Clinical research group Icon said net revenues for the second quarter rose to $224 million, but said full year revenue would be at the lower end of previous guidance.
The company, which is based in Dublin but conducts much of its work in the United States, said revenues for the three-month period ended June 30th rose 2 per cent compared with the same quarter in 2009. However, it was hindered slightly by exchange rates; when currency was constant, revenue grew by 3.1 per cent.
In the year to date, net revenues were $443 million, 1 per cent higher than the same period last year.
Income from operations was $25.7 million, representing 11.5 per cent of revenue, compared to $29.3 million or 13.3 per cent last year. In the year to date, income from operations was $52.5 million, lower than the $56.2 million, before one-time net charges, last year.
Icon, which tests new medicines for pharmaceutical, biotechnology and medical device companies,
In February, the company said it expected revenues to grow by up to 5.9 per cent in the current year – nearly double the rate recorded in 2009.
Chief executive Peter Gray said the company was pleased with the results.
"Our net booking of $320 million was particularly satisfying, resulting in a strong book to bill of 1.4, and the growth in our backlog to $1.9 billion," he said.
"However, we are not expecting revenue growth to respond quickly to these awards, and as a result we now anticipate that the outcome for 2010 will be at the lower end of the guidance range given in February."
