Clincial research group ICON says its income from operations rose by 17% to $116m for the year ending December 2009 after what the company called a challenging year.
Income from operations in the fourth quarter increased by 12% to $29.6m for the last quarter of the year compared to the same time the previous year.
Revenues for the year increased by 3% to $888m, with fourth quarter revenues up 3% to $227m compared to the same quarter in 2008.
The company, which provides outsourced development services to the pharmaceutical, biotechnology, and medical devices industries, said that full year diluted earnings rose by 18% to $1.53. Diluted earnings per share for the fourth quarter rose by 14% to 40 cents.
'With out backlog at $1.84 billion and with a strong balance sheet, we have entered 2010 in a good position,' commented ICON's CEO Peter Gray.
'While external factors remain challenging, and many governments are endeavouring to reduce healthcare costs, including pharmaceutical prices, we remain positive, though cautious, as 2010 commences,' he added.
