Clinical research group Icon has reported strong increases in sales and profits for the second quarter of this year. It has also raised its outlook for the full year.
Net profits in the quarter were $1.8m, up from $13.3m in the same period a year ago, while revenues jumped by almost 50% to $218.3m. Icon's operating margin in the quarter also moved up, from 10.9% to 11.2%. Earnings per share were 62 cents.
Icon won $337m worth of new business in the quarter. CEO Peter Gray said strong demand for its services had led it to increase its revenue forecast for the full year to $870m to $890m, while it now expects earnings per share of $2.46 to $2.52.
Icon provides services to the pharmaceutical, biotechnology and medical devices sectors.
