PRA Health Sciences, Inc. Reports Third Quarter 2016 Results And Updates 2016 Guidance

  • $399.8 million of service revenue in the third quarter; 16.0% constant currency growth compared to the third quarter of 2015 
  • Third quarter GAAP Net Income per diluted share increased 32.4% to $0.49 per diluted share and GAAP Net Income increased 32.9% to $31.4 million compared to the third quarter of 2015  
  • $74.7 million of Adjusted EBITDA in the third quarter; 12.2% growth compared to the third quarter of 2015 
  • Third quarter Adjusted Net Income per diluted share increased 23.1% to $0.64 per share and Adjusted Net Income increased 23.5% to $41.0 million compared to the third quarter of 2015 
  • Net new business of $519.1 million in the third quarter; Net book-to-bill of 1.30 
  • Raised guidance for 2016 service revenue to $1.568 to $1.573 billion, 2016 GAAP Net Income per diluted share to $1.30 to $1.33 and 2016 Adjusted Net Income per diluted share to $2.45 to $2.48

RALEIGH, N.C., Nov. 02, 2016 (GLOBE NEWSWIRE) -- PRA Health Sciences, Inc. ("PRA" or the "Company") (NASDAQ:PRAH) today reported financial results for the quarter ended September 30, 2016.

For the three months ended September 30, 2016, service revenue was $399.8 million, which represents growth of 15.9%, or $54.7 million, compared to the third quarter of 2015 at actual foreign exchange rates. On a constant currency basis, service revenue grew $55.3 million, an increase of 16.0% compared to the third quarter of 2015.

Net new business for the quarter ended September 30, 2016 was $519.1 million, representing a net book-to-bill ratio of 1.30 for the period. This net new business contributed to an ending backlog of $2.8 billion at September 30, 2016.

"We are pleased to have delivered another quarter with double-digit revenue, earnings and net new business growth year-over-year," said Colin Shannon, PRA's Chief Executive Officer. "Our strong financial performance is a reflection of the exceptional service we provide and the continued commitment of our employees to our customers. We are well-positioned to finish 2016 strong and to create sustained value for all of our stakeholders."

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