ICON Public Limited (ICLR) 22 Oct 202020 Q3 Earnings call transcript

Company Profile

Participants

Jonathan Curtain	VP Corporate Finance & IR
Steve Cutler	CEO
Brendan Brennan	CFO
David Windley	Jefferies
Patrick Donnelly	Citigroup
Elizabeth Anderson	Evercore
Robert Jones	Goldman Sachs
George Hill	Deutsche Bank
Erin Wright	Credit Suisse
Dan Leonard	Wells Fargo
Eric Coldwell	Baird
Jack Meehan	Nephron
Sandy Draper	SunTrust
Dan Brennan	UBS
Juan Avendano	Bank of America
Tycho Peterson	JPMorgan

Call transcript

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Operator

Ladies and gentlemen, thank you for passing by. And welcome to the ICON plc Q3 2020 Earnings Conference Call. [Operator Instructions] I would like to note that this call is recorded today, Thursday the 22nd of October 2020. I would now like to hand over to your first speaker today, Mr. Jonathan Curtain. sir. ahead, go Please

Jonathan Curtain

Certain Mr. business, and have and Good today’s would on and are quarter-end current webcast this from results like Also forward-looking today, due Brennan. in XXth, currently Tracey. for expectations Cutler of call that Thank uncertainties statements website implied call. Actual are there statements. slides joining that cautioned will XXXX. Steve materially we risks call the guarantees us including or download These forward-looking Brendan statements call based by call stated are and to those on today’s note future statements listeners be statements our economic and this I on CEO performance. not day, CFO available, are our you, is that Dr. current conditions. differ gentlemen. the forward-looking and industry on to ladies you to company’s September our of management’s available may information and Thank associated to covering accompany the with

otherwise. forward-looking the or Forward-looking do company. measures. presentation uncertainties statements statements information This the financial a obligation information, undertake and as More are update that either reports these to not statements, any events publicly by forward-looking any result made and filed about selected may of to the in relating risks they the as date SEC are only new be we found future includes non-GAAP of

statement headed operations statements please directly GAAP measures, release to of U.S. refer the of most presentation press consolidated the comparable a GAAP unaudited. For condensed financial

call useful call substitute is to an superior over like each, comparable one not are believe measures, investors and purposes. limiting ask historical the to measures the ask CFO, Mr. Brendan would to for comparison opportunity to more for question. I now keep certain the therefore be GAAP with participants non-GAAP We’ll their financial follow-up to hour or one hand Brennan. today we non-GAAP a information to would related to to questions our While one

Brendan Brennan

three, were In and quarter worth quarter Consequently, Jonathan. in resulting recorded of awards in record the million net million, business net $XXX you, book-to-bill of wins Thank $X.X a achieved cancellations. we a billion a of $XXX X.XXx. gross

the quarter these increase $X.X a grew quarter $XXX.X awards, of an a constant This two. Revenue increase of represented by of a Sequentially, With addition increased X.X% or year-on-year in new our X.X% from on revenue to backlog currency year-on-year XX.X% billion. million. three XX.X%. represented was This basis.

quarter Our of represented XX.X% for top quarter XX.X% revenue XXXX. the customer in compared three with an

to Our of quarter of top revenue compared five represented XX.X% year’s. XX.X% three customers last

our last XX XX.X% margin while Our was and last to represented Gross XX.X% year in the XX quarter in same represented to year. XX.X% top compared XX.X% quarter comparable XX.X% number year. top compared XX.X% quarter compared last the for three year, last XX.X% the to

accounts million receivable for quarter $X.XX quarter. was three year. and and compared cash XXXX. million. Our comparable net of operating In sales million. Net last a per balance This margin period share was quarter compares per and and SG&A XXXX. quarter $XXX.X last September net end in to million Cash were Capital diluted net with XX% of June, to $XXX XXth, to share year. compares third Operating a Net the was equating income company revenue million million, for had a expenditure comparable of million three, the of This comparable September at XX This were at days compares XX.X%, $XXX.X at cash quarter the with XXXX, of the XXth basis, quarter compared XXXX. September was outstanding comparative of effective million, net compared at activities generation $X.XX The quarter rate receivable a to tax quarter in $X two the XXth, day’s million group $XXX and of $XXX of a $X leaving net days $XX.X attributable to recorded XXXX. of quarter XXXX. $XXX of a September $XXX.X XXth, the XX.X%. interest million. a last This debt XX.X% quarter the was the of at last On million, quarter $XXX XX million margin in June was of in $X.XX. balance $XXX.X to year. growth XXXX cash quarter income and balance the a of September, accounts at earnings earnings XX a as for in a of XX% during expense XX.X% at and the which June end This days XXth, XXXX last cash was from of XX.X% XX.X% for the in the the

ICON quarter, draw the of over also $XXX I’d drawdown December XXXX. placed private and of year to blended five three over maturing current senior This like the of coincide at notes senior that the With the notes call the will down been rates the December all During maturity XXth, in compared refinancing a successfully said, X.XX% hand of to successful X.XX%. tenures to private of million on competed now XXXX. rate funds placement placement delayed existing the Steve. transaction of of amended have with The

Steve Cutler

$XXX million XXXX. gives build book-to-bills awards to firm doing able $X.X year-over-year representing billion. In backlog positive levels ICON. of by morning and X.XX of with conjunction we gross related quarter we billion a good industry record booked upon our This the Driven and and net respectively. grow $X.X and an to you opportunities, to and challenges continuing X.XX foundation by of quarter Despite Brendan, brought us were so, all. XX% ability win overall next in into COVID-XX COVID-XX, our you, on demand by excellent Thank was to market to for this

have delivered up end impacted around $X.XX from quarter, a million made revenue XX% improvement in During at at went seeing COVID earnings with quarter of week substantial a two. last return some quarter sites The degree. business consistent continues to XX% medium approximately sites of remain to per are we X% on And this on as recovery We are environment. $XXX conditions but our of clear quarter. pleased continue normal the with about two. challenges recovery. more responded over continue improvement to of test quarter remains with well and the will the to over same trial the we industry per our share X% confident improvement trial sequential these strong XX% XX over progress term. The relevant the reopen, performance impacted remaining the to we our A to clinical mirrors financial XX% the in in we

initiations patient albeit the involvement levels above remain our during recruitment size that strong pre-COVID addition, impacting quarter, with COVID from with materially trial overall In performance.

