ICON Reports Third Quarter 2023 Results.
ENPNewswire-October 26, 2023--ICON Reports Third Quarter 2023 Results
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Release date- 25102023 - Dublin - ICON plc (NASDAQ: ICLR), a world-leading healthcare intelligence and clinical research organization, today reported its financial results for the third quarter ended September 30, 2023.
CEO, Dr. Steve Cutler commented, 'ICON delivered impressive results in the third quarter, with revenue growth of 6% year over year, as well as double digit adjusted EBITDA and adjusted earnings per share growth of 14% and 10%, respectively, over quarter three 2022. Our net book to bill improved to 1.26x in the quarter, reflective of the healthy demand for our market-leading offering across the customer segments we serve. We remain well positioned as a critical partner with new and existing customers to play a long-term role in accelerating their development portfolios.'
Third Quarter 2023 Results
Gross business wins in the third quarter were $3,055 million and cancellations were $474 million. This resulted in net business wins of $2,581 million and a book to bill of 1.26.
Revenue for the third quarter was $2,055.1 million. This represents an increase of 5.8% on prior year revenue or 4.8% on a constant currency organic basis.
GAAP net income attributable to the Group was $163.7 million resulting in $1.97 diluted earnings per share in quarter three 2023 compared to $1.94 diluted earnings per share in quarter three 2022. Adjusted net income attributable to the Group for the quarter was $273.9 million resulting in an adjusted diluted earnings per share of $3.30 compared to $3.00 per share for the third quarter 2022.
Adjusted EBITDA for the third quarter was $432.5 million or 21.0% of revenue, a year-on-year increase of 13.9%.
The effective tax rate on adjusted net income in quarter three was 15.2%.
Cash generated from operating activities for the quarter was $341.5 million. During the quarter $29.1 million was spent on capital expenditure. At September 30, 2023, the Group had cash and cash equivalents of $313.1 million, compared to cash and cash equivalents of $270.2 million at June 30, 2023 and $609.2 million at September 30, 2022. $75 million of the revolving credit facility was drawn down in the quarter and $50 million was repaid. Additionally, $300.0 million of Term Loan B payments were made during the quarter resulting in a net indebtedness of $3.7 billion at September 30, 2023.
Year to date 2023...
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