Major CRO INC ($INCR) has beaten out Wall Street expectations after posting a jump in revenue for the past three months.
In its latest filing, INC said it enjoyed net service revenue from the last quarter of $259.6 million--a 10.7% jump on Q2 and around $25 million more than it made in Q3 2015.
Things also looked good when the last three quarters were put together, with revenue up by 14% to $767.4 million over this period.
INC said in a statement that sales had “been particularly strong” in central nervous system and oncology offerings.
Net new business awards also reached $330.1 million, representing a book-to-bill ratio of 1.3x, for the quarter--marginally up on the $327.7 million for last year’s figures for the same period.
Over the past nine months this figure hit $934.5 million, representing a book-to-bill ratio of 1.2x, as compared to $879.1 million for the first nine months of 2015.
“Net new business awards were higher in the first nine months of 2016 compared to the first nine months of 2015 primarily due to the continued growth of the company's CNS therapeutic area,” the CRO said in a statement.
New CEO Alistair Macdonald said: “INC Research continues to deliver on our business strategy, achieving strong revenue growth and net new business awards for the third quarter. Our ability to build strategic relationships with biopharmaceutical customers in critical drug development regions across the globe is increasingly being recognized as a key differentiator.”
INC’s shares were up nearly 10% this morning on the figures.