Quintiles Transnational Holdings Inc. (“Quintiles” or the “Company”) (NYSE: Q) today reported its financial results for the quarter ended June 30, 2013.
For the three months ended June 30, 2013, the growth in service revenues excluding the impact of foreign currency fluctuations (“constant currency revenue growth”) was 2.2%, or $21.1 million compared to the same period last year. At actual foreign exchange rates, service revenues of $944.2 million were nearly unchanged compared to the same period last year due to an unfavorable foreign currency impact of 2.3%, or $21.8 million. Constant currency revenue growth was primarily from volume related increases in the Product Development segment compared to the same period in 2012.
Adjusted income from operations was $124.1 million in the second quarter of 2013 representing growth of 8.4% and 100 basis points of margin expansion compared to the same period last year. Adjusted net income was $62.9 million in the second quarter of 2013 representing growth of 12.6% compared to the same period last year. Diluted adjusted earnings per share was $0.50 in the quarter ended June 30, 2013 representing growth of 6.4% compared to the same period last year. Reported GAAP income from operations was $94.9 million, reported GAAP net income was $38.5 million and reported GAAP diluted earnings per share was $0.30 for the three months ended June 30, 2013. Reconciliations of the non-GAAP measures adjusted income from operations, adjusted net income and diluted adjusted earnings per share to the corresponding GAAP measures are attached to this press release.
Net new business grew 13% and 16% in the three and six months ended June 30, 2013 to $1.0 billion and $2.3 billion, respectively compared to the same periods last year. The second quarter of 2013 was the fourth sequential quarter of $1.0 billion or more in net new business which has contributed to an ending backlog at June 30, 2013 of $9.0 billion. The book-to-bill ratio, which represents net new business divided by service revenues during the respective period, was 1.07 for the second quarter and 1.21 for the six month period ending June 30, 2013.