ICON Plc (ICLR) made several key acquisitions and partnerships this year and continues to expand globally. The company also just announced great second-quarter results for its fourth earnings surprise in as many quarters.

Company Description

ICON Plc. provides outsource services for pharmaceutical and biotech companies. The company specializes in development, management, and analysis of programs supporting clinical trials. ICON helps its clients cut costs in research and development of new drugs and medical devices. The company is headquartered in Dublin, Ireland and currently has over 6500 employees in offices across Europe, Asia, and the United States.

Another Strong Quarter

On July 22nd ICON announced second-quarter results that included earnings per share, before the stock split, of 62 cents, up from 45 cents in the second quarter last year. Analysts expected 59 cents per share, resulting in the fourth earnings surprise in the last four quarters.

Net revenue rose 48.5% to $218.3 million since the first quarter of 2008. The company continues to raise full-year earnings guidance. Before a recent stock split, the company raised estimates to between $2.46 and $2.52, up from between $2.35 and $2.45 last quarter. Analysts project an earnings growth rate of 32%.

ICON credits strong global demand and an increased operating margin of 11.2%, up from 10.9% last quarter, for the strong performance.

Acquires a Clinical Facility

Earlier this year ICON acquired Healthcare Discoveries for $12 million. The company may pay up to $10 million more by the end of 2008 if certain performance-based goals are reached.

The 85 bed unit specializes in early phase development programs and is located in San Antonio, Texas. This is ICON’s first clinical pharmacology platform in the U.S.

ICON partners with PHT

The company entered a partnership agreement with PHT, a provider of hand held electronic devices used in clinical trials on June 10th of this year. ICON can now offer its clients PHT’s hand held devices for on-site Patient Reported Outcomes(PRO).

Three new trials have already been secured since the announcement. The companies can now better service clients by focusing on clients complete PRO needs.

2-for-1 Split

Shares of ICON split on August 12th. The shareholders on record as of August 8th, today, received the additional shares. On August 13th, the opening price was adjusted to reflect the new outstanding shares.

Content Courtesy: Zacks Investment Research

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