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Covance Reports Second Quarter Net Revenue of $592 Million, Pro Forma EPS of $0.78 and Record Adjusted Net Orders of $776 Million
Date:7/30/2013

PRINCETON, N.J., July 30, 2013 /PRNewswire/ -- Covance Inc. (NYSE: CVD) today reported results for its second quarter ended June 30, 2013.  Net revenue was $592.3 million, representing 9.1% growth from the second quarter of 2012's GAAP result of $542.8 million, and 10.0% growth from the second quarter of 2012's pro forma result of $538.5 million.  On a GAAP basis, the company reported earnings of $0.72 per diluted share in the second quarter.  Excluding charges associated with restructuring and other cost reduction actions totaling $6.0 million and a gain on the sale of an equity investment of $0.7 million, the company reported earnings per diluted share of $0.78, up 19.9% over the pro forma earnings of $0.65 for the second quarter of 2012. 

"Accelerated revenue growth in central laboratories was the primary driver of better-than-expected consolidated results in the second quarter, including pro forma revenue growth of 10%, operating margin of 9.7%, and EPS growth of 20% to $0.78," said Joe Herring, Chairman and Chief Executive Officer. "Strong commercial performance, led by clinical development, delivered record adjusted net orders of $776 million in the quarter. These orders result in an adjusted net book-to-bill of 1.31 to 1.  

"Late-Stage Development second quarter revenue grew 17% year-on-year to $378 million and pro forma operating margins were 21.4%, up 30 basis points from a year ago despite increased spending on strategic IT projects.  Better-than-expected kit volumes in central laboratories drove both year-over-year revenue growth of 22% and operating margin expansion.  Clinical development grew revenue 13% year-on-year and delivered record adjusted net orders.

"In Early Development, revenue of $215 million was flat from last year's pro forma result as strong revenue growth in nutritional chemistry and clinical pharmacology and a return to growth in toxicology were offset by declines in discovery support services and pharmaceutical chemistry services. Pro forma operating margin increased 260 basis points year-on-year, largely as a result of our 2012 restructuring actions, and 160 basis points from the first quarter primarily from sequential growth in toxicology that carried strong incremental earnings.

"As we look ahead to the remainder of the year, we are increasing our pro forma diluted earnings per share target to the range of $3.10 to $3.20 (excluding gains on sale, costs associated with our ongoing restructuring activities, and assuming foreign exchange rates remain at June 30, 2013 levels), versus our previous expectation of $3.00 to $3.20, and we continue to expect revenue growth in the high-single digit range.  We expect sequential increases in earnings per share of approximately two cents in each of the third and fourth quarters."

Consolidated Results($ in millions except EPS)2Q132Q12ChangeYTD13YTD12ChangeTotal Revenues

$644.0

$585.0$1,278.3

$1,158.9Less: Reimbursable Out-of-Pockets 

$51.7

$42.2$105.8

$85.3Net Revenues

$592.3

$542.8

9.1%

$1,172.5

$1,073.6

9.2%Operating Income (Loss)

$51.5

($3.9)

n/c

$99.8

$42.2

136.4%Operating Margin

8.7%

(0.7%)8.5%

3.9%Net Income (Loss)

$41.0

($12.7)

n/c

$89.2

$23.0

287.4%Earnings (Loss) per Share

$0.72

($0.23)

n/c

$1.58

$0.40

292.8%Revenue from facilities closed in 2012**

-

$4.3-

$4.3Net Revenue, continuing ops*

$592.3

$538.5

10.0%

$1,172.5

$1,069.3

9.6%Restructuring Costs

($6.0)

($9.7)($12.2)

($9.7)Loss from facilities closed in 2012**

-

($3.8)-

($3.8)Impairment of Goodwill & Inventory

-

($38.7)-

($38.7)Operating Income, excluding items*

$57.5

$48.3

19.1%

$ 111.9

$94.4

18.6%  Operating Margin, excluding items*

9.7%

9.0%9.5%

8.8%Gain on Sale of Investments

$0.7

-$16.4

-Impairment of Equity Investment

-

($7.4)-

($7.4)Net Income, excluding items*

$44.5

$36.3

22.4%

$86.8

$72.0

20.5%Diluted EPS, excluding items*

$0.78

$0.65

19.9%

$1.53

$1.25

22.4%* See attached pro forma income statements for reconciliation of 2013 and 2012 GAAP to pro forma amounts.
** Facilities closed in 2012 include Chandler, Honolulu, and Basel.Operating Segment Results Early Development($ in millions)2Q132Q12ChangeYTD13YTD12ChangeNet Revenues

