BOSTON, Jan. 13, 2014 /PRNewswire/ -- Today, PAREXEL
International Corporation (NASDAQ: PRXL) announced its updated
outlook for new business wins in the second quarter of Fiscal Year
2014, and also provided updated financial guidance. With
regard to new business wins, the Company expects to report a net
book-to-bill ratio in excess of 1.3 in the December 2013 quarter (net book-to-bill is
defined as gross new business wins, less cancellations, divided by
the quarter's consolidated service revenue).
The Company also updated its financial guidance for the second
quarter of Fiscal Year 2014 ended December
31, 2013, and for the full Fiscal Year 2014 ending
June 30, 2014. The Company's
updated financial guidance takes into account the projected impact
from second quarter new business wins and cancellations, the impact
of recent exchange rates, and the Company's updated overall
outlook. The Company's current guidance is detailed
below:
|
Guidance Issued
1/13/14
|
Guidance Issued
10/29/13
|
Q2 FY 2014
Revenue
|
$480 - $485
million
|
$475 - $480
million
|
Q2 FY 2014 GAAP
EPS
|
$0.48 -
$0.50
|
$0.46 -
$0.50
|
|
|
|
FY 2014
Revenue
|
$1.895 - $1.925
billion
|
$1.890 - $1.920
billion
|
FY 2014 GAAP
EPS
|
$1.97 -
$2.11
|
$1.95 -
$2.11
|
FY 2014 Adjusted GAAP
EPS*
|
$1.97 -
$2.11
|
$1.95 -
$2.11
|
This updated guidance is being provided in conjunction with the
Company's presentation at the JP Morgan Healthcare Conference as
previously announced in a press release issued January 7, 2014.
PAREXEL is in the process of finalizing and consolidating its
financial results for the second quarter ended December 31, 2013. The Company plans to
report financial results for the second quarter on January 29, 2014, and to host a conference call
regarding the results on January 30,
2014.
*Adjustments include $0.5 million
in acquisition and integration expenses, offset by a $0.4 million gain related to the revaluation of
the HERON earn-out contingent consideration liability, along with
the related tax impacts, all of which were recorded in Q1 FY
2014.
In addition to the financial measures prepared in accordance
with GAAP, the Company uses certain non-GAAP financial
measures. The Company believes that presenting the non-GAAP
financial measures contained in this press release assists
investors and others in gaining a better understanding of its core
operating results and future prospects, especially when comparing
such results to previous periods or forecasted guidance, because
such measures exclude items that are outside of the Company's
normal operations and/or, in certain cases, are difficult to
forecast accurately for future periods. Management uses
non-GAAP financial measures, in addition to the measures prepared
in accordance with GAAP, as the basis for measuring the Company's
core operating performance and comparing such performance to that
of prior periods and to the performance of its competitors for the
same reasons stated above. Such measures are also used by
management in its financial and operating decision-making.
Non-GAAP financial measures are not meant to be considered superior
to or a substitute for the Company's results of operations prepared
in accordance with GAAP.
About the Company
PAREXEL International Corporation is a leading global
biopharmaceutical services organization, providing a broad range of
knowledge-based contract research, consulting, medical
communications, and technology solutions and services to the
worldwide pharmaceutical, biotechnology and medical device
industries. Committed to providing solutions that expedite
time-to-market and peak-market penetration, PAREXEL has developed
significant expertise across the development and commercialization
continuum, from drug development and regulatory consulting to
clinical pharmacology, clinical trials management, medical
education and reimbursement. Perceptive Informatics, Inc., a
subsidiary of PAREXEL, provides advanced technology solutions,
including medical imaging, to facilitate the clinical development
process. Headquartered near Boston,
Massachusetts, PAREXEL operates in 77 locations in 51
countries around the world, and has approximately 14,975
employees. For more information about PAREXEL International
visit www.PAREXEL.com.
PAREXEL, Perceptive Informatics, LIQUENT, and HERON are
registered trademarks of PAREXEL International Corporation or its
affiliates.
This release contains "forward-looking" statements regarding
future results and events, including, without limitation,
statements regarding expected financial results, future growth and
customer demand. For this purpose, any statements
contained herein that are not statements of historical fact may be
deemed forward-looking statements. Without limiting the
foregoing, the words "believes," "anticipates," "plans," "expects,"
"intends," "appears," "estimates," "projects," "will," "would,"
"could," "should," "targets," and similar expressions are
also intended to identify forward-looking statements. The
forward-looking statements in this release involve a number of
risks and uncertainties. The Company's actual future results
may differ significantly from the results discussed in the
forward-looking statements contained in this release.
Important factors that might cause such a difference include, but
are not limited to, risks associated with: actual operating
performance; actual expense savings and other operating
improvements resulting from recent and anticipated restructurings;
adjustments and other items that may be identified during the
finalization and consolidation of the Company's financial results
for the second quarter; the loss, modification, or delay of
contracts which would, among other things, adversely impact the
Company's recognition of revenue included in backlog; the Company's
dependence on certain industries and clients; the Company's ability
to win new business, manage growth and costs, and attract and
retain employees; the Company's ability to complete additional
acquisitions, and to integrate newly acquired businesses including
the recent acquisitions of LIQUENT, Inc. and HERON, Inc., or enter
into new lines of business; the impact on the Company's business of
government regulation of the drug, medical device and
biotechnology industry; consolidation within the pharmaceutical
industry and competition within the biopharmaceutical services
industry; the potential for significant liability to clients and
third parties; the potential adverse impact of health care reform;
and the effects of exchange rate fluctuations and other
international economic, political, and other risks.
Such factors and others are discussed more fully in the section
entitled "Risk Factors" of the Company's Quarterly Report on Form
10-Q for the year ended September 30,
2013 as filed with the SEC on November 4, 2013, which "Risk Factors" discussion
is incorporated by reference in this press release. The
Company specifically disclaims any obligation to update these
forward-looking statements in the future. These
forward-looking statements should not be relied upon as
representing the Company's estimates or views as of any date
subsequent to the date of this press release.
CONTACTS: Ingo Bank,
Senior Vice President and Chief Financial Officer
Jill
Baker, Corporate Vice President of Investor Relations
+1-781-434-4118
SOURCE PAREXEL International Corporation