|INC Research CEO Jamie Macdonald|
Months removed from a $150 million IPO, INC Research ($INCR) is looking to raise its profile among the world's largest CROs, inching toward the $1 billion annual revenue mark in the new year.
In the fourth quarter, the CRO boosted its service revenue by 22.6% to $213.7 million, and 2014 sales jumped 22.7% to $800.7 million. And INC trimmed its annual net loss from $41.5 million in 2013 to $23.5 million last year, closing 2014 with a backlog of $1.6 billion.
Net new business increased 16.7% to $949.8 million last year, growth INC attributes to escalating demand for its services in CNS and oncology trials. Now the company is expecting 2015 revenue to come in between $870 million and $900 million, a roughly 11% increase at the midpoint.
"2014 was a year of significant accomplishments for INC Research culminating in the completion of our initial public offering," CEO Jamie Macdonald said in a statement. "... In particular, we believe our therapeutic alignment, commitment to operational excellence and continued focus on Phase I to IV clinical development were significant contributors to our success and position us well to deliver strong results for our shareholders moving forward."
Headquartered in Raleigh, NC, INC specializes in handling all manners of clinical trials for its partners in pharma and biotech, employing roughly 5,600 people in 50 countries.
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