Clinical trials firm posts 19% revenue surge in Q2 compared to last year
DUBLIN-BASED CLINICAL trials company Icon has reported a 19 per cent year-on-year increase in revenue for the second quarter.
The company, which provides outsourced clinical trial services to the pharmaceutical, biotechnology and medical device industries, reported net revenue for the quarter of $277 million (€228.9 million).
Revenue in the year to date increased 15 per cent to $529 million, up from $462 million in 2011.
During the quarter, the company recorded a charge of $5.6 million in relation to restructuring costs and other non-recurring items.
Income from operations, excluding these restructuring and other non-recurring costs, was $16.6 million or 6 per cent of revenue, compared to $15.5 million or 6.7 per cent for the same quarter last year.
Net income for the quarter, excluding these costs, was $12.9 million, or 21 cents a share on a diluted basis, compared with $13.1 million, or 21 cents a share, last year.
Income from operations in the first six months, excluding restructuring non-recurring items was $28.4 million, or 5.4 per cent of revenue, compared with $31.5 million, or 6.8 per cent of revenue, in the previous year.
When restructuring and non-recurring items are excluded, income in the first half was $21.9 million, or 36 cents a share on a diluted basis, compared with $25.9 million or 42 cents a diluted share last year.
For the quarter ended June 30th, 2011, cash generated from operating activities was $11.5 million and capital expenditure $9.3 million. The company’s net cash amounted to $168 million on June 30th, 2012, down from $186 million at the end of the previous quarter.
Icon chief executive officer Ciarán Murray said: “I am pleased with our progress in Q2. We continue to book significant levels of new business and improve our profitability.”
Icon was founded in Dublin in 1990 by Dr John Climax and Dr Ronan Lambe. It employs about 7,800 people in 39 countries.