Icon, which provides services to the pharmaceutical, biotechnology and medical device industries, says its net revenue for the second quarter rose by 2% from a year earlier to $225m.
But net profits fell from $23.9m a year earlier to $19.9m. This was mainly due to losses of around $4.6m at its central lab business and another $3m of once-off costs, mainly linked to cost-cutting measures.
'Our clinical business had another solid quarter and gross new business awards were in line with expectations at $317m and net bookings were $225m,' said CEO Peter Gray.
But he said a growing backlog of work for its central lab did not convert to revenue as quickly as Icon had forecast.
'Overall, ICON remains in a strong position and continues to invest in its business in order to benefit from the opportunities that are arising as our customers transition to new development models,' Mr Gray said.