$214.6

$219.7

(2.3%)

$421.9

$431.4

(2.2%)Operating Income (Loss)

$21.9

($33.1)

n/c

$38.4

($21.8)

n/cOperating Margin

10.2%

(15.1%)9.1%

(5.1%)Revenue from facilities closed in 2012**

-

$4.3-

$4.3Net Revenue, continuing ops

$214.6

$215.4

(0.4%)

$421.9

$427.1

(1.2%)Restructuring Costs

($2.3)

($9.2)($5.9)

($9.2)Loss from facilities closed in 2012**

-

($3.8)-

($3.8)Impairment of Goodwill & Inventory

-

($38.7)-

($38.7)Operating Income, excluding items

$24.2

$18.7

29.8%

$44.3

$30.0

47.9%Operating Margin, excluding items

11.3%

8.7%10.5%

7.0%** Facilities closed in 2012 include Chandler, Honolulu, and Basel.The Early Development segment includes preclinical toxicology, analytical chemistry, clinical pharmacology, discovery support, and research products.  Net revenues in the second quarter of 2013 were $214.6 million, compared to $219.7 million on a GAAP basis and $215.4 million on a pro forma basis in the second quarter of last year. Last year's pro forma revenue excluded $4.3 million in revenue from the three sites closed by the end of 2012. On a pro forma basis, net revenue declined 0.4%, including a 60 basis point foreign exchange headwind, as growth in nutritional chemistry, clinical pharmacology, and toxicology were offset by declines in discovery support and pharmaceutical chemistry. Sequentially, revenue increased by $7.3 million from the first quarter as growth in toxicology, nutritional chemistry and clinical pharmacology more than offset declines in discovery support services and research products.

GAAP operating income in the second quarter of 2013 was $21.9 million, and included $2.3 million in costs associated with our ongoing restructuring actions versus an operating loss of $33.1 million in the second quarter of 2012, which included losses at facilities closed in 2012 of $3.8 million, restructuring costs of $9.2 million and other charges of $38.7 million.  Pro forma operating income, excluding these costs, was $24.2 million in the second quarter of this year, a 29.8% increase from the $18.7 million reported in the second quarter of 2012.  Pro forma operating margins expanded 260 basis points year-over-year and 160 basis points sequentially.  The year-over-year increase was led primarily by our restructuring actions while the sequential increase was led by growth and increased profitability in toxicology.  

Late-Stage Development($ in millions)2Q132Q12ChangeYTD13YTD12ChangeNet Revenues

$377.7

$323.1

16.9%

$750.6

$642.3

16.9%Operating Income

$79.5

$68.0

16.9%

$162.4

$140.5

15.7%Operating Margin

21.0%

21.1%21.6%

21.9%Restructuring Costs

($1.4)

($0.2)($3.3)

($0.2)Operating Income, excluding items

$80.9

$68.2

18.6%

$165.7

$140.7

17.8%Operating Margin, excluding items

21.4%

21.1%22.1%

21.9%The Late-Stage Development segment includes central laboratory, Phase IIb-IV clinical development, and market access services.  Net revenues for the second quarter of 2013 grew 16.9% year-on-year to $377.7 million, a sequential increase of $4.8 million from the first quarter level. In the quarter, foreign exchange negatively impacted revenue growth by 20 basis points. Year-over-year growth was driven by increases of 22% in central laboratories and 13% in clinical development.

Operating income for the second quarter was $79.5 million on a GAAP basis and included $1.4 million in costs associated with our ongoing restructuring actions. On a pro forma basis, operating income was $80.9 million, up 18.6% year-over-year. Pro Forma operating income declined $4.0 million sequentially due to a planned increase in spending on our strategic IT projects as well as mix across the segment's service offerings. Pro forma operating margins were 21.4% for the second quarter of 2013, versus 21.1% in the second quarter of 2012 and 22.8% last quarter. The year-on-year increase in profitability was driven by operating leverage in central laboratories, which more than offset increased spending on strategic IT projects.

Corporate InformationDuring the quarter ended June 30, 2013 the company received an additional $0.7 million in contingent consideration in connection with the 2012 sale of its investment in Caprion Proteomics Inc., which has been excluded from pro forma earnings. 

