PPD, Inc. (PPD) Misses Q3 EPS by 2c, Revenues Beat; Offers 4Q & FY20 Revenue Guidance Above Consensus

PPD, Inc. (NASDAQ: PPD) reported Q3 EPS of $0.30, $0.02 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $1.23 billion versus the consensus estimate of $1.12 billion.

Highlights

• Net authorizations of $1,200.3 million, representing 33.3% growth over third quarter 2019 and resulting in a net book-to-bill ratio of 1.35x on a historical basis
• Ending backlog of $7,890.4 million, representing 15.9% growth over third quarter 2019 on a historical basis
• Revenue of $1,233.8 million, representing growth of 20.5% over third quarter 2019
• Net income attributable to common stockholders of $52.0 million, representing 95.0% growth over third quarter 2019
• Adjusted EBITDA of $232.6 million, representing growth of 14.8% over third quarter 2019
• Total liquidity of $1,101.5 million as of September 30, 2020, an increase of 11.1% over second quarter 2020
• Fourth quarter 2020 guidance for revenue of $1,256 million to $1,298 million; adjusted EBITDA of $244 million to $250 million
• Full year 2020 guidance for revenue of $4,573 million to $4,615 million; adjusted EBITDA of $867 million to $874 million

“Our commercial and financial results were strong again this quarter,” said David Simmons, PPD’s chairman and CEO. “We have continued to focus on executing for our customers as we navigate through the pandemic. This is evident in our continued momentum with double-digit growth in net authorizations, revenue and adjusted EBITDA over last year. Furthermore, we are proud that PPD is continuing to play a leading role in the development of vaccines and therapies for COVID-19, now having won more than 140 awards for work associated with the virus.”

GUIDANCE:

PPD, Inc. sees Q4 2020 revenue of $1.256-1.298 billion, versus the consensus of $1.15 billion.

PPD, Inc. sees FY2020 revenue of $4.573-4.615 billion, versus the consensus of $4.36 billion.

• Assuming there is no material deterioration in site access, patient enrollment and other key operating metrics as a result of COVID-19 and that there are no material delays or cancellations in COVID-19 studies during the fourth quarter from safety concerns or other issues

For earnings history and earnings-related data on PPD, Inc. (PPD) click here.

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