Syneos Health, Inc. (SYNH) Tops Q3 EPS by 7c, Revenues In-Line; Lowers FY18 Revenue Guidance Below Consensus, Updates FY18 EPS Outlook

Syneos Health, Inc. (NASDAQ: SYNH) reported Q3 EPS of $0.75, $0.07 better than the analyst estimate of $0.68. Revenue for the quarter came in at $1.12 billion versus the consensus estimate of $1.12 billion.

• GAAP total revenue of $1.11 billion and $3.24 billion for the three and nine months ended September 30, 2018, respectively. Combined Company ASC 606 adjusted service revenue of $1.12 billion and $3.26 billion for the three and nine months ended September 30, 2018, respectively.
• Combined Company ASC 605 net new business awards of $920.2 million and $2.85 billion for the three and nine months ended September 30, 2018, representing book-to-bill ratios of 1.17x and 1.21x, respectively.
  • Clinical Solutions segment net awards of $676.0 million and $2.08 billion for the three and nine months ended September 30, 2018, respectively, resulting in three-, nine-, and trailing twelve-month book-to-bill ratios of 1.24x, 1.27x, and 1.24x, respectively.
  • Commercial Solutions segment net awards of $244.2 million and $772.4 million, for the three and nine months ended September 30, 2018, respectively, representing book-to-bill ratios of 1.00x and 1.08x, respectively.
• GAAP diluted loss per share of $0.10 and $0.21 for the three and nine months ended September 30, 2018, respectively.
• Combined Company ASC 606 adjusted diluted earnings per share of $0.75 and $1.92 for the three and nine months ended September 30, 2018, respectively.
• Completed acquisition of Kinapse, a provider of advisory and operational solutions to the global life sciences industry.
• Updating full year 2018 guidance.

“We had a solid third quarter across the business, including the return of our Commercial Solutions Segment to year-over-year growth,” said Alistair Macdonald, Chief Executive Officer of Syneos Health. “Additionally, we continued to bolster our end-to-end offering with the recent Kinapse acquisition, a leading advisory and operational solutions provider, further enhancing our integrated model with differentiating capabilities. With our Merger integration efforts progressing ahead of schedule in all phases of operations and delivery, we believe we are well-positioned to create a strong foundation for 2019 and beyond."

GUIDANCE:

Syneos Health, Inc. sees FY2018 EPS of $2.66-$2.80, versus the consensus of $2.70. Syneos Health, Inc. sees FY2018 revenue of $4.375-4.435 billion, versus the consensus of $4.44 billion.

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

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