Financial Report: INC Research

INC Research
 
3Q Revenues: $234.5 million (+13%)

3Q Earnings: $37.8 million (earnings were $12.6 million 3Q14)

YTD Revenues: $673.4 million (+13%)

YTD Earnings: $86.4 million (earnings were $26.3 million 3Q14)

Comments: Revenue grew across all therapeutic areas, particularly in the central nervous system, oncology and other complex therapeutic areas. Backlog grew 17% to $1.8 billion in the quarter. Net new business awards were $327.7 million, representing a book-to-bill ratio of 1.4x, for the three months ended. Service revenue for the three and nine months ended September 30, 2014 have been adjusted by $4.5 million and $9.0 million, respectively, to remove the impact of the higher-than-normal change order activity. Restructuring and other costs consist of: severance costs associated with a reduction of, and lease obligation and termination costs in connection with abandonment and closure of redundant facilities.