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PPD Q4 Adj. EPS $0.33, Sales $1.047B

Fourth Quarter 2019 Results Revenue for the three months ended December 31, 2019 increased by 7.0% to $1,046.9 million, compared to $978.6 million for the three months ended December 31, 2018. For the three months

Benzinga · 03/04/2020 21:02

Fourth Quarter 2019 Results

Revenue for the three months ended December 31, 2019 increased by 7.0% to $1,046.9 million, compared to $978.6 million for the three months ended December 31, 2018.

For the three months ended December 31, 2019, Clinical Development Services segment revenue of $657.7 million grew 4.4% and Laboratory Services segment revenue of $161.0 million grew 22.2%, resulting in segment revenues of $818.7 million and growth of 7.5% over the same period of the prior year. Other revenue not allocated to segments, which includes third party pass-through and out-of-pocket revenue, was $228.2 million for the three months ended December 31, 2019, compared to $216.7 million for the same period of the prior year.

Net income attributable to common stockholders for the three months ended December 31, 2019 was $6.8 million, or $0.02 per diluted share, compared to $36.6 million, or $0.13 per diluted share, for the three months ended December 31, 2018. Adjusted net income for the three months ended December 31, 2019 was $92.2 million, or $0.33 per diluted share, compared to adjusted net income of $75.8 million, or $0.27 per diluted share, for the three months ended December 31, 2018.

Adjusted EBITDA for the three months ended December 31, 2019 was $213.6 million, compared to $212.9 million for the three months ended December 31, 2018.

Important disclosures about and reconciliations of non-GAAP measures to their most directly comparable GAAP measures, including segment revenues, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA are provided below in this press release.