Icon’s second-quarter sales increase by 2% to €172m

ICON Plc, Ireland’s largest provider of clinical research for drugmakers, has said that second-quarter net sales rose 2% to $224 million (€172.3m).

Net revenues for the quarter were $224m, representing a 2% increase over net revenues of $220m for the same quarter last year.

On a constant currency basis revenue grew by 3.1%. Year-to-date, net revenues were $443m, representing a 1% increase over the same period last year.

Icon shares fell by as much as 9% in early trading in New York.

Income from operations was $25.7m or 11.5% of revenue, compared to $29.3m (before one-time net charges) or 13.3% for the same quarter last year.

Constant currency operating margin was 11.8%. Net income was $22.9m or 38 cents per share on a diluted basis, compared to $22.8m or 38c per share last year.

Year-to-date income from operations was $52.5m, compared to $56.2m (before one-time net charges) last year representing a margin of 11.8% in 2010 and a margin of 12.8% in 2009.

Net income was $45.1m or 74c per share, compared with $43.7m or 73c per share last year.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 30 days at June 30, 2010, compared to 33 days at December 31, 2009.

For the quarter ended June 30, 2010, cash provided from operating activities was $35m and capital expenditure was $7.5m.

As a result, the company’s net cash, amounted to $221m at June 30, 2010, compared to net cash of $194m at December 31, 2009. Chief executive Peter Gray said: “Overall, we are pleased with our second quarter.

“Our net booking of $320m was particularly satisfying, resulting in a strong book to bill of 1.4, and the growth in our backlog to $1.9bn.

“However, we are not expecting revenue growth to respond quickly to these awards, and as a result we now anticipate that the outcome for 2010 will be at the lower end of the guidance range given in February”.


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