MORRISVILLE – Syneos Health on Thursday reported first-quarter net income of $33.6 million, after reporting a loss in the same period a year earlier.
The Morrisville-based company said it had net income of 32 cents per share. Earnings, adjusted for one-time gains and costs, were 68 cents per share.
“From the onset of the COVID-19 pandemic, we’ve taken decisive actions to help ensure the well-being of our employees, customers and patients, including implementing rapid virtual engagement and remote monitoring. I am pleased that we maintained that important focus, while delivering solid first quarter results and strong net new business awards, sustaining our recent momentum and reaffirming the long-term strength of our model,” said Alistair Macdonald, Chief Executive Officer, in a statement.
“We remain committed to advancing our customers’ complex therapies in creative ways that adhere to all safety and regulatory protocols, respect the guidelines of our site partners and proactively mitigate the impact to our business and customers’ timelines.”
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The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.
The clinical research company posted revenue of $1.16 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $1.14 billion.
Syneos Health shares have fallen roughly 5% since the beginning of the year. The stock has climbed 19% in the last 12 months.
