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Syneos Health, Inc. (SYNH) Tops Q1 EPS by 4c, Beats on Revenues; Boosts FY18 Guidance

May 9, 2018 6:23 AM EDT

Syneos Health, Inc. (NASDAQ: SYNH) reported Q1 EPS of $0.55, $0.04 better than the analyst estimate of $0.51. Revenue for the quarter came in at $1.06 billion versus the consensus estimate of $1.04 billion.

Highlights

  • Combined Company ASC 605 net new business awards of $872.1 million for the first quarter of 2018 representing a book-to-bill ratio of 1.15x.— Clinical Solutions awards of $549.7 million, resulting in first quarter of 2018 and trailing 12-month book-to-bill ratios of 1.04x and 1.21x, respectively, and 6.2% year-over-year growth.— Commercial Solutions segment net awards of $322.4 million, representing a book-to-bill ratio of 1.40x.
  • GAAP total revenue of $1.06 billion for the first quarter of 2018.
  • Combined Company ASC 605 adjusted service revenue of $761.5 million for the first quarter of 2018.
  • GAAP diluted loss per share of $0.24 for the first quarter of 2018.
  • Combined Company ASC 606 adjusted diluted earnings per share of $0.55 for the first quarter of 2018, compared to $0.58 under ASC 605.
  • May 4, 2018 credit agreement amendment lowered variable interest rate on Term Loan debt by 25 basis points, with expected annual savings of $6.3 million.
  • Repurchased $37.5 million of common stock during the first quarter of 2018.
  • Providing guidance under ASC 606 as follows: adjusted service revenue ranging between $4.40 billion and $4.55 billion; adjusted EBITDA ranging between $580.0 million and $620.0 million; adjusted net income ranging between $266.0 million and $295.0 million; and adjusted diluted earnings per share ranging between $2.52 and $2.80.
  • Reaffirming full year 2018 ASC 605 guidance for adjusted service revenue and adjusted EBITDA, while increasing the adjusted net income to a range between $295.0 million and $324.0 million and the adjusted diluted earnings per share to a range between $2.80 and $3.07.

GUIDANCE:

Syneos Health, Inc. sees FY2018 EPS of $2.80-$3.07, versus the consensus of $2.57.

For earnings history and earnings-related data on Syneos Health, Inc. (SYNH) click here.



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