Icon doubles down on med tech with latest offering

Global CRO Icon ($ICLR) is launching a new service catered to the specific needs of medical device and diagnostic developers, touting one of its recent acquisitions as key to the move.

The Irish company is packaging a suite of services under the name Medical Device and Diagnostics Research, promising a bespoke offering that caters to the particular clinical, regulatory and manufacturing nuances that set med tech apart from the pharmaceutical world. The company is also integrating Aptiv Solutions, a medical device-focused CRO it acquired for $143.5 million last year.

Icon med tech vice president Vicki Anastasi

Vicki Anastasi, Icon's vice president for med tech, will lead the new division, bringing together project managers, clinical researchers and regulatory consultants from around the CRO's network of more than 10,000 workers. The goal is to create an end-to-end service for med tech companies, supporting everything from early-stage development to post-approval market access, Icon Commercialization and Outcomes President Elizabeth Thiele said.

"The device and diagnostic development model can differ significantly from that of pharmaceutical companies, both in complexity and time to market," Thiele said in a statement. "Operating under specific medical device SOPs and ISO certification, 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."

Meanwhile, the CRO has maintained its record of delivering double-digit revenue growth each quarter. Icon closed 2014 with a $390 million fourth quarter, good for 13% growth, and posted full-year revenue of $1.5 billion, a 12.5% increase. Now Icon is expecting 2015 revenues to come in between 7% and 11% above last year's, expecting a high end of nearly $1.7 billion.

- read the statement