MORRISVILLE – Syneos Health Inc. (SYNH) on Thursday reported first-quarter earnings of $38.7 million.
On a per-share basis, the Morrisville-based life science services company said it had profit of 37 cents. Earnings, adjusted for one-time gains and costs, came to 79 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
“We delivered strong first quarter results and returned to year-over-year growth. Our integrated product development model, purpose-built to drive greater success for customers, continues to fuel robust backlog growth while delivering on the key drivers of our Value Creation Plan.” said Alistair Macdonald, Chief Executive Officer, Syneos Health.
“We continued to invest in our Decentralized Solutions capabilities during the first quarter, further strengthening our Dynamic Assembly network with new partnerships in order to bring clinical trials closer to the patient. We remain confident in the long-term strength of our business given our market positioning and record backlog level, which we expect to fuel strong growth and profitability for the full year 2021,” he added in a statement.
The clinical research company posted revenue of $1.21 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $1.19 billion.
Syneos Health expects full-year earnings in the range of $4.17 to $4.42 per share, with revenue in the range of $5.13 billion to $5.33 billion.
Syneos Health shares have risen 28% since the beginning of the year. The stock has increased 64% in the last 12 months.
