Q3 2024 ICON PLC Earnings Call Transcript
Key Points
- Icon PLC (ICLR) successfully renewed all strategic partnerships this year and announced the award of another top 10 strategic partnership in Q3.
- The company reported solid growth in its total backlog, increasing by 9.4% year-over-year, with strength in new awards from laboratory and early phase services.
- Icon PLC (ICLR) achieved a net book-to-bill ratio of 1.1 in Q3, indicating a healthy pipeline of future work.
- The company remains confident in its ability to gain market share, particularly with new strategic partnerships and increased opportunity flow from biotech.
- Icon PLC (ICLR) has a strong capital deployment strategy, with $650 million available for share repurchases and active engagement in M&A opportunities.
- Q3 results were not in line with expectations due to several factors, including cost pressures from top customers and slower decision-making in the biotech segment.
- There was a significant level of project delays and cancellations, particularly in vaccine-related programs, impacting revenue.
- The company experienced a decrease in gross business wins by 7.3% year-over-year, with net awards falling short of expectations.
- Revenue in Q3 decreased by 1.2% year-over-year, with a contraction in adjusted EBITDA margin by 40 basis points.
- Icon PLC (ICLR) revised its full-year revenue guidance downward due to ongoing challenges with large pharma customers and a slower recovery in the biotech segment.
Good day, and thank you for standing by. Welcome to the ICON plc Q3 Earnings Conference Call and Webcast. This time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session to ask a question. During this session, please press star one and one on your telephone. You will then hand automated message. Advising you hand is raised. To withdraw your question. Please press star one and one again, please note that we can only ask one question per participant to give everyone the chance to ask a question. And please also note that today's conference is being recorded. I would now like turn the conference over to Kate Haven. Please go ahead.
Good day, and thank you for joining us on this call covering the quarter ended September 30th, 2024. Also on the call today, we have our CEO, Dr. Steve Cutler, our outgoing CFO, Brendan Brennan, our incoming CFO, Nigel Clerkin, and Senior Vice President of Corporate and Commercial Finance, Reliance. I would like to
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