CRO giant Icon ($ICLR) continues to expand its portfolio of offerings with the launch of a new medical device and diagnostics research group.
The Ireland-based company's new group is being formed from its existing clinical development and commercialization strengths and the medical and regulatory device and diagnostic experience acquired when it bought the adaptive trials-focused Aptiv Solutions for $143.5 million last year, the company said in a press release.
Shares of the company offered on the Nasdaq were nominally unchanged in opening trade at $67.01, off 0.2%.
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| Elizabeth Thiele |
"The device and diagnostic development model can differ significantly from that of pharmaceutical companies, both in complexity and time to market," Elizabeth Thiele, president of commercializations and outcomes, said in a statement. "Our new Medical Device and Diagnostics Research team has the expertise and flexibility to help manufacturers take time and cost from their development programs and maximize the value of their products."
For more than a year, Icon has been beefing up its offerings, having unveiled service platforms that allow sponsors to monitor safety issues, keep tabs on sites and track and visualize efficacy trends all in real time. Earlier this year, Icon expanded its drug launch and marketing services with the $120 million acquisition of U.S.-based MediMedia Pharma solutions.
During its earnings call last week, Icon forecast its 2015 revenues to jump between 7% and 11% above last year's, with expectations of revenues approaching $1.7 billion. The company grossed $390 million last quarter, a 13% increase, and posted full-year revenue of $1.5 billion, a 12.5% gain over 2013. Fourth-quarter profits grew 61% to about $54 million, while 2014 net income soared 65% to $181.3 million.
- see the release