Icon PLC, which provides development services to drug and medical device makers, said Tuesday its first quarter net income sank 30 percent, as growth in costs and expenses countered a revenue gain.
The Irish company earned about $9 million, or 15 cents per share, in the three months that ended March 31. That compares to earnings of $12.8 million, or 21 cents per share, in the previous year's quarter.
Revenue climbed 12 percent to $343.1 million. Net revenue, which does not include reimbursable expenses, was $252.3 million.
Analysts surveyed by FactSet expected, on average, earnings of 14 cents per share on $253.8 million in revenue.
Icon's total costs and expenses climbed 13 percent to $240.6 million, as direct costs rose to $162.3 million from $144.5 million.
The company said it spent $48.6 million to buy Beijing Wits Medical Consulting Ltd and PriceSpective LLC.
Icon CEO Ciaran Murray said in a statement that the company's revenue growth and earnings per share are benefits of its strategic investment decisions.
U.S.-traded shares of Icon dropped 30 cents, to $20.65 in morning trading. The stock has changed hands between $15.03 and $26.22 in the past 52 weeks.