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, 2014.
For the second quarter, net revenue grew 12.5% year on year to $376 million from $334.2 million in Q2 2013.
Income from operations, excluding restructuring and other items, was $48.3 million or 12.8% of revenue, compared to $30.9 million or 9.3% for the same quarter last year.
Net income, excluding restructuring and other items, was $40.8 million or 64 cents per share on a diluted basis, compared with $26.5 million or 43 cents per share for the same quarter last year.
Revenue in the first half of 2014 increased 11.5% to $726 million from $651 million in 2013.
Income from operations in the first half of 2014, excluding restructuring charges, was $91.3 million or 12.6% of revenue, compared with $58.3 million or 9% of revenue in the previous year.
Net income in the first half of 2014, excluding restructuring charges, was $77 million or $1.22 per share on a diluted basis, compared with $48.7 million or 79 cents per diluted share last year.
Guidance for the full year 2014 has been updated with EPS guidance increased from a range of $2.30 - $2.40 to a range of $2.62 - $2.68 and revenue narrowed to a range of $1.490 billion - $1.530 billion.
Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 40 days at June 30, 2014, compared with 35 days at the end of March 2014.
For the quarter ended June 30, 2014, cash used in operating activities was $54.9 million and capital expenditure was $6.8 million. In addition during the quarter the acquisition of Aptiv Solutions was completed for an initial cash consideration of $143.5m. The company’s net cash amounted to $175 million at June 30, 2014, compared to net cash of $364 million at March 31, 2014.