a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, today reported its financial results for the second quarter ended June 30, 2013.
Net revenues grew 21% year on year to $334.2 million from $277.0 million in Q2 2012.
Income from operations, excluding restructuring charges of $4.6 million, was $30.9 million or 9.3% of revenue, compared to $16.6 million or 6.0% for the same quarter last year.
Net income, excluding restructuring charges, was $26.5 million or 43 cents per share on a diluted basis, compared with $12.9 million or 21 cents per share last year.
Revenue in the first half of 2013 increased 23% to $651 million from $529 million in 2012.
Income from operations in the first half of 2013, excluding restructuring charges, was $58.3 million or 9.0% of revenue, compared with $28.4m or 5.4% of revenue in the previous year.
Net income, in the first half of 2013, excluding restructuring charges, was $48.7 million or 79 cents per share on a diluted basis, compared with $21.9 million or 36 cents per diluted share last year.
Guidance for the full year 2013 has been updated with revenue expected to be in the range of $1.3 billion - $1.32 billion and EPS guidance in the range of $1.54 - $1.64.
Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 33 days at June 30, 2013, compared with 40 days at the end of December 2012.
For the quarter ended June 30, 2013, cash generated from operating activities was $10.8 million after expenditure of $26 million on prior period acquisition earn outs and capital expenditure of $7.8 million. The company’s net cash amounted to $184 million at June 30, 2013, compared to net cash of $190 million at December 31, 2012.