work short While quickly. back influence in impact, our we getting understanding metrics have these business on be improve and recovery be especially winning wave to to amounts term. projects COVID it risk expecting running and urgent substantial to continue The of successful that on indicators the non-COVID prioritize these before will that steadily are a up we the pre-pandemic trials well our and positive this second to Sponsors so work. to in continue we get levels trial important of XXXX continue to these continue is COVID into

from this to the of and portfolios threat as sectors. mobilized apply differentiated opportunities dedication term address clinical Excellence company ICON’s strength well the than of was are COVID-XX the and However, for that this recognition awarded private continue ICON work the and progress the a ICON more in oversight Organization” government therapeutic to team important lessons vaccine Industry our the medium more February, therapeutic the ICON development reward rebalance month, hard COVID-XX traditional returns to global Early over its “Best our in and the Research at trials safety on area. placed providing has XXX This spending Clinical area. and and both Vaccines we and monitoring this Awards. Vaccine is continued critically priorities, pandemic Since emphasizes resources

budgeting planned study for process. our been of up leverage contracting at-home patients Care’s delay. for thereby of broadening start care trial which stages on improve Care achieve the including impact benefit The a our ability the dedicated network key are of trials addition, quality, In through access global source accelerating many and site has trials otherwise a and during faster improve COVID of Acella patient of Research, is engagement and can can and crucial customers teams leading we had to be Symphony This provider management patients to trials. disrupted our been our able trial integrated approach efficiencies to with better ICONs Clinical compliance. trials. the support being Acella clinical for customers ongoing substantial COVID-XX in central centric with global and process delayed. a to outbreak gained accessibility trial increased timeline conduct investigators, nursing, With Combined

the efficient important it innovated to over move and The of with has be RIP, created As to trials opportunity the monitoring the minimise I COVID-XX to trials fundamentally faster impact has many are pandemic to us clinical and to it solutions and CROs demand more the the believe became flexible to pandemic. the conducted towards look artificial opportunity reliance by for went industry emerged. of will has clinical on learning change help and be an market on accelerate this alternative monitoring for accelerate in technology based the areas monitoring to onsite the environment and and and the adoption will The monitoring approaches overtime, the COVID, approach order at to more in model way sponsors particular, pandemic effectively. cost using going presented provide monitored remote more these more review allow forward. more it in highlighted agile data the machine process. brought a will which need changes and compounds other in In traditional And intelligence.

may the our in opportunities present challenges the particular This pandemic robust and any as to Brendan that us three, As earlier, customer to to hoping M&A the further remain quarter confirming and of over our well and sheet well-placed cash our face near medium terms. advantage positions discussed best maintain as leaves of base take collection industry. strength future balance in the

a XXXX in to of quarter four our give call guidance, $X.XX XXXX guidance of guidance end Going forward, to $X.XX $X.XX billion from we $X.XX billion. as increasing this a of range of to year, range billion the at earnings to $X to billion And are full-year to range At we to $X.XX. are this earnings $X.XX from $X.XX look stage, only of we a not our our planning revenue range to on February.

would hardworking I to employees. the understanding the Finally, employees over all dedicated we achieve flexibility and their and our past all resilience, are like of months. thank at eight At for high our ICON

during focus for we and remains Thank protecting deliver And their as safety you, wellbeing undertake our pandemic ready we’re well now this work as of on everyone. behalf important on continuing the customers. Our to questions.

Operator

question of [Operator Instructions] you. the Thank Windley Jefferies. first today David line comes from from Your

David Windley

mentioned my we term or kind the Good involvement Thanks us to good of of that Hi, think you for afternoon, in work But public so you the expecting of on the the we and kind I these those work. work how year of guess, that is of as COVID of fully COVID when question. into remarks your your public, your of Can in update. to to kind the the non-COVID and you don’t dates to or report see book medium over needs morning. ramp-up? system work know for relates I you trial cycling taking better dates. it the that recovery do got dates there’s that then guys. going non-COVID of to current prepared are give companies the of Steve, out a happen CROs weaning sense you duration understand and outside next

Steve Cutler

on to about internally, talk on basis. a And a be regular we at definitive think hard question moment. the that I too a That’s it’s it’s Dave, little Yes.

vaccine a desire and are to continued give I work suppose. that it or out And is much a scenarios presumably, is ongoing COVID a and out. looking will continued than the there partially a vaccine, other this trials near-term the of will is we’ll vaccine. find more exceptionally that one. I be that get possibly could but or in effective both moment, trial winds and that decreases the need likely be effective number is pan the more think that the are authorities a find for effective And there’ll a at more be and the what there pan more One the treatment think is I a ongoing

the I going of years. work couple from the So, continue COVID is perspective for believe to next probably a

And I we’re think of the that’s way the most it that’s likely at scenario. moment. thinking the

And about the vaccine of a couple work going next so, then the the need a we’ll as go to in part our lot think vaccine as trials playing we COVID and there’s for be at to of be certainly say think we’re that a part lots moment. years, continuing I of trials of I that number

that scenario largely non-COVID see patient that are back in I certainly we recruitment I the availability of impact of out. of stuff having potential than increasing that my comes terms has on upon as impact number well. we as we we’re course the the pre-pandemic. in pans you the Northern lower an way as indicated virus On an work COVID comments, we improving used and think depend had And the investigated the yes et it’ll of of hemisphere sites as with indicated, And but some the Because the do will on were in where that in a fall, the see work how and cetera. COVID we’ve reemergence

pre-pandemic hate back whether work to it that different our the out it’d looking looking the more business I term from to will be good and to work point-of-view, But I coming scenarios. point I levels. So, similarly think or medium and continue strong is but think and non-COVID COVID

in scenario either reasonably us. it think strong, good for reasonably looks I

David Windley

Got it, I that. appreciate

you of site talked So, the for relatedly reopenings. follow-up consistent about comes my relatively pace

certainly some as regional call think week we a related like to avoid is some X% to today summer, through midpoint data. we four I’m just infection we’re I in you that week. regional Can a earlier slowing some fall? that wondering maybe two that have in about in hearing case spikes see or maybe sounds of essentially X% seen the when, and like proceeding. and view how you and And do it is it and to something it shutdowns proceed flaring X% like seeing players more the

Steve Cutler

have of certainly it some Yes. it the seen sort see in certainly curve, We symbolic slowing as as the the approaches top, we is reopening, slowing.

as the even with back current reason making I XXXX. for don’t to all that. our full thoughts And And to into see still progress so, getting for we we’re us That’s the there’s opened think that until a say well reasons expectation. is number of

happened, virus think players that. I have reemergence concerned of are these as you the people would note about the

I think sites. travelling still we’re about seeing some to concerned patients

COVID there’s that’s element these these of think of in an some their of are capacity a sites also away. I largescale trials number involved taken

So, element there’s an there.

