Full Press Release Details
Reports Fourth Quarter and Full Year 2014 Results and Issues 2015
4 net revenue increased 13.0% year on year to $390 million. Full Year
2014 net revenue increased 12.5% to $1.50 billion.
4 income from operations before non-recurring charges was $60.4
million or 15.5% of revenue. Full year 2014 income from operations
before non-recurring charges was $211.1 million or 14% of net revenue.
per share before non-recurring charges for Quarter 4 and the full year
2014 were 87 cents and $2.87 respectively.
4 gross business wins were $552 million, representing a gross book to
bill of 1.41. Quarter 4 net business wins were $469 million,
representing a net book to bill of 1.20. Full year net new business
awards were $1.8 billion, representing a net book to bill of 1.21.
year 2015 revenue guidance in the range of $1,610 - $1,675 million,
representing growth of 7-11%. Earnings per share guidance is in the
range of $3.45 - $3.60, an increase of 20-25%.
DUBLIN--(BUSINESS WIRE)--February 25, 2015--ICON plc
(NASDAQ:ICLR), a global provider of drug development solutions and
services to the pharmaceutical, biotechnology and medical device
industries, today reported its financial results for the fourth quarter
and full year ended December 31, 2014.
In the fourth quarter net revenue grew 13.0% year on year to $390.1
million from $345.2 million in the same quarter last year.
Income from operations before non-recurring charges was $60.4 million or
15.5% of revenue, compared to $38.7 million or 11.2% for the same
Net income before non-recurring charges was $54 million or 87 cents per
share on a diluted basis, compared with $33.5 million or 53 cents per
share for the same quarter last year.
Full year net revenues for 2014 increased 12.5% to $1,503 million from
$1,336 million in 2013.
Full year income from operations before non-recurring charges was $211.1
million or 14.0% of revenue, compared with income from operations before
non-recurring charges of $130.2 million or 9.7% of revenue in the
On a US GAAP basis, income from operations was $202.4 million or 13.5%
compared with $121.2 million or 9.1% in the prior year.
Full year net income before non-recurring charges for 2014 was $181.3
million or $2.87 per share on a diluted basis, compared with net income
before non-recurring charges of $110 million or $1.77 per share on a
diluted basis last year.
On a US GAAP basis net income for the full year was $172.5 million,
compared to $102.8 million last year. Net margin for the full year 2014
was 11.5% of revenue, up from 7.7% in 2013. Earnings per share on a US
GAAP basis for 2014 was $2.73 per share compared with $1.65 in 2013.
Full year 2015 revenue guidance is in the range of $1,610 - $1,675
million, representing growth of 7-11%. This includes the recently
announced acquisition of MediMedia Pharma Solutions; on a constant
currency organic basis revenue is expected to grow by 6-10%. Earnings
per share guidance is in the range of $3.45 - $3.60, an increase of
Days sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account, were 40 days at December 31, 2014,
compared with 32 days at the end of December 2013.
For the quarter ended December 31, 2014, cash generated from operating
activities was $75.2 million and capital expenditure was $10.2 million.
For the full year 2014, cash flow from operating activities was $170
million and capital expenditure was $32.8 million. In addition, we
completed $107 million of share repurchases during the quarter and in
total $140 million for the full year. Consequently the company's net
cash amounted to $216 million at December 31, 2014, compared to net cash
of $321 million at December 31, 2013.
CEO Ciaran Murray commented, "In 2014 our excellence in execution,
along with our market leading innovative solutions enabled our customers
to enhance the productivity of their development programmes and further
consolidated our position as a leader in the drug development industry.
This has enabled us to book $1.8 billion of new business, to grow our
closing backlog by 16% to $3.6 billion and drive revenues by 13% to over
$1.5 billion. By continuing to improve our operational performance and
expand our margins we increased EPS by 62% to $2.87. For 2015 we are
guiding revenue to be in the range of $1,610 - 1,675 million, an
increase of 7-11%, and earnings to be in the range $3.45- $3.60, an
increase of 20-25%."
In addition to the financial measures prepared in accordance with
generally accepted accounting principles (GAAP), this press release
contains certain non-GAAP financial measures, including non-GAAP
operating and net income and non-GAAP diluted earnings per share. While
non-GAAP financial measures are not superior to or a substitute for the
comparable GAAP measures, ICON believes certain non-GAAP information is
useful to investors for historical comparison purposes.
ICON will hold its fourth quarter conference call today, February 25,
2015 at 9:00 EST [14:00 Ireland & UK]. This call and linked slide
presentation can be accessed live from our website at http://investor.iconplc.com.
A recording will also be available on the website for 90 days following
the call. In addition, a calendar of company events, including upcoming
conference presentations, is available on our website, under
"Investors". This calendar will be updated regularly.
This press release contains forward-looking statements. These statements
are based on management's current expectations and information currently
available, including current economic and industry conditions. These
statements are not guarantees of future performance or actual results,
and actual results, developments and business decisions may differ from
those stated in this press release. The forward-looking statements are
subject to future events, risks, uncertainties and other factors that
could cause actual results to differ materially from those projected in
the statements, including, but not limited to, the ability to enter into
new contracts, maintain client relationships, manage the opening of new
offices and offering of new services, the integration of new business
mergers and acquisitions, as well as economic and global market
conditions and other risks and uncertainties detailed from time to time
in SEC reports filed by ICON, all of which are difficult to predict and
some of which are beyond our control. For these reasons, you should not
place undue reliance on these forward-looking statements when making
investment decisions. The word "expected" and variations of such words