Syneos Health Inc (NASDAQ:SYNH) reported stronger-than-expected earnings for its fourth quarter.
The company, based in Morrisville, North Carolina, reported that GAAP total revenue of $1.15 billion and $4.39 billion for the fourth quarter and year ended December 31, 2018, respectively. Adjusted service revenue under ASC 606 of $1.15 billion for the fourth quarter and $4.40 billion for the year ended December 31, 2018.
GAAP diluted earnings per share were $0.44 in Q4 and $0.23 for the year.
Full-year 2019 adjusted service revenue guidance was $4.62 billion to $4.73 billion, adjusted EBITDA of $625.0 million to $660.0 million, and adjusted diluted earnings per share of $3.03 to $3.23.
Net new business awards under ASC 605 of $3.89 billion for the year ended December 31, 2018, representing a 12-month book-to-bill ratio of 1.22x.
According to CEO Alistair Macdonald, "We had a strong finish to 2018, as we accelerated revenue growth and improved profitability in the fourth quarter.
"Customers continue to recognize the value of our Biopharmaceutical Acceleration Model, as evidenced by healthy net awards across both our Clinical and Commercial segments. Looking ahead to 2019, we are well-positioned for accelerating growth with a robust pipeline of opportunities and strong customer interest in our integrated outsourcing solutions."
Syneos claims to be the only fully integrated biopharmaceutical solutions organization. The company, including a Contract Research Organization and Contract Commercial Organization, is purpose-built to accelerate customer performance to address modern market realities.
Shares popped $2.80, or 5.9%, to $50.22
