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ICON latest to quit ISE for NASDAQ

Thursday, November 01 12:52:20

ICON, the Irish based provider of outsourced services to the pharma, biotechn and medical device industries, has posted a 19pc jump in revenues in the third quarter and announced it is quitting the ISEQ for Wall Street's NASDAQ.

Net revenues for the quarter grew 19pc to $286 million compared to $241 million in the same quarter last year.

Income from operations, before restructuring and other non-recurring charges, for the quarter was $20.9 million or 7.3pc of net revenue, compared with $1.1 million or 0.5pc of net revenue for the same period last year. Net income before restructuring and other non-recurring charges was $17.7 million or 29 cents per share compared to $1.5 million or 2 cents per share in Q3 2011.

US GAAP income from operations for the quarter was $20.9 million or 7.3pc of net revenue, compared with US GAAP losses from operations of $3.7 million or 1.5pc of net revenue in the same period last year. US GAAP net income for the quarter was $17.7 million or 29 cents per share compared to a loss of $2.7 million or 4 cents per share last year.

Year-to-date net revenues were $815 million representing a 16pc increase over the same period last year.

"I am happy with our progress so far in 2012. We have recorded $1.5bn of gross bookings in the first three quarters of the year, produced 16pc growth in revenue year to date and our margin recovery continues to go to plan. We continue to strive to be the CRO partner of choice for the biopharma industry and to differentiate our company through our people, industry leading innovation and expanding value added service offerings," said CEO Ciaran Murray.

ICON employs 9,280 people worldwide, with 800 at its global headquarters in Dublin and in an ICON office in Limerick.

It had earlier signalled that it was considering leaving the Irish Stock Exchange listing in favour of Wall Street as the US is now its primary market.

"It is the company's view that this change will provide benefits to shareholders, including removing some barriers to ownerships and also the potential for further index inclusion for the stock. As a result of this change, ICON believes the Irish Stock Exchange listing will no longer be necessary and accordingly it is the company's plan to withdraw from the Irish Stock Exchange," it said.