Icon ($ICLR) came through with double-digit revenue growth in the first quarter, but currency fluctuations have the Irish CRO scaling back its expectations for the full year.
Net revenue jumped 11% to $388.2 million on the quarter, Icon reported, amounting to net income of $56 million, a roughly 55% jump over the same period last year. Net new business came in at $454 million for the period, leaving Icon with a book-to-bill ratio of 1.17 heading into the second quarter.
However, despite the momentum, Icon is reducing its 2015 revenue guidance by about 1% at midpoint, expecting about $1.6 billion for the full year. To blame, CEO Ciaran Murray said, is a resurgent dollar in the face of the declining euro and pound.
But Icon is still in line for roughly 10% annual growth, keeping up a bracing pace of expansion over the past three years.
The company has been deepening its offerings over the past 12 months, unveiling service platforms that allow sponsors to monitor safety issues, keep tabs on sites and track and visualize efficacy trends all in real time. Along the way, Icon has been steadily investing in its global operations, blueprinting a new hub in its native Ireland, acquiring a market-access firm and stretching out its capacity in med tech.
- read the results