And compared do we’re to So, but certainly but not I’ll where to moving like it’s months of were seeing that slowing zero. and or we it’s no a months be next see a even couple outbreak half assuming levels. we expect forward expect pre-pandemic we multifactorial us be ago of to major thoughts continued back consuming year we’ll we that’s progress XX that outside the next do within and to so, we’ll first again, certainly by are

David Windley

appreciate Thank I the you. answers.

Steve Cutler

Good.

Operator

Thank you.

comes question next line from from Patrick the Citigroup. Donnelly of Your

Patrick Donnelly

So, just thanks. just called quarter. Maybe is out in that are. the where we vaccine bookings know you you on you the just XQ have in the Great, bookings, presence again? of given that like on terms COVID last percentage how it about good COVID trend above but I pretty XX% wondering talk Can side guys feel

Steve Cutler

was percentages ahead where to slow. was going little were a –- Only we into but probably we’re I’m be, was to of would a QX Yes, it that. going not Patrick. it certainly bit and of in specific further –- get It sort not

like in good we in proportion be bookings our proportion from as that’s quarter into It So, QX. an had point-of-view. a revenues a wasn’t will of go it you from And trend we more huge know COVID a new increasing but of will revenue that that QX QX. into

least part QX. was at business new it and our wins. of we good were so, ahead a where substantial a And And of par at

Patrick Donnelly

in work back top margin the normalizing be on can back, on last guys spend COVID maybe I earlier then talked that, you quarter then control or the margin this of any relative profile to And half. in put place the you cost know And about just trials any talk over some measures Coming the we of the should of through about difference Okay. next year other thinking side, you year. so?

Brendan Brennan

it's must I Patrick, take here. those. of get Hey a and Brendan crack

we're moderated finished Certainly done structure being Thanks In work of we is cost had were the more fees' most course here, terms as normalization QX. to to for cost of the out of think normal. I of we fact the broadening remotely back now. our were

have people the many it of with most We've pieces. required where of persist with they over done and would a care control So, on And from will probably so, impact of have any that. perspective. four, those that have -- that anything we And shouldn’t or progress the that’s taken margin dealt as want specific we allowance say past. cost hold now. issues the also kind into kind just we those quarter the way in to of I'll COVID effect QX been fees' have been into the

your I think the question around that piece, margin on second the piece profiles.

to on is and And as think trial. the we calls what of do gross yes on there proportional on the through margin your have other of on obviously basis, cost I elements detrimental be I total see margin. we have see that fixed therefore, vaccine past trials I impact the cost is expect would revenue will this which and and we more revenue the fixed that a or would

to as impact. thinking be We on of most very decent trajectory these four that a suppose going proportion will these it's see the part the an couple we'll in challenges With is of because have obviously that quarters our the revenue that still we've to so larger. next and earnings of over much, said, terms one part of I growth. so, the think outlined with fourth of be that And I quarter EPS growth. EPS our in And

Patrick Donnelly

thanks helpful, really That's Brendan.

Operator

you. Thank

comes next from of from the Anderson line Elizabeth question Your Evercore.

Elizabeth Anderson

or of for through up of next in think of 'XX? have that on how of question Hi sort for rates and And were. just question. today's kind in, one that I a thanks of kind the make the you cancellation there difference a is And of facts cancellations then on question on guys, flows quarter broadly speaking through. terms for

Steve Cutler

Yes. I were. cancellations any don’t think in sort seen we've issue around particular we of to unique seeing fact trend

do we yes yes patients a a revenues what see short projecting that the think it's has of it's I time so is number the its, challenges. relatively et period of large resourcing cetera, in and

Now, that’s that's do, competence. what cool we our

believe something work it good And the our we will and so, seriously we're does we take we which do how we it. that it's period more some at the time certainly which and challenges material do in has work on terms burns business. rate at the very have of impact obviously of that and But the quickly pretty

sort that. around sort of picture We any would see any the think of on So, differences like these unique large of trials vaccine issue I of and that anything or front. that be don’t cancellations more the sort

Elizabeth Anderson

versus looking you're capital sort of thinking cash potential change say you enviable at into balancing XXXX? in point, are that you say How for a M&A a move you know, how deployment as at as repurchases about we say on, market. the helpful. that's And very position Okay, are guys that share is I on that things this

Steve Cutler

will that's on we point And number appropriate been will clear continue, our at -- capital a that around And us market. the what be sort there as on the see to our we we'll opportunistic to the and continue year on systems and I'll we is And that's our for we've business. get is to home do of the essentially and market M&A about we've that we've pretty share That opportunities deployment focused shares of affix And on we building our continue of an in effectively where like doing we there opportunities Things our commit best million to our set that the we we jump where in into a benefit and for focus -- care to moment each ongoing for deploy have quarter. and on very that can this allows terms established But M&A believe that. we've to our are buyback capital up priority release. what much this that that M&A, buyback, organization. number. priority JV basis. that's out area

Elizabeth Anderson

you. helpful, That's thank very

Steve Cutler

Okay.

Operator

Thank you.

line of next comes Goldman Sachs. Jones Robert the Your from question from

Robert Jones

seems questions. be around one this dynamic pass the thanks related dynamics Great, pronounced COVID of the given you for And for the to maybe some work. Brendan, more on that through

as your that you of through pass anything of year? throughs next anything you're XQ quarter normal One could thinking pass and see have much and seeing actually discussed the trial. about your similar impacted how times for or can peers you share XX throughs maybe pass how you Are on to a relative

Brendan Brennan

Yes margin as those That where all the really this our in have compared profile the our said, through. numbers impact in of quantum our a in-line two seen obviously certainly of year. shift our last the it didn’t probably when although year-to-date vaccine think work have these in well that's the we've And five impact like in large our but times spoken It is mix don’t an an of quarter. we've terms Bob, our and we pass I probably And the to visible in aspect experience through that of had really maybe think I about more revenue. in our experience. past. hasn’t share to it's range something moment of pass been in of certainly relevance seen certainly with

of through that certainly see as see QX do that trials very a a through And But kind coming days Steve So, margin consequence. and fast. we margin we where on these of these for outlined pass XXXX is will of more knock as gross said more this as I with and might issue of as have that the lower are nature early into an profile.

