Icon, the largest provider of clinical research for drug makers in the State. has announced net revenue of $220 million for its fiscal third quarter, down 2.3 per cent on the same period a year earlier.
However, the company, which provides outsourced development services to the pharmaceutical, biotechnology and medical device industries, said year-to-date net revenues were $660.2 million, representing a 2.3 per cent increase over the same period last year.
Income from operations increased by 12 per cent to $30.4 million during the third quarter, compared to $27.1 million for the same three-month period in in 2008 while the operating margin rose to 13.8 per cent from 12 per cent.
Net income totalled $24 million, as against $21.4 million last year, an increase of 12 per cent.
EPS was up 14 per cent over the year to 40 cents per share on a diluted basis. The group raised its EPS guidance for 2009 raised to between $1.48 and $1.52.
Year-to-date income from operations, before one time net charges, was $86.6 million, compared to $73.0 million last year. Net income before one time net charges over the year reached $67.7 million or $1.13 per share, as against $57.1 million or 93 cents per share last year.
“Despite the economic and industry headwinds ICON has continued to improve margins, grow earnings and significantly improve cashflows enabling us to again raise earnings guidance for 2009," said the company's CEO Peter Gray. "
While higher than normal cancellations held back net business awards, the levels of business opportunity continue to be strong and we remain optimistic for the future," he added.
