ICON – ICLR – Reports second quarter 2012 revenue up 19% to $277 million

ICON (NASDAQ: ICLR) a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, reported its financial results for the second quarter ended June 30, 2012.

Net revenue for the quarter was $277 million, an increase of 19% on the prior year.  Year to date revenue increased 15% to $529 million from $462 million in 2011.

ICLR – Highlights – Second Quarter Fiscal 2012

• ICLR Net revenue of $277 million, a 19% increase year on year.
• Income from operations, excluding restructuring and other non-recurring items, was $16.6 million or 6% of revenue.
• EPS, excluding restructuring and other non-recurring items, was 21 cents.
• Gross business wins were $477 million, representing a gross book to bill of 1.7, Net business wins were $373 million, representing a net book to bill of 1.35.

Income from operations, excluding restructuring and other non-recurring items, was $16.6 million or 6.0% of revenue, compared to $15.5 million or 6.7% for the same quarter last year. Net income, excluding restructuring and other non-recurring items, was $12.9 million or 21 cents per share on a diluted basis, compared with $13.1 million or 21 cents per share last year.

Year to date income from operations, excluding restructuring and other non-recurring items was $28.4 million or 5.4% of revenue, compared with $31.5m or 6.8% of revenue in the previous year. Year to date net income, excluding restructuring and other non-recurring items, was $21.9 million or 36 cents per share on a diluted basis, compared with $25.9 million or 42 cents per diluted share last year.

About ICON – ICLR

ICON public limited company (ICLR) is a contract research organization (CRO), providing outsourced development services on a global basis to the pharmaceutical, biotechnology and medical device industries. The Company specializes in the strategic development, management and analysis of programs, which support all stages of the clinical development process, which include from compound selection to Phase I-IV clinical studies.

On February 28, 2012 the Company acquired PriceSpective LLC (PriceSpective). On February 15, 2012, the Company acquired BeijingWits Medical Limited (BeijingWits). On July 14, 2011, the Company acquired Firecrest Clinical Limited (Firecrest Clinical), a market provider of technology solutions, which boost investigator site performance and study management. On January 14, 2011 the Company acquired 80 of Oxford Outcomes Limited (Oxford Outcomes), an international health outcomes consultancy business.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.