And it a difficult and be little so, will forecast. to

doing our we far in terms and we'll putting you be as the sense really that outlined between making the thinking to of job hold. our So, that view need a now sure call guidance at how Steve best at QX to makes

Robert Jones

I guess that maybe a follow-up just on point.

least peers to for at one I think In or are this giving your point they typically at guidance been you've about of fell in of recently like getting, year year guidance. January, position growth. thinking were in midteens give the a type next

pushed So, and then obviously Any and it's with a given hairs if in more maybe just wise thoughts average just year the and earlier? it's splitting February CRO going of and work obviously look next than not just how around on early could timing segments COVID call the XQ why but growth all why the out. bit

Steve Cutler

Steve, Robert. it's Yes,

no about We you give XXXX. sort flavor positive see momentum question into to comment XXXX; of some me that. Let going for some

strong book-to-bills been continue and quarters. an pandemic of that biotech in see seem impact have We've add and to able environment, very seem the last have pandemic. business win The couple on. add hasn’t that's major area more Our the to to to Even been a we despite there. really solid funding hasn’t funding over the

there. continued as we're in has RFP well opportunities more we're certainly space seeing in continued been improvement large the year-over-year seeing single the frame but development strong, digit and in growth Our some environment higher even biotech

COVID that environment for I think call, So, overall strong continue. been positive we as said to as a earlier The are the performance play into pretty will opportunities XXXX. see us the going in in and business I've

it's drop to first see through just the cliff don’t trials. as I of think more off work. we of get to we're think these going going I sort tranche

differentiation gives I terms done the in to think I so our terms the that be us there'll all there, we can think of of well in opportunity experience. for be vaccine provide more work and

and ahead into fall. guidance, and we're that in But know. the strong challenges time. the the not so we issue any to. There and referred with all ready sort rolls has So, reemerging it's as positive. site looking looking potential we're virus been potentially real and guidance as slowdown point wins at head ready get And is of I are that you of of to sense this reopening mean, not

back we're time I not are through definitive next sites make to to we four clinical time opportunities these assessment I quite pushed the our market it's potential need we to think to we all coming are in But we we in out we in think we'll usually and ready three to February. to how that go success be all going assess in trial play all months earlier for what going that see not through, Because moved what everyone see only That's year, are for vaccines including what the as And guidance of positive but the have market. terms coming to we have back months and to do through. give is pushed think need to vaccine. trials have a the the from that January environment.

that, be. for going apology an it's to way owe that's may we So, the

it's competitors of think that's there, our done have interesting I some the differently. choice. But

Robert Jones

you. thank fair, That's

Steve Cutler

Okay.

Operator

Thank you.

Bank. from the comes question next from line George of Your Hill Deutsche

George Hill

Hey, just digging we think therapeutics the guys. about any guess little could between good the you there talk implications demand was and trials COVID, talk the morning about I Steve, into thanks if And vaccine for for bit wondering taking related question. kind pricing a there are split demand the should an I guess, this or trials. related can margin of about for two? you and I

Steve Cutler

in in that doing both. larger The George, vaccine are burn much to split. higher. terms give Yes. size we're definitively revenue is vaccine I'm obviously trials contract even of not terms rate you talking of the patients,

more a number probably impact number of them. work patients different are so, it probably little essentially will the these volunteers. XXs then on now Even around data trials than the We And an on numbers have quarterly XXXXs goes larger path of our healthy a be full XXXs very rather are of smaller, of treatment is the there they there of patients. And trials. of that than call large our with bit we're characteristics to a stretch -- But trials. And they a patients, is of patients they're substantial. because vaccine in that tend

trials finances, point-of-view, operationally in terms that the -- I right don’t well more -- both terms of we don’t in material doing hand. have they're are because vaccine important. data -- from of us at I to So, certainly have We're the

fairly and evenly of numbers trials, split the contract are terms of terms revenues, and of point. values think the more it's us this at vaccine large substantially I substantially In to materially in But trials at moment.

George Hill

I Okay. have could just follow-up. if And quick a maybe

Given on meaningfully are looking forward you clients that with as anything cancel to it kind seeing or trials? what the the are to press COVID relates cancellation or everybody's focus guys in rate work, of different

Steve Cutler

George. this been that on normally cancellation out rate third our is answer of sure A has "No" no, quarter much was of see not, cancellations any sort We're what with seeing these differences pretty the not the trials. we're in it's line we -- of

George Hill

thank Okay, you.

Operator

you. Thank

John next comes Kreger. from of Your question the line

Unidentified Analyst

Thank time. Hi Kaufman you the this on for Jon is good morning, for Kreger.

of a phase become. they couple from a to is your regulators virtual are percentage Is conduct has what now you. willing more source experience more to pharma factors to for led of are how or of large prevent pandemic the understanding its the I trials shift is more to during virtual experience Are thinking years piloting with Just that virtual trials Thank moving believe you still virtual now. a the trials, larger to virtual you their in outlook board guess actually that that sponsors manner. early trial been And trials that the about historically model. have more for the on a a

Steve Cutler

Yes, take that's to one or probably answer big that Jon. do couple minutes. could I a day in I'll but of question, a a two to try

And moving conservatism think is of is to virtual an sort what answer trials. this relate the you I the do fact industry. short within they know element against of our

the is certainly that's think I case.

the or virtual regulators trial drug you we up question we hasn’t been not that get answer more well with the of well a market And how the XXX% get virtual or yet. which is all when board think necessarily certainly on happened the as trial decentralized trial a now have is which did propose and basis do. I we on the till