The company reported second quarter adjusted net orders of $776 million. Backlog at June 30, 2013 was $6.73 billion compared to $6.61 billion at March 31, 2013 and $6.23 billion at June 30, 2012. Foreign exchange contributed $27 million to backlog on a sequential basis. 

Corporate expenses totaled $49.9 million in the second quarter of 2013 (including $2.3 million in restructuring costs) compared to $51.3 million last quarter (including $0.7 million in restructuring costs) and $38.9 million in the second quarter of 2012 (including $0.3 million in restructuring costs). The largest driver of the year-over-year increase in corporate expenses is spending on our strategic IT initiatives followed by higher incentive compensation expenses related to stronger-than-budgeted business performance.  Sequentially, the decline was driven by lower expenses in a number of areas, which offset increased spending on our strategic IT initiatives.

Cash and cash equivalents at June 30, 2013 were $446 million compared to $430 million at March 31, 2013 and $398 million at June 30, 2012.  Debt outstanding remained at $325 million.

Net Days Sales Outstanding (DSO) were 48 days at June 30, 2013 compared to 41 days at March 31, 2013 and 35 days at June 30, 2012.

Free cash flow (defined as operating cash flow less capital expenditures) for the second quarter of 2013 was $13 million, consisting of operating cash flow of $51 million less capital expenditures of $38 million.  Free cash flow year-to-date was negative $71 million, consisting of operating cash flow of negative $3 million less capital expenditures of $68 million.
In 2013, we continue to expect free cash flow to be at least $125 million, net of capital expenditures of approximately $160 million.  The free cash flow target for 2013 assumes net DSO at 40 days at December 31, 2013.

The Company's investor conference call will be webcast on July 31 at 9:00 am ET.  Management's commentary and presentation slides will be available through www.covance.com.Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $2.2 billion, global operations in more than 30 countries, and more than 12,000 employees worldwide.  Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.

Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.  These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss or delay of large studies, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, testing mix and geographic mix of kit receipts in central laboratories,  fluctuations in currency exchange rates, the realization of savings from the Company's announced restructuring actions, the cost and pace of completion of our information technology projects and the realization of benefits therefrom,  and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.  The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

Financial Exhibits FollowCOVANCE INC.CONSOLIDATED INCOME STATEMENTSFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012(Dollars in thousands, except per share data)(UNAUDITED)Three Months Ended June 30Six Months Ended June 302013201220132012Net revenues$
592,298$
542,782$ 1,172,497$ 1,073,623Reimbursable out-of-pocket expenses51,67842,263105,81485,330Total revenues643,976585,0451,278,3111,158,953Costs and expenses:  Cost of revenue419,115408,198830,459784,658  Reimbursable out-of-pocket expenses51,67842,263105,81485,330  Selling, general and administrative90,17790,601179,396171,630  Depreciation and amortization31,49629,95362,88157,183  Goodwill impairment charge-17,959-17,959Total costs and expenses592,466(a)588,974(c)1,178,550(b)1,116,760(c)Income (loss) from operations51,510(a)(3,929)(c)99,761(b)42,193(c)Other (income) expense, net:  Interest expense, net1,0049401,8751,433  Foreign exchange transaction loss, net6947921,0291,020  Gain on sale of investments(707)-(16,400)-  Impairment of equity investment-7,373-7,373  Loss on sale of business-169-169Other (income) expense, net991(a)9,274(c)(13,496)(b)9,995(c)Income (loss) before taxes and equity investee results50,519(a)(13,203)(c)113,257(b)32,198(c)Tax expense (benefit)9,525(a)(607)(c)24,097(b)9,200(c)Equity investee (loss) earnings-(81)-17Net income (loss) $
40,994(a)$
(12,677)(c)$
89,160(b)$
23,015(c)Basic earnings (loss) per share$
.75(a)$
(0.23)(c)$
.64(b)$
.41(c)Weighted average shares outstanding - basic54,662,09354,184,96654,434,56355,965,410Diluted earnings (loss) per share$
.72(a)$
(0.23)(c)$
.58(b)$
.40(c)Weighted average shares outstanding - diluted56,880,11554,184,96656,598,93657,456,154

(a)  Three months ended June 30, 2013 includes, as applicable, $6,013 in charges associated with restructuring


and other cost reduction actions ($3,942 net of tax), and $707 gain on sale of investment ($460 net of tax).

