Icon's revenue soars 26% in Q1

Icon CEO Ciaran Murray

Icon ($ICLR) posted $317 million in revenue last quarter, a 26% jump over the previous year, and the CRO more than doubled its net income.

The Irish company reported $19 million in profits, a 112% increase over the same period in 2012 and enough to beat analysts' estimates by about 8%. The CRO's shares leapt about 14% to $33.26 on the news, eventually closing at $31.45 on Friday.

The big quarterly jump fits right in line with Icon's plans for the year. The company expects up to $1.3 billion in annual revenue, a 12% increase over 2012, and Q1 was an encouraging start, CEO Ciaran Murray said.

"We reported net new business of $422 million (and) a book-to-bill of 1.3, giving us a solid foundation upon which to build during the remainder of 2013," Murray said in a statement.

Icon is counting on its restructured functional service provider offering to drive growth on the year now that it has consolidated all of its FSP business into its DOCS subsidiary. And Icon is looking to bolster that unit, in February spending $52 million on Cross Country Healthcare's ($CCRN) clinical trials business, planning to roll the capacity into DOCS.

- read the full results

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