And so, point-of-view. that's we'll completely and from understandable sponsor revert our

people element submissions be accommodating an that next to highly that over in said always to and who say Is challenges. papers understanding sure we some years are of industry data the the who regulators one think and that are Because data lead seen I writing the that challenges then and at at obviously make white happens. As and make in that validate and then phase I'm the of thing those top needs the verify sure something with the of the the call auditors Having quickly always there. the going during that, move patients concerned, the safe receive through play the there's it's couple industries we certainly be are pandemic, manner. far faced as very to and into actually And efficient different. have realistically we've do to very regulated a

certainly industry overt an front. much that validating with that So, think is will the accommodating the see remote from to But pivoted to I the and output some continue And there on how approach. regulators has guidance very positives respect element we and positive be and more orientated. is certainly that been more that of

at over business Pre-pandemic look we've our to trials of alludes own of off all of sort going essentially terms visits its that months sign and In shift monitoring as virtual. six here. or way seismic last visits eight were about the forward, the are being X% I in seen monitored

visits technology was but a associated those the think height that Well, are we with through we're recover, the as overstatement moment an telephone to very that’s it's gone probably the floor because of XX%. at includes And little come visits sorts the really remote XX% visits bit outside to effectively. has things. that still virtual. pandemic, I of and very these a quickly being of to started about flipped But probably those come of of and the business the During that about down of that doing and will lot

really back do medical now place remotely almost to to and cases either So, stay makes our from demand decentralized extremely right and to in all And And a systems we able now that. ensure think trials. But the to for a much And for it treatment at services busy trials decentralized that are the more is as more many also we're evaluate our to And be is get a seen home able patients sites a records they I we're offering in we're pre-pandemic. Symphony going the in buyer efficient happening, trial homes and clinical you process. a if virtual just they right in is where were that ever the The get trial unprecedented and many they move in fantastic really well. will like XX it those it's remote our care is don’t go into we've been that playing mark monitoring towards to move much attention. point-of-view. having now,

it's more your going think to answer silver things. challenge is a much So, always I one towards which a these short trial them there's of with now pandemic a think environment all -- move clinical but linings that us more faster. up I significant and is And is effective as of is be to been to help the the question

Unidentified Analyst

appreciate much it. you, Thank

Operator

Thank you.

Your Erin line Suisse. next comes question the of from from Wright Credit

Erin Wright

Well, thanks.

be that RFP you trends second that'd sort of I clarify, that fundamental improving And single you here. digit Lab I question. this the assume could highlighted question. is business across excluding just related metrics do to your I work, if I Is And I several for of this is have Central high mentioned COVID Thanks. and gaining to great. in You much is environment, in see here. previous then, a momentum a believe want

Steve Cutler

In we're that number. of terms number. our that a And that high bit in COVID everything these yes bounce in year work, numbers around but full including then does certainly the digit include single sort

of biotech some I seen increased, small we've government. pharma the as midsized mentioned think I that being funded by

know, government now even from I funding terms XX time come trial the some now sort trials the in mid-sized what we've Everyone understands our allocated these of of about first interested do my all government. in you small is, in mother patents for really years. As of clinical that to understands the or and what extremely the that

in reading everyone are Everyone that's as Everyone Times. of they have trials So the New suppose I societies. weighing pages understands, on like what's York it front of knows I clinical never really. seen anything happening.

think understand. hope playing I I helps. that. that you certainly that's So, into And

Erin Wright

you Central my Lab. see And if --. trends yes. just questions on could second And between Right,

Steve Cutler

And make do Central the Brendan, like sure you want attend the site to Lab to yes. now servings, on

Brendan Brennan

Yes.

performance. kind we've COVID on very well. that's And been big a but and well. doing are Now with been of the been indeed our there has Labs happy been trending their well. that others been And Obviously advances writing well they clinical that's then a and have doing We're very work. of as well, run have that a they've really seen story labs as the I've certainly Central heard, contents

that you think works the the much course them front. COVID So, the certainly helping tailwind I helped year. they've it strong during the has for it's to of the of say if like And very performance been a by fair

in for looking news So very into hopefully a and well world yes, good XXXX. them

Erin Wright

say? you Is would that double digits, going

Steve Cutler

of Well, up the situation back now ballpark very delayed really what were strong the good, in I course so, we strength in have were the quite is we're enough in. is not really same lot it's and because going QX coming you the its coming say of QX. where and closed it's units know samples of a lot

certainly are dated back in So, spectrum across because the it of here our think of getting COVID of the excluding year-over-year trials year-to-date helping as in rest COVID the organization. delays track across on I But sample we're still at the and have samples coming down the work. it's work,

And so level and QX. certainly seeing their overall strong business already the with top very been QX profile performance we're not business in in has back starting overall rate but the line at them into and ramp

Erin Wright

you. great, Okay thank

Operator

you. Thank

line question next Your Leonard from of Dan Wells comes the from Fargo.

Dan Leonard

you. thank Hi,

growth maintains first could trial limit comment above the traditional beyond can work XXXX resumes. in So on into you growth work might clinical COVID suggest? that a and there your capacity what scenario others industry question, and Are backlog and bottlenecks where any trial

Steve Cutler

mean the at You capacity level? site

Dan Leonard

Yes, Patient sites, patient to cetera. exactly. et

Steve Cutler

network and we new or Yes. dedicated don’t -- the trials. dedicated That may network the point-of-view. or care less again bring course up I'd to be on and that more we insight of execute train of at-home clinical that we investigator from think have sites have investigators our concerns mean and brings Acella that to Care fore around an immediate any capacity to I need the to our sort more

and And COVID I to line to that so, we the are we in to COVID a if execute our we capacity and ready it because Certainly But of actual do we on able be think constraint. have investigator see XX my these in that certainly to it this. doing which incredibly work would these some say of on that go work is nothing been short there, commented of industry very that sight constraints say straight this been to we make then get networked of to. at it won't be have trials speed work unprecedented. up I we'd the accommodating taking able and have sites previous on think COVID notice moving sites calls this like I'd on in as years I've

So, as direction. we'd get to come I sites the into public's the from guess I I trial recognized the near-to-medium there the work see and term. is the think obviously. point-of-view as is sides but I investigators an investigator non-COVID of more from think from and also also on COVID work it again in over clinical right I move from particularly interest now out way And there But we'll well back think

don’t I concern significant So, suitable trial. this capacity in the in a have undertake of to terms

Dan Leonard

traditional is all, at interest not it people a impact maybe in real for the is do see world control relevant? offerings you you really talked that world remote or Fewer then And comment bit are would. trials the can impact But different that stretch, a you've your synthetic offerings on arms about enrolling a accelerating appetite monitoring. interest performance pandemic of trials real from does virtual that's and follow-up, in it of my Okay, fair. in the the

Steve Cutler

design. virtual would of be We forward. we'll synthetic trial planning world trend the controls approval going we design real arms. on And be, certainly not be is conversations and those implement on impact like trials truth market. I see arms. I the I there as real had those not case. there. They about a adaptive talk that basis trials. They forward that a bunch with then a go the We the a opportunity whole we synthetic suppose compounds can just customers I decentralized with edge we synthetic the had data. said like control telling innovative world The lot on around you and the new on on will That's more to certainly new get the world think how with I do think trials going used edge real no for There's would as we to drugs data use board things some certainly a it's the appropriate regulators when control and getting are going theoretical would of of question of trial more I of if new forward, remain that

think shown I us emergency different ways drugs pandemic use early, to are to get anything market and authorization et the follow-up with there with has of data, cetera.