(b)  Six months ended June 30, 2013 includes, as applicable, $12,183 in charges associated with restructuring


and other cost reduction actions ($8,289 net of tax), and $16,400 gain on sale of investments ($10,654 net of tax).
(c)  Three and six months ended June 30, 2012 includes, as applicable, $9,667 in restructuring costs


($6,530 net of tax), $20,781 in inventory impairment charges ($14,391 net of tax), $17,959 of goodwill


impairment charges ($17,959 net of tax), $7,373 of impairment of equity investment ($7,373 net of tax) and


$3,815 in losses at sites in wind-down ($2,746 net of tax).
Excluding the impact of charges associated with restructuring and other cost reduction actions, gain on sale of investments, impairment charges and losses at sites in wind-down, as applicable:Income from operations$
57,523$
48,293$
,944$
94,415Taxes on income$
,349$
9,989$
22,245$
9,796Net income $
44,476$
36,322$
86,795$
72,014Basic earnings per share$
.81$
.67$
.59$
.29Diluted earnings per share$
.78$
.65$
.53$
.25 

 COVANCE INC.CONSOLIDATED BALANCE SHEETSJUNE 30, 2013 and DECEMBER 31, 2012(Dollars in thousands)June 30December 3120132012(UNAUDITED)ASSETSCurrent Assets:Cash & cash equivalents$
445,600$
492,824Accounts receivable, net396,653339,558Unbilled services154,345136,878Inventory47,94749,270Deferred income taxes47,95344,903Income taxes receivable2613,642Prepaid expenses and other current assets219,481167,629Total Current Assets1,312,2401,234,704Property and equipment, net880,953891,319Goodwill109,820109,820Other assets38,26152,499Total Assets$
2,341,274$
2,288,342LIABILITIES and STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts payable$
52,742$
34,430Accrued payroll and benefits119,889144,681Accrued expenses and other current liabilities107,008127,686Unearned revenue241,681255,776Short-term debt 325,000320,000Total Current Liabilities846,320882,573Deferred income taxes20,76027,912Other liabilities74,16770,665Total Liabilities941,247981,150Stockholders' Equity:Common stock804791Paid-in capital806,993744,114Retained earnings1,689,7861,600,626Accumulated other comprehensive (loss) income(3,579)28,520Treasury stock(1,093,977)(1,066,859)Total Stockholders' Equity1,400,0271,307,192Total Liabilities and Stockholders'  Equity$
2,341,274$
2,288,342 COVANCE INC.CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE SIX MONTHS ENDED JUNE 30, 2013 AND 2012(Dollars in thousands)(UNAUDITED)Six Months Ended June 3020132012Cash flows from operating activities:  Net income$
89,160$
23,015  Adjustments to reconcile net income to net cash (used in) provided byoperating activities:Depreciation and amortization62,88157,183Non-cash impairment charges-44,610Non-cash compensation expense associated with employee benefitand stock compensation plans19,31119,422Deferred income tax benefit(5,712)(15,507)Gain on sale of investments(16,400)-Loss on sale of business-169Loss on disposal of property and equipment375432Equity investee earnings-(17)Changes in operating assets and liabilities, net of business sold:Accounts receivable(57,095)(2,143)Unbilled services(17,467)(20,704)Inventory1,3238,948Accounts payable18,3126,401Accrued liabilities(45,470)(26,023)Unearned revenue(14,095)36,442Income taxes6,736(5,028)Other assets and liabilities, net(44,441)(45,124)Net cash (used in) provided by operating activities(2,582)82,076Cash flows from investing activities:  Capital expenditures(68,433)(69,343)  Proceeds from sale of investments17,781-  Other, net394990Net cash used in investing activities(50,258)(68,353)Cash flows from financing activities:  Net borrowings under revolving credit facility5,000300,000  Stock issued under option plans40,2263,522  Purchase of treasury stock(27,118)(302,099)Net cash provided by financing activities18,1081,423Effect of exchange rate changes on cash(12,492)(6,421)Net change in cash and cash equivalents(47,224)8,725Cash and cash equivalents, beginning of period492,824389,103Cash and cash equivalents, end of period$ 445,600$ 397,828 COVANCE INC.GAAP to Pro Forma ReconciliationQ2 2013(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring and Other CostReduction Activities (1)Other
Items (2)Pro FormaNet revenues$
592,298$
592,298Reimbursable out-of-pocket expenses51,67851,678Total revenues643,976--643,976Costs and expenses:  Cost of revenue419,115419,115  Reimbursable out-of-pocket expenses51,67851,678  Selling, general and administrative90,177(5,428)84,749  Depreciation and amortization31,496(585)30,911Total costs and expenses592,466(6,013)-586,453Income from operations51,5106,013-57,523Other (income) expense, net:  Interest expense, net1,0041,004  Foreign exchange transaction loss, net694694  Gain on sale of investment(707)707-Other (income) expense, net991-7071,698Income before taxes50,5196,013(707)55,825Taxes on income9,5252,071(247)11,349Net income $
40,994$
3,942$
(460)$
44,476Basic earnings per share$
.75$
.07$
(0.01)$
.81Weighted average shares outstanding - basic54,662,09354,662,09354,662,09354,662,093Diluted earnings per share$
.72$
.07$
(0.01)$
