PRA Health Sciences (PRAH) Tops Q2 EPS by 4c, Revenues Beat Offers FY18 Outlook

PRA Health Sciences (NASDAQ: PRAH) reported Q2 EPS of $1.00, $0.04 better than the analyst estimate of $0.96. Revenue for the quarter came in at $722.8 million versus the consensus estimate of $709.93 million.

• Net new business of $670.0 million; Net book-to-bill of 1.30
• $722.8 million of revenue; 35.4% growth at actual foreign exchange rates and 34.2% growth on a constant currency basis
• $575.0 million of revenue excluding the impact of ASC 606; 25.6% actual growth and 12.9% organic growth at actual foreign exchange rates; 24.4% growth and 11.7% organic growth on a constant currency basis
• GAAP net income per diluted share of $0.64 and GAAP net income of $42.0 million
• Adjusted net income per diluted share was $1.00 and adjusted net income was $66.1 million
• Updating full year 2018 revenue guidance between $2.87 billion and $2.92 billion, GAAP net income per diluted share between $2.92 and $3.02, and Adjusted Net Income per diluted share between $4.13 and $4.23

"I am pleased with our second quarter performance, which included double-digit revenue, earnings and net new business growth when compared to the second quarter of 2017" said Colin Shannon, PRA’s Chief Executive Officer. “We continue to stay focused on our client deliverables and our strategic objectives. We are pleased to continue to add new clients and believe we are well-positioned to drive future growth."

Guidance

The Company is updating its full year 2018 revenue guidance to between $2.87 billion and $2.92 billion, representing as reported growth of 47% to 50%, constant currency growth of 18% to 20% excluding the impact of adopting 606 and reimbursement revenue, and constant currency organic growth of 10% to 12% excluding the impact of adopting 606 and reimbursement revenue. We expect GAAP net income per diluted share to between $2.92 and $3.02 and Adjusted Net Income per diluted share to between $4.13 and $4.23. We continue to anticipate an annual effective income tax rate estimate of approximately 24%, which includes the expected impact of the U.S. Tax Cuts and Jobs Act. Our effective tax rate may differ from this estimate, due to, among other things, changes to estimates of the geographic allocation of our pre-tax income as well as changes in interpretations, analysis, and additional guidance that may be issued by regulatory agencies as it relates to the U.S. Tax Cuts and Jobs Act.

GUIDANCE:

PRA Health Sciences sees FY2018 EPS of $4.13-$4.23. PRA Health Sciences sees FY2018 revenue of $2.87-2.92 million.

For earnings history and earnings-related data on PRA Health Sciences (PRAH) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Algorhythm Holdings (RIME) Tops Q2 EPS by 54c
• Silexion Therapeutics (SLXN) Tops Q2 EPS by 793c