British and some see to we'll scale, And with in real their be tick-tick forward. ramp-up lot There opportunity significant registrations a it's to world will tomorrow, move is not move So, other decentralized we'll will this forward happen there areas. we here time companies be a to the to think period going that these will of what be forward. believe going to that's we'll I start and need and so do both on But trials. who there'll data

than immediately. I think anything rather a going it's a it's journey to happen So, it's and process

Dan Leonard

the Thank appreciate you. start. I Okay,

Operator

Thank you.

Your Eric from next the line question from of comes Baird. Coldwell

Eric Coldwell

here. a got very Thanks, few I've much.

Can the who on us tell you First a one. quick partner off, is onsite care? JV just

Steve Cutler

organization. acquired and that the we a been site founder based there the the overall has business success of European in in actually the of MeDiNova with Yes, our an just partner JV great which addition actualized to one it is

of a has very job our structure joint and venture the obviously networks past. stepped we're in CEO So, of these great as have into he's former building kind the at that him happy the to of done leading and role part

that and he's that to network. and oncology us up like global bringing So, area optionally building want

So, that. with very happy

Eric Coldwell

talking, streams perhaps flow, you're revenue drove since that stay there. job this on that Cash maybe in been or sustainable you mix related that how got my and one. that’s you Brendan, where some good was I'll how of you you the fantastic with the got, through Hey in curious I'm the timing coming curious, it second is? burn internal initiatives of somehow given COVID I'm just in think with past to speed improvement here. the in I'm DSO and work

Brendan Brennan

our I from improve the story one year the we in think this a I And And done it. the something job. as been and I we've really, there. finance time hopefully the guys last on it's this half on excellent been think manner. in and the and of to a and it's overall working project success where building improving between year last from would of nice a were get appropriately make an And cash really sure then obviously organizations communication to management about you know has that team timely teams we're year

lot think I team work. of a so, fact it's just go been in good And work and hard

these the of the couple a I a fee. elements on and as some yes, it, on say had a had been on a I not past has is on bit of should that tailwind nearly that there section trials think of I triple say or vaccine a just but little old little two strictly or about would significantly bit

So, was there. given that be be there to credit -- there

it's from a really of done teams goes amount think finance the work. to, hard the has large I and

Eric Coldwell

last That's great. from me. A one

seen it sites The remain created able impacted might I On that comments cities the understood. in form, very that more where all well shape are weaker in to activity. sites terms you than could On one sites other that U.S. sites haven’t about in where greatest. think the is or the the we've are of this on I XX% the mean, impacted pretty rural busy and challenges certainly hand see hand, being think of areas are big that's the way equally? question was I well the reopen areas been in the some urban

towards your of historic or comments XX% So, impacted just of to of the sites. sites tranche also activity equivalent hoping global make correlated Does XX% sense? for that that from

Steve Cutler

XX% to XX% I treatment that a I it pre-pandemic make patients what we are year work, in I a the it's little of say which Eric. non-COVID don’t of the still levels Yes, full can in around they does levels pre-pandemic that terms wouldn’t from definitive but I trials. data about I though into contribution I XX% have at with we're of opine can with on impacted. or and materially say still sense, make any on think bit

this pretty from the of a weekly are and XX% So, that recruitment important, basis. significant I you that component thoughts they would fairly on say of that supply suppose

recruitment As that, levels. way contributing supplemented when being work comments that's it's selected of of above But to close above the recruitment been are I the to I we've COVID months the to because the to work. referenced and in really we sites where handpicked been at do And obviously normal couple levels. in point my to last Certainly really in think we're well COVID has fact that.

are impacted. less impacted extent. about a So, or are They it's definitive the too to hard to more still of XX% who greater be

the X% Some perform. of those it's impacted majority of less them it's But is ways vast to some now, impacted too they probably are than closed.

Onco just trials taking say now trials, to the they're have visits back or much the So, Patient in doing are happening there's they were pandemic. impact. half take to they're back more on new to at another limited not of some as doing. or they than least But I six for them still I sites think those to eight said the months come heat going it's the That the them to they where the disproportionate of less address normal help pandemic back recruiting. contributing. contribution Acella are in we've and is we're to a from those care, gone them forward why that JV able Because those seeing to truly That Care they're and challenges a and point with our help impact network. to the get of the networks or trials because we're sites

Eric Coldwell

Thanks, very much.

Operator

you. Thank

Jack the Your from Nephron. comes next line from of question Meehan

Jack Meehan

revenue you. largest morning, good so bigger thought at can And on quarter given looking trend client. I this from enrolment the and be the vaccine Thank trial color Is that just COVID, provide headlines. that of Good burning contribution there can afternoon. will quarter it was your might into the in teamwork is the how on pacing how shape the any XXXX? you I see of you fourth that and

Brendan Brennan

there going I'm here. take terms your to obviously recruitment up activity part And patient we they think in as those, Jack, race I significant. its been And of an year. of are The where the follow-up been of will is speed I referenced know Brendan area that there done largely that's have of and Hey ramping call of on this about time you while of afterwards. side before there the that for proportion be the will go that be end quite think we've earlier in will a some certainly some

be trial the go just of with would think into this at that our would So, and was to involvement filing that nowhere that there's possible the the end in process. FDA any

longer us certainly So, period will an additional be that tunnel for that will point-in-time lead obviously us. there a over than and

the we on been we work do quite year all I that as consistent of even that being milestones follow-up with in happy dealt And recognition towards context. the dose the of us we're in trials happen So, for terms points in quarter. patient certainly very there the in is third quarter fourth I I is chunk think throughout raising. in the as There bearing that part think is be time phase, else I will around of recruitment or the landscape it the new trial that is you these important that the today what will and work of though it's as that Certainly, the that specifically and trials with parts Steve's true that's a over fine and think that's XXXX the backend mind pace early of the these and of customer. the and of worth of think trials and the trial short that's referenced those

