- Syneos Health Inc's (NASDAQ:SYNH) Q1 revenue increased 10.5% on a reported basis and 11.7% on a constant currency (CC) basis to $1.34 billion, beating the consensus of $1.32 billion.
- Clinical Solutions revenue increased 8.4% (+9.6% CC) to $1.02 billion. Acquisitions contributed approximately 1,00 basis points to Clinical Solutions' reported revenue growth.
- Commercial Solutions revenue increased 18.1% (+18.9% CC) to $317.9 million.
- Adjusted EBITDA of $173.6 million increased 14.9% Y/Y.
- The Company posted an adjusted EPS of $1.01, +27.8% Y/Y, beating the consensus of $0.95.
- Net new business awards (Excluding reimbursable out-of-pocket expenses) reached 1.24 billion.
- Management Change: Syneos Health appointed Michelle Keefe as CEO and a board member.
- Keefe, currently President, Medical Affairs and Commercial Solutions, succeeds Alistair Macdonald, who will retire after 20 years at Syneos Health.
- Guidance: Syneos projects FYY22 sales of $5.6 billion - $5.75 billion, unchanged from previous guidance, compared to the consensus of $5.65 billion.
- The Company raised EPS guidance to $5.05 -$5.25, up from the prior outlook of $4.98 - $5.24 vs. the $5.08 consensus.
- Syneos Health expects an adjusted EBITDA of $845 million - $885 million compared to the prior outlook of $840 million - $880 million.
- Price Action: SYNH shares are up 4.80% at $73.84 during the market session on the last check Friday.
