MORRISVILLE – Syneos Health Inc. (SYNH) on Thursday met or exceeded analysts’ expectations with its latest earnings report.
The life science firm reported fourth-quarter profit of $91.9 million and said it had net income of 87 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.11 per share.
Alistair Macdonald, CEO, Syneos Health, noted: “We delivered another quarter of strong performance and remain confident in the long-term strength of our business. Our innovative solutions, including Kinetic, continue to resonate with customers and we strengthened our differentiated model with our acquisitions of Synteract, enhancing our SMID footprint, and Illingworth Research Group, further enabling our in-home capability for decentralized clinical solutions.”
The results met Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was also for earnings of $1.11 per share.
The clinical research company posted revenue of $1.14 billion in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $1.13 billion.
For the year, the company reported profit of $192.8 million, or $1.83 per share. Revenue was reported as $4.42 billion.
Syneos Health expects full-year earnings in the range of $4.09 to $4.38 per share, with revenue in the range of $5.13 billion to $5.33 billion.
Syneos Health shares have increased 15% since the beginning of the year. The stock has climbed 17% in the last 12 months.
Highlightsas Syneos noted included:
- Revenue of $1,140.0 million, up 3.7% over the previous quarter ended September 30, 2020
- Net new business awards totaling $1,764.1 million
- Adjusted diluted EPS of $1.11, representing growth of 7.8% compared to the three months ended December 31, 2019
- Completion of the acquisitions of Synteract and Illingworth Research Group