Jack Meehan

contextualize should quarter? Great. talk in And the a support moment relative doing us lot just are them of wages Can to fourth trending for hiring you wins. the of thinking of how you're the maybe business end the and the obviously how terms we it about be margin, at at new gross about

Brendan Brennan

Yes, Jack.

maybe sure as the abroad our to we I I'm headcount. We're think I'll quick a continuing activities say And lot so a it. through seen and And it's one fourth we of in the be profile folks quarter, the out on fourth the have through We'll take go on try say to are being recruit. to Americas decent again. in that quarter. would organization side doing job as of making going I passing into building the of go a we tick certainly we're the

well particularly cost we're I third think the we and managing the quarter. pretty in saw base margin we've made that the point in that

of see is profiles terms I related QX. think we that the fourth in revenue in margin will be the larger quarter piece the in that probably cost moving of proportion

element So, happening. North there I but piece certainly of will think growth. think I trial an where a actually lot these be of And particularly be will in headcount activities America continued that's a bigger

up something do be will we certainly So, that there.

Jack Meehan

you, Thank Brendan.

Operator

Thank you.

the comes Draper, question from Sandy Next SunTrust. of line

Sandy Draper

a the Thanks quick constant growth for been a afternoon. so Brendan. questions dint just and one, Maybe you're much good number? hear morning, of organic asked. Maybe obviously you currency lot I good give

Brendan Brennan

current about haven’t when spend It's versus I organic context the quarter cost is is dollar said down given X% currency year-over-year. and it is so of Well the X.X% a Sandy, down asked. constant wondering yet, we time because sort the been last year-over-year at was I year. of was someone's And to obviously the if X.X%

Sandy Draper

enough sort near been it should lot of that its margin margin. medium-to-longer Okay, return goal. term, should to margin when is then, could or long-term XX% be to term a really start margins. my the the be nice you target coming have its you a read XX% gross great. suggest maybe a when steady out, sustain yet over think to term the actually but Is more longer they're remote holding of maybe pointed the travel out hold longer anything we there's do assume to there asked I things was as not could it COVID as lot gross win above gross XX% I high whole of not then would margin COVID since And structure said which to impacts about And change thinking margin Thanks. much enough lower the that you came gross and And as follow-up, term up. trials, from nice cost, revenue as you we big about really the to guys

Steve Cutler

technology efficient our robotic progress been talked Yes, the review I improve here monitoring we data switch able using to and about opportunity that's We've say I would it's Steve and make and remote automation. certainly been, process efficient. to as you towards and yes. monitoring there's more our talk more about know to more

do each their the team the quarter, this on taking robotic we able who've locking like we that make RPA, management And year the on enough. the progress there. and of fact, was know In at friendly significant quarter quarter to around with been pages data

So, Having to margin. do similar our to operations And be think applied group. inevitably clinical be approaches specific will said data that think approach gross as that's area well. be term, I opportunities the an longer in can example improve and but management in headwinds there a our there that, at I

some make be to around challenging. to XX% that'll There'll think be thinking to I There'll push some XX% headwinds the right probably more are that that So, ahead. go. way is you opportunities

probably more would not we we'll management. have significantly say will remote think management find I or obvious At the higher I commit that and inevitable. and and doing costs gross to opportunities data to technology that so, a through this trial as I monitoring, And even more the headwinds doing industry I think mitigate want term. based is and competitive And a margin this point in very longer that's the

So, I is continued it's to in XX% and XX% effect being think pros headwinds reasonable maintain. but tailwinds it cons of target is a

Sandy Draper

appreciate Steve. I the Great, comments,

Steve Cutler

Sandy. Thanks,

Operator

you. Thank

of UBS. line the from Brennan comes from question Dan next Your

Dan Brennan

Great, for Thanks thanks. taking the question, guys.

kind Is what are next last quarter year that with but we pace now saying normal. consistent on I get So, of to Steve now were half quarter, sounds back this I you it the a you got on think kind that I believe I'm I were in like noted thinking to last question it questions put when back question not maybe early as about Dave's trying moment. but few urging really on

since has or it did wondering Just consistent? QX is changed

Steve Cutler

have would consistent little to if I anything bit. a Dan, probably say really is but it's back pushed it's that

a the of we I to had question, Dave's back that see slowed. there pace is thoughts reopening think

And probably thinking thinking than QX into more I so, QX. I'm have we're into

So, dramatically. we'd that never everything I hasn’t, be it thought changed hasn’t back this year.

see but bit. the little back probably continued I consistent progress it is we think from that a pushing I with start, think that but was do

I it's is reasons I think the of are that's COVID Part that as ongoing. it the Now work for because been multi-factorial. said

these so COVID for vaccine silver But are is us timeframe the this middle silver and there on the linings a basis go negative both terms year still of say trials here that's it's So recover basis. on treatment not trial that all are some way now linings pandemic. probably perhaps of certainly six out thought of in And to the am is months. some thinking portfolio non-COVID traditional I got to will next what I I and more there

Dan Brennan

just up it of the sites And am main you was same or really sites a patients triage there the the some that telling the opening indicated focused are bit train I could non-COVID to inability know terms is are point on because or just that holdups just help, thanks. of little to maybe the a mean maybe it's you works. question I outbreaks back then COVID it earlier on in certainly of not what conversation they of hoping maybe get you to the the more in Great, sites. on kind you or I the hold more in running is I of patient, mean could if just are they kind the capacity sponsors,

you parse you. just maybe on if of help factors So some key the through Thank can that?

Steve Cutler

it's go give COVID above. don't say go that with potentially alone wanting slight, an say risk I patients data any you We of -- all I There sort still any of is institutions, specific it's to end. element have hospitals will would wanting to but try to is not of to not will a infection higher. the but qualitative. I little the it's a on

of of we I that. certainly it have think seen recruitment component that in rates is terms

not an new trials, with think they doing wanting I normal clinical COVID there they trials are is to take sites element because of work are clinical busy or on clinical trials.

coming I is is impacted -- have two then it's (indiscernible) come opportunities And multifactorial. think find really site that going are will of the on or But are I still reasons. normal portfolio current start take think think, terms and that's within number up seen an talked it's current as we the there the is at engaging visits be, is and still you of going said sites seen for So so impacted a no I forward. studies up going trials to less there portfolio our initiation our is or to There current to as in of I multitude question, we year we to the there of to of are where pre-sites impact process so have about impact develop. in site our we that's network we a the sort care new sites

site a these site and impact but I to to these extend I on think so investment there new bring of some that there course. can on every some challenges [indiscernible] different but that has is to own So, That's some investigations. victory That and those. reasons its of opportunities are of be do. to things and we flavor is on ready but for declare think not issues focus, not There are yet give I to one have we different try unique they I try some there and all investigators address think to are new on will made is,

Dan Brennan

that's perfect. you, Steve. Great, Thank

Operator

Okay.

