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Syneos Health Stock Tanks After Q2 Sales Miss, FY22 Outlook Cut Citing Macro Economic Trends

·1 min read
  • Syneos Health Inc's (NASDAQ: SYNH) Q2 revenue increased 6.1% on a reported basis and 8.3% on a constant currency (CC) basis to $1.36 billion, missing the consensus of $1.39 billion.

  • Revenue was below the midpoint of the company's guidance due to lower reimbursable expenses in Clinical Solutions and the impacts of foreign exchange.

  • Clinical Solutions revenue increased 3.3% (+5.6% CC) to $1.03 billion. Acquisitions contributed approximately 90 basis points to Clinical Solutions' reported revenue growth.

  • Commercial Solutions revenue increased 15.7% (+17.5% CC) to $335.0 million.

  • Adjusted EBITDA of $208.1 million increased 19.2% Y/Y.

  • The company posted an adjusted EPS of $1.25, +29% Y/Y, beating the consensus of $1.20.

  • Guidance: Syneos projects FY22 sales of $5.44 - $5.54 billion, down from the consensus of $5.66 billion and the previous guidance of $5.6 billion - $5.75 billion.

  • The company cut EPS guidance to $4.97 - $5.11, down from the prior outlook of $5.05 -$5.25 and the consensus of $5.11.

  • Syneos Health expects an adjusted EBITDA of $835-$865 million, compared to the prior outlook of $845 million - $885 million.

  • Price Action: SYNH shares are down 19.1% at $64.02 during the market session on the last check Tuesday.

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