NEW YORK (TheStreet) -- Shares of PAREXEL International Corp. (PRXL) are down 14.71% to $54.21 on heavy trading volume after reporting weak 2015 first quarter fiscal year revenue results that came up short of analysts' estimates due to seasonality and lower new business flow from strategic partnerships, according to CEO Josef von Rickenbach.

For the three months ended September 30, the medical laboratories and research company reported that consolidated service revenue increased by 9.4% to $491.7 million compared with $449.2 million in the prior year period.

Revenue fell short of analysts' estimates of $505.62 million for the quarter.

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GAAP net income for the quarter totaled $37.1 million, or 67 cents per diluted share, compared with GAAP net income of $26 million, or 45 cents per diluted share for the same period a year ago.

"Revenue grew 9.4% year-over-year in the quarter but came in lower than expected, partly due to seasonality at the beginning of our new fiscal year," von Rickenbach said, adding, "In addition, first quarter revenue conversion from backlog was lower as a result of a shift in our backlog to projects in the start-up stages, and a few large trials achieving their study objectives ahead of schedule."

"New business wins in the quarter were less than anticipated primarily as a result of lower new business flow from strategic partnerships," von Rickenbach said, adding, "We are also experiencing a somewhat longer decision cycle with regard to pending proposals."

Additionally, foreign exchange rate movements also contributed to the lower revenue, the company said.

Separately, TheStreet Ratings team rates PAREXEL INTERNATIONAL CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate PAREXEL INTERNATIONAL CORP (PRXL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins."

You can view the full analysis from the report here: PRXL Ratings Report

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