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Covance Reports First Quarter Net Revenue Growth Of 9.3% To $580 Million, Pro Forma EPS Of $0.75 And Adjusted Net Orders Of $716 Million
Date:5/1/2013

$72.4

17.1%Operating Margin, excluding items

22.8%

22.7%The Late-Stage Development segment includes central laboratory, Phase IIb-IV clinical development, and market access services.  Net revenues for the first quarter of 2013 grew 16.8% year-on-year to $372.9 million, a sequential increase of $28.2 million from the fourth quarter level. In the quarter, foreign exchange favorably impacted revenue growth by 10 basis points. Year-over-year growth was driven by 20% growth in central laboratories and 18% growth in clinical development on a significantly higher level of activity, which more than offset a decline in our market access services. Sequentially, all three service areas grew, led by clinical development, then central laboratory, and market access services.

Operating income for the first quarter was $82.9 million on a GAAP basis and included $1.9 million in costs associated with our ongoing restructuring actions.  On a pro forma basis, operating income was $84.8 million, up 17.1% year-over-year and $11.5 million sequentially from the $73.4 million delivered last quarter. Pro forma operating margins expanded to 22.8% for the first quarter of 2013, up from 21.3% last quarter and 22.7% in the first quarter of 2012. 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. Sequentially, margins expanded in all three service areas, and also included a slight reduction in IT operating expense.

Corporate InformationDuring the quarter ended March 31, 2013 the company sold its investment in BioClinica, Inc. for cash proceeds of $17.1 million and recorded a gain of $15.7 million. 

The company reported first quarter adjusted net orders of $716 million. Backlog at March 31, 2013 was $6.61 billion compared to $6.64 billion at December 31, 2012 and $6.28 billion at March 31, 2012. Foreign exchange neg
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