Pharmaceutical services company PRA Health Sciences, which is planning to go public, reports in its latest filing that it turned profitable in the third quarter.
The Raleigh company generated $1.2 million in net income in the third quarter. In the first six months of the year, PRA reported a loss of $14.1 million.
Revenue in the third quarter totaled $320.1 million. A year ago its revenue totaled $162.6 million, but the results aren’t directly comparable. About $112 million in revenue in the latest quarter is attributed to acquisitions the business made in the past year.
In September PRA filed plans to raise as much as $375 million in an IPO, but it hasn’t yet disclosed details such as how many shares its plans to sell at what price, or how big a stake in the business would be sold to the public. Such details must be filed before the company goes public.
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PRA has 10,300 employees worldwide, including 453 locally.
PRA is the world’s fourth-largest contract research organization. CROs help pharmaceutical and biotechnology companies test experimental