a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, today reported its financial results for the full year and fourth quarter ended December 31, 2013.
For the fourth quarter net revenue grew 15% year on year to $345 million. Operating income was $38.7 million compared to $24.4 million in the same quarter last year. Operating margin was 11.2% of revenue, compared to 8.1% of revenue for the same quarter last year.
Net income was $33.5 million compared with $20.7 million last year representing growth of 62%, or $0.53 per share compared to $0.34 in the same quarter last year.
For the full year revenue grew 20% to $1.34 billion. Operating income before restructuring and other items was $130.2 million compared to $73.7 million last year an increase of 77%. Operating margin for the full year 2013 was 9.7% of revenue compared with 6.6% of revenue in 2012.
On a US GAAP basis, income from operations was $121.2 million or 9.1% compared with $68.0 million or 6.1% in the prior year.
For the full year net income before restructuring and other items was $110.0 million, compared to $60.4 million last year and net margin was 8.2% of revenue, compared with 5.4% in 2012.
EPS before restructuring and other items for 2013 was $1.77 per share compared with $1.00 in 2012.
On a US GAAP basis net income for the full year was $102.8 million, compared to $55.4 million last year. Net margin for the full year 2013 was 7.7% of revenue, up from 5.0% in 2012. EPS on a US GAAP basis for 2013 was $1.65 per share compared with $0.92 in 2012.
Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account were 32 days at December 31, 2013 compared with 40 days at December 31, 2012.