Juan Avendano comes question the from next Bank line Your of from of America.

Juan Avendano

apologize decent I made if but calls before thank proportion. juggling up I so bookings Hi, asked you was for you. this was COVID have a related

for have Some later. possible vaccine X this in with phase a or specially quarter agree that's is cancellations feedbacks might you that no in trials bookings the of fourth your to we risk higher be and have Do account dynamic? to prone COVID COVID data announced bookings that of enough the after gotten COVID discounted some this the (indiscernible) you notion

Steve Cutler

cancellations. again. are asked certainly seen haven't have bookings answer but earlier proportion question wins. bookings in COVID tend large they will and on any the we – increase that. right. to a we and That little any significant but vaccine substantial in They are this trials cancellations do been you our increase in There us trials has our speed impact burn a was Yes, haven't QX I stage seen to tend on be of material At QX which be

haven't taken specific this we actions to provision of related any at that point. or So sort any

Juan Avendano

Hopefully I it. was redundancy. the asked. you for got apologize that Thank and Okay,

want about your outlook is than still have out to quarter the quarter XX% the up not rate On for about the years caused for it's just the typical or whether it implications blip any Icon. in is tax Icon? points quarter been we was What higher whether signed I increase XXX basis that and what long-term this or this not rate it XX%? tax the would confirm

Brendan Brennan

in of to this Yes, be could the Brendan Hey saying range Juan, this I we here. XX%. year think XX% into came

quarter just and income of make always rate last in where in that's little our revenue that geographical quarter. that I heavier operating think and we upon towards case As the shift is is is our North the the tax a every America dependent our

well. I the think in as QX QX that or case be will

XX for think this is quarter right around quarter. I So, certainly for and next

XX% XX% year. in on banging it obviously to probably kind the guidance do give it call long-term full Colorado exactly like for you said of the of middle we'll we that out we'll be XX.X% this be into year would is which next more looks range in think guidance and we we're get but the year the to going QX our when impact I where tax for

that number there implication been to term is a outlook So, and a years certainly if I for think if it's kind but longer say another solid too now. early is we've tax of there on XX% of

Juan Avendano

guidance, revenue did you. updated XXXX And an guidance what give it, reinstated to percentage top your customer Got of account for is since you supposed XXXX? thank ever on outlook in

Brendan Brennan

to Funny gave which was the don't enough it'll actual at year XX. think the really beginning I of XX the we range change from

Juan Avendano

Got it, leave I'll you. thank there. it

Brendan Brennan

Thanks, Juan.

Operator

the comes Tycho your today line of And in you. with Thank question JPMorgan. Peterson final

Tycho Peterson

you start I gross you I'll had with provide bunch of margins one guidance. margins. operating know know thanks. a margin on earlier don't and operating I Hey,

more earlier XX% Just huge is you a little the set to said saw and which a into you how vaccine bounce operating do think see in but the about X% question your more quarter trials the you compression bit in up view? back to quarter? we about the and having XX% this Is we you as quarter year it up pass-throughs that margins sustainable second the fourth dynamic COVID in think wouldn't lower

Brendan Brennan

of that's will but difficult will these moving fast very those pace quarter depends be on that trials be I determine suppose it that. piece trials during sometimes and measure they how of up this something the which and will ramp the course one to are that

to to overall quantum said as does I as up in through quarter a we X% proportion see really it an during QX. on which think in on on I obviously that to just maybe be off the does relates line midpoint you're I of looking an pass they if will tune certainly with through impact impact that ramp the our now again up of in probably of about the coming but ramp it work profile got kind say right of it's it margin that we've the expectation X.X% at depend would income

Tycho Peterson

do if of think appreciate are kind comments the work wave guys we et Okay. site accessibility, And there caseloads patient there minimize up? or going curious Steve, site steps here are for as around as kind back can I I'm to about recovery then taking cetera. on you you things and are a are second dropouts, of the closings proactive

Steve Cutler

influence are They're and things There there trying we're number and network telecare to there. ability place our a our a think better I'll to are Yes, I that's keep could contributions. mentioning much we making there trials on Tycho. we have do. so where significant of

ad these around clinical making are sites enrollment running to sites and them can significant more care things to to can seller there moment work. the resource but at we're to who contributions we do and managers the help hoc Our are sites trials big other and deploy with go the help managers

patients that group whether in point but go helping the support of be from they and to patients, recruit have symphony the qualified helping have what We also to it care to with general home tends and able nurses. to focused then to be capacity see to well clinical to doing it a patients sites be they're sites trial view as or

various there we organization. in both through functions and help our we doing we're things to COVID the the deliver around portfolio non-COVID that can for and certainly have So, us various are to sites do

Tycho Peterson

much the Central up curious growth And delays. from some had and this I'm noticed Lab. last of just was last you double-digit quarter quarter then, one how on catch

So, how sustainable Lab? Central in growth double-digit is

Brendan Brennan

I line do seeing. that them the growing on qualified that that we think we and good so one kind from starting all growth say from in think of in labs we in of in obviously business growth with were comments a don't central well to the proportion our two central quite up expect quarter kind good we that quarters about is wins maybe we're current growth terms and probably pick and that were those we're coming a the growth see earlier think But the a certainly four to of I of lab quarter. double-digit in and I of that covered support in

Tycho Peterson

Okay, you. thank

Operator

sir you to Back for you. you. closing Thank comments. Thank any

Brendan Brennan

Thank Okay. operator. you,

you in today. thank listening for everyone So

choice. our them grow and partner our the strategy as challenging executing for evolve again the our very efforts pandemic Thank to what's we their workforce business tireless As period. ongoing our continue look and I resilience take thank opportunity focused you want COVID-XX recognize of to a position to entire everyone. impact to Icon and on this been during of further CRO enhance as to is the

Operator

Ladies conclude all may and disconnect. for participating today. you for call Thank you. your that and you does now gentlemen Thank

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