.78Weighted average shares outstanding - diluted56,880,11556,880,11556,880,11556,880,115(1) Represents costs incurred to better align capacity to preclinical market demand and reduce overall cost structure.(2) Represents gain on sale of investment. COVANCE INC.GAAP to Pro Forma ReconciliationQ2 2012(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring
Activities (1)Other
Charges (2)Operating Results at Sites in Wind-Down (3)Inclusion of Common Stock Equivalents in Diluted EPS Computation(4)Pro FormaNet revenues$
542,782$
(4,289)$
538,493Reimbursable out-of-pocket expenses42,26342,263Total revenues585,045--(4,289)-580,756Costs and expenses:  Cost of revenue408,198(20,781)(6,939)380,478  Reimbursable out-of-pocket expenses42,26342,263  Selling, general and administrative90,601(8,458)(222)81,921  Depreciation and amortization29,953(1,209)(943)27,801  Goodwill impairment charge17,959(17,959)-Total costs and expenses588,974(9,667)(38,740)(8,104)-532,463(Loss) income from operations(3,929)9,66738,7403,815-48,293Other expense, net:  Interest expense, net940940  Foreign exchange transaction loss, net792792  Impairment of equity investment7,373(7,373)-  Loss on sale of business169-169Other expense, net9,274-(7,373)--1,901(Loss) income before taxes and equity investee earnings(13,203)9,66746,1133,815-46,392Tax (benefit) expense(607)3,1376,3901,069-9,989Equity investee (loss) earnings(81)(81)Net (loss) income $
(12,677)$
,530$
39,723$
2,746$
-$
36,322Basic (loss) earnings per share$
(0.23)$
.12$
.73$
.05$
.67Weighted average shares outstanding - basic54,184,96654,184,96654,184,96654,184,96654,184,966Diluted (loss) earnings per share$
(0.23)$
.12$
.73$
.05$
(0.02)$
.65Weighted average shares outstanding - diluted54,184,96654,184,96654,184,96654,184,9661,500,115(4)55,685,081(1) Represents costs incurred to better align capacity to preclinical market demand and reducecost structure.(2) Consists of inventory impairment ($20,781), goodwill impairment ($17,959) and impairment ofequity investment ($7,373).(3) Represents results of operations at sites where wind-down activities have commenced.(4) Reflects inclusion of impact of common stock equivalents in computation of diluted earningsper share as GAAP loss transitions to Pro Forma income. COVANCE INC.GAAP to Pro Forma ReconciliationYTD Q2 2013(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuringand Other Cost Reduction Activities (1)Other
Items (2)Pro FormaNet revenues$ 1,172,497$ 1,172,497Reimbursable out-of-pocket expenses105,814105,814Total revenues1,278,311--1,278,311Costs and expenses:  Cost of revenue830,459830,459  Reimbursable out-of-pocket expenses105,814105,814  Selling, general and administrative179,396(10,101)169,295  Depreciation and amortization62,881(2,082)60,799Total costs and expenses1,178,550(12,183)-1,166,367Income from operations99,76112,183-111,944Other (income) expense, net:  Interest expense, net1,8751,875  Foreign exchange transaction loss, net1,0291,029  Gain on sale of investments(16,400)16,400-Other (income) expense, net(13,496)-16,4002,904Income before taxes113,25712,183(16,400)109,040Taxes on income24,0973,894(5,746)22,245Net income $
89,160$
8,289$
(10,654)$
86,795Basic earnings per share$
.64$
.15$
(0.20)$
.59Weighted average shares outstanding - basic54,434,56354,434,56354,434,56354,434,563Diluted earnings per share$
.58$
.15$
(0.19)$
.53Weighted average shares outstanding - diluted56,598,93656,598,93656,598,93656,598,936(1) Represents costs incurred to better align capacity to preclinical market demand and reduce overallcost structure.(2) Represents gain on sale of investments. COVANCE INC.GAAP to Pro Forma ReconciliationYTD Q2 2012(Dollars in thousands, except per share data)(UNAUDITED)AdjustmentsGAAP Restructuring Activities (1)Other
Charges (2)Operating Results at Sites in Wind-Down (3)Pro FormaNet revenues$ 1,073,623$
(4,289)$ 1,069,334Reimbursable out-of-pocket expenses85,33085,330Total revenues1,158,953--(4,289)1,154,664Costs and expenses:  Cost of revenue784,658(20,781)(6,939)756,938  Reimbursable out-of-pocket expenses85,33085,330  Selling, general and administrative171,630(8,458)(222)162,950  Depreciation and amortization57,183(1,209)(943)55,031  Goodwill impairment charge17,959(17,959)-Total costs and expenses1,116,760(9,667)(38,740)(8,104)1,060,249(Loss) income from operations42,1939,66738,7403,81594,415Other expense, net:  Interest expense, net1,4331,433  Foreign exchange transaction loss, net1,0201,020  Impairment of equity investment7,373(7,373)-  Loss on sale of business169169Other expense, net9,995-(7,373)-2,622Income before taxes and equity investee earnings32,1989,66746,1133,81591,793Tax (benefit) expense9,2003,1376,3901,06919,796Equity investee (loss) earnings1717Net income $
23,015$
,530$
39,723$
2,746$
72,014Basic earnings per share$
.41$
.12$
.71$
.05$
.29Weighted average shares outstanding - basic55,965,41055,965,41055,965,41055,965,41055,965,410Diluted earnings per share$
.40$
.11$
.69$
.05$
.25Weighted average shares outstanding - diluted57,456,15457,456,15457,456,15457,456,15457,456,154(1) Represents costs incurred to better align capacity to preclinical market demand and reduce coststructure.(2) Consists of inventory impairment ($20,781), goodwill impairment ($17,959) and impairment of equity investment ($7,373).(3) Represents results of operations at sites where wind-down activities have commenced.


