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Covance Reports Fourth Quarter Pro Forma Net Revenue Of $561 Million, Pro Forma EPS Of $0.73 And Adjusted Net Orders Of $769 Million
Date:1/24/2013

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$1,311.1

$1,165.4

12.5%Operating Income

$72.7

$58.2

24.8%

$277.6

$226.3

22.7%Operating Margin

21.1%

19.5%21.2%

19.4%Restructuring Costs

($0.7)

($1.3)($1.3)

($5.0)Operating Income, excluding items

$73.4

$59.5

23.3%

$278.8

$231.3

20.6%Operating Margin, excluding items

21.3%

20.0%21.3%

19.8%The Late-Stage Development segment includes central laboratory, Phase IIb-IV clinical development, and market access services.  Net revenues for the fourth quarter of 2012 grew 15.7% year-on-year to $344.8 million, a sequential increase of $20.7 million from the third quarter level. In the quarter, foreign exchange negatively impacted year-on-year revenue growth by 130 basis points. Year-over-year growth was driven by both the continued strong performance in clinical development, where net revenue was up 22%, and a strong increase in central labs, where net revenue was up 16%, which more than offset a year-over-year decline in market access services net revenue. Sequentially, the increase in net revenue was led by central laboratory followed by clinical development and then by market access services.  Central laboratory had an increase in kit volumes for the fifth consecutive quarter.

Operating income for the fourth quarter was $72.7 million on a GAAP basis and $73.4 million on a pro forma basis.  This represents growth of 24.8% and 23.3%, respectively, compared to the fourth quarter of the prior year and a significant increase from the $64.4 million on a GAAP basis and $64.8 million on a pro forma basis last quarter. Pro forma operating margins expanded to 21.3% for the fourth quarter of 2012, up from pro forma operating margins of 20.0% both last quarter and in the fourth quarter of 2011. The year-on-year and sequential increases in profitability
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SOURCE Covance Inc.
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