Financial Report: Syneos Health

Financial Report: Syneos Health
2Q Revenues: $1.2 billion (+9%)    
2Q Earnings: $11.3 million (-17%)
YTD Revenues: $2.3 billion (+7%)
YTD Loss: $18.7 million (loss of $11 million YTD 2018)
Comments: Clinical Solutions revenue increased 8% to $849.9 million in the quarter, primarily due to net new business growth, favorable revenue mix, and higher growth in reimbursable expenses, partially offset by the impact of fluctuations in foreign currency exchange rates. Commercial Solutions revenue increased 9.8% to $316.9 million, primarily due to net new business growth and the Company’s acquisition of Kinapse in 3Q18, partially offset by lower growth in reimbursable expenses. Net new business awards of $5,265.2 million for the trailing twelve months (TTM) ended June 30, 2019, representing a TTM book-to-bill ratio of 1.16x.

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