Quintiles reports first $1B in quarterly service revenues
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On The Web
Durham, N.C. — Quintiles (NYSE: Q), the world's largest life science services firm, just posted its latest earnings report. And the Durham-based company appears to be heading into 2014 with a full head of steam.
Investors like the overall report and forecast for the coming year. Shares climbed in pre-market trading more than 3 percent, or $1.59, to $51.
Quintiles beat revenue estimates by 3 cents per share and also topped expectations for revenue and earnings in its 2014 forecast, notes Wall Street news site Briefing.com.
That $51 mark is just $1 away from the high Quintiles shares have reached in recent months..
Quintiles returned to the public markets in 2013 in a deal worth some $950 million.
Shares closed at $49.44 on Wednesday and have traded between $40-10-$52 since the IPO.
Highlights, as the firm notes in its announcement:
- $1.0 billion of service revenues in the fourth quarter; First billion dollar service revenue quarter in Quintiles’ history
- Net new business wins of $1.3 billion representing a book-to-bill ratio of 1.29
- Fourth quarter diluted adjusted EPS increased 41% to $0.58 and adjusted net income increased 58% to $76.5 million compared to the fourth quarter of 2012
- Fourth quarter GAAP reported diluted EPS increased 83% to $0.55 and GAAP reported net income increased 109% to $73.0 million compared to the fourth quarter of 2012
- Full year 2014 diluted adjusted EPS guidance of $2.33 - $2.46 per share representing growth of 11% to 17%
CEO Forecasts Good Year
“We enter 2014 positioned for growth with our strong 2013 performance,” said Tom Pike, chief executive officer. “2013 was a year of entry into the public markets punctuated by the strength of our leadership, customer relationships, deepening scientific and therapeutic expertise, and enhanced data and analytics capabilities, all coupled with predictable service delivery. We made progress on our growth strategy, concluding 2013 with another strong quarter in net new business generating a book-to-bill ratio of 1.29 for the full year.
"In addition, we expanded our best in industry income from operations margins and grew our full year diluted adjusted earnings per share by 18.6%, compared to the prior year. All of these achievements are enabled by the talented and dedicated team of professionals working at Quintiles.
“We continue to see strong demand across all clinical phases of the pipeline with a greater interest in end-to-end integrated solutions underpinned with data analytics. We are well positioned entering 2014 with the largest backlog in the industry at $9.9 billion dollars which will fuel 2014 constant currency service revenue and earnings growth.
"We have one foot in today focused on delivery and another foot in tomorrow focused on redefining our industry with innovations and valued solutions that we believe will contribute to improving the healthcare landscape.”
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