INC Research ($INCR) is ticking up its revenue expectations for 2015 after turning in another quarter of sales growth, counting on its expanded operation to keep contracts rolling in.
The CRO cleared $234.5 million in the third quarter, a 15.4% increase over the prior year that topped analysts' estimates. The growth came from all of INC's therapeutic area-focused units, the company said, with particularly strong performances in central nervous system studies and oncology.
INC's profits more than tripled to $44.3 million, also beating Wall Street's projections.
Now, the company is dialing up its full-year revenue guidance by about 1% at midpoint, expecting between $910 million and $914 million in 2015. INC is also increasing its earnings per share guidance by about 24%, projecting profits between $1.84 and $1.93.
INC's backlog grew about 17% to $1.8 billion on the quarter, with net new business of $327.7 million representing a book-to-bill ratio of 1.4.
"These results further underscore the success of our approach in leveraging therapeutically-aligned teams, our proven Trusted Process clinical trial methodology and best-in-class site relationships to deliver unmatched Phase I-IV global clinical development programs for our customers," CEO Jamie Macdonald said in a statement. "... In a robust market and with strong growth prospects, we are confident in the future outlook for the Company and as a result are increasing our earnings expectations for full-year 2015."
- read the results