Earnings Review and Free Research Report: PRA Health Sciences’ Revenue Advanced 28.4%, EPS Surged 49%
Research Desk Line-up: VWR Corp. Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 17, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on PRA Health Sciences, Inc. (NASDAQ: PRAH), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PRAH, following the Company's disclosure of its financial results on October 25, 2017, for the third quarter fiscal 2017. The contract research Company's revenue and adjusted EPS surpassed analysts' expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For three months ended September 30, 2017, PRA Health's total revenue increased 28.4% to $582.01 million from $453.26 million in Q3 FY16.
During Q3 FY17, the Company's earnings before interest, tax, depreciation, and amortization (EBITDA) decreased 18.1% to $60.37 million from $73.76 million in the same period last year. The decrease was due to transaction-related costs and foreign exchange losses primarily related to the revaluation of the Company's short-term intercompany balances between its domestic and international subsidiaries. During Q3 FY17, the Company's adjusted EBITDA increased 24.9% to $93.31 million from $74.71 million in the same period last year. For the reported quarter, the Company's adjusted EBITDA margin increased 20 basis points to 18.9% of revenue from 18.7% of revenue in Q3 FY16.
For the reported quarter, PRA Health's selling, general, and administrative (SG&A) expenses increased 18% to $79.31 million from $67.19 million in Q3 FY16. During Q3 FY17, the Company's depreciation and amortization (D&A) expenses increased 6.5% to $18.85 million from $17.71 million in the same period last year.
During Q3 FY17, the Company's operating income increased 3.6% to $56.78 million from $54.81 million in the same period last year. For the reported quarter, the Company's adjusted operating margin increased 20 basis points to 17.3% of revenue from 17.1% of revenue in Q3 FY16.
For the reported quarter, PRA Health's net income increased 53.3% to $48.21 million on a y-o-y basis from $31.45 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS increased 49% to $0.73 on a y-o-y basis from $0.49 in the same period last year. For the reported quarter, PRA Health's adjusted net income increased 41.1% to $57.88 million on a y-o-y basis from $41.03 million in Q3 FY16. During Q3 FY17, the Company's adjusted diluted EPS increased 37.5% to $0.88 on a y-o-y basis from $0.64 in the same period last year. Adjusted diluted EPS surpassed analysts' expectations of $0.84.
Operating Results
During Q3 FY17, PRA Health's service revenue increased 23.7% to $494.55 million from $399.84 million in the same period last year. Total revenue surpassed analysts' expectations of $474.6 million.
During Q3 FY17, the Company's net new business increased 15.3% to $598.5 million from $519.1 million in the same period last year. For the reported quarter, the Company's backlog was $3.38 billion compared to $2.78 billion in Q3 2016. During Q3 FY17, the Company's net book-to-bill ratio was 1.26 compared to 1.30 in Q3 FY16.
Balance Sheet
As on September 30, 2017, PRA Health's cash and cash equivalents increased 33.9% to $193.58 million from $144.62 million on December 31, 2016. For the reported quarter, the Company's net long-term debt increased 62.3% to $1.29 billion from $797.05 million in Q4 FY16.
For the reported quarter, the Company's net accounts receivable and unbilled services increased 43% to $628.03 million from $439.05 million in the fourth quarter of 2016. For the reported quarter, the Company's accounts payable increased 17.7% to $60.44 million from $51.34 million in Q4 FY16.
During FY17, the Company's YTD cash provided by operating activities increased 76.6% to $117.83 million from $66.71 million in the same period last year.
Outlook
For FY17, PRA Health expects net income to be in the range of $153 million to $158 million and diluted EPS to be in the range of $2.31 to $2.38. The Company estimates adjusted net income to be in the range of $216 million to $221 million and adjusted diluted EPS to be in the range of $3.28 to $3.35 for fiscal 2017.
Stock Performance
On Thursday, November 16, 2017, the stock closed the trading session at $79.90, rising 1.90% from its previous closing price of $78.41. A total volume of 320.83 thousand shares have exchanged hands. PRA Health Sciences' stock price skyrocketed 6.88% in the last three months, 14.26% in the past six months, and 46.63% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 44.96%. The stock is trading at a PE ratio of 44.81. At Thursday's closing price, the stock's net capitalization stands at $5.15 billion.
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