94,825
84,527
274,979
245,530
Adjusted net income per Ordinary Share
attributable to the Group:
Adjusted basic (non-GAAP)
$1.76
$1.55
$5.10
$4.54
Adjusted diluted (non-GAAP)
$1.74
$1.54
$5.06
$4.47
Weighted average number of Ordinary Shares
outstanding:
Basic
54,004,963
54,368,656
53,935,939
54,134,639
Diluted
54,550,672
54,901,404
54,386,066
54,888,151
ICON plc
Condensed Consolidated Statements of
Operations
(US GAAP)
Three and Nine Months ended September 30,
2019 and September 30, 2018
(Dollars, in thousands, except share and per
share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September
September
September
September
30, 2019
30, 2018
30, 2019
30, 2018
Revenue
710,441
655,017
2,080,430
1,916,752
Costs and expenses:
Direct costs
(499,791)
(459,196)
(1,465,944)
(1,339,014)
Selling, general and administrative
expense
(85,449)
(80,819)
(250,564)
(242,670)
Depreciation and amortization
(15,157)
(17,062)
(45,842)
(51,006)
Restructuring costs
-
-
-
(12,490)
Total costs and expenses
(600,397)
(557,077)
(1,762,350)
(1,645,180)
Income from operations
110,044
97,940
318,080
271,572
Net interest expense
(1,541)
(1,887)
(4,569)
(7,144)
Income before provision for income
taxes
108,503
96,053
313,511
264,428
Provision for income taxes
(13,020)
(11,526)
(37,516)
(29,935)
Net income
95,483
84,527
275,995
234,493
Net income attributable to non-controlling
interest
(658)
-
(1,016)
-
Net income attributable to the
Group
94,825
84,527
274,979
234,493
Net income per Ordinary Share attributable
to the Group:
Basic
$1.73
$1.55
$5.08
$4.33
Diluted
$1.72
$1.54
$5.03
$4.27
Adjusted net income per Ordinary Share
attributable to the Group
Basic
$1.76
$1.55
$5.10
$4.33
Diluted
$1.74
$1.54
$5.06
$4.27
Weighted average number of Ordinary Shares
outstanding:
Basic
54,004,963
54,368,656
53,935,939
54,134,639
Diluted
54,550,672
54,901,404
54,386,066
54,888,151
ICON plc
Summary Balance Sheet Data
September 30, 2019 and June 30, 2019
(Dollars, in thousands)
September 30,
June 30,
2019
2019
(Unaudited)
(Unaudited)
Cash and short-term investments
471,240
431,279
Debt
(349,542)
(349,451)
Net cash/(debt)
121,698
81,828
Net Accounts Receivable
578,702
602,345
Working Capital
751,014
762,992
Total Assets
2,761,001
2,708,323
Shareholder's Equity
1,502,289
1,495,923
ICON/ICLR-F
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version on businesswire.com: https://www.businesswire.com/news/home/20191023005764/en/
ICON plc Contact: Investor Relations +1 888 381 7923 or Brendan
Brennan Chief Financial Officer +353 1 291 2000 Jonathan Curtain
Vice President Corporate Finance & Investor Relations +353 1
291 2000 http://www.iconplc.com
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