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(Date:6/24/2016)...  Arkis BioSciences, a leading innovator in the ... cerebrospinal fluid treatments, today announced it has secured ... led by Innova Memphis, followed by Angel Capital ... Arkis, new financing will accelerate the commercialization of ... of its in-licensed Endexo® technology. ...
(Date:6/23/2016)... 23, 2016 Research and Markets has ... - Forecast to 2022" report to their offering. ... for the patients with kidney failure, it replaces the function ... the patient,s blood and thus the treatment helps to keep ... in balance. Increasing number of ESRD patients ...
(Date:6/23/2016)... 23, 2016 Research and Markets ... Market by Type (Organic Chemical (Sugar, Petrochemical, Glycerin), Inorganic ... Coating, Parenteral) - Global Forecast to 2021" report ... The global pharmaceutical excipients market is projected to ... of 6.1% in the forecast period 2016 to 2021. ...
Breaking Medicine Technology:
(Date:6/24/2016)... ... June 24, 2016 , ... Dr. ... accelerated orthodontic treatment. Dr. Cheng has extensive experience with all areas of orthodontics, ... and accelerated osteogenic orthodontics. , Micro-osteoperforation is a revolutionary adjunct to orthodontic ...
(Date:6/24/2016)... ... ... makers of Topricin and MyPainAway Pain Relief Products, join The ‘Business for a Fair Minimum ... by 2020 and then adjusting it yearly to increase at the same rate as the ... wage floor does not erode again, and make future increases more predictable. , The company ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... the Clinical Decision Making in Emergency Medicine conference in Ponte Vedra Beach, FL. ... articles published in Emergency Medicine Practice and Pediatric Emergency Medicine Practice. ...
(Date:6/24/2016)... ... June 24, 2016 , ... Puradigm® & Innovative Solutions ... initiated cultivation and processing operations at its production facility, and opened its first ... is the manufacturer of a complete system of proactive air and surface purification ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... National recruitment ... a life sciences executive with extensive sequencing and genomics experience, as Vice President of ... position, Ms. Hill will be responsible for leading the sales team in the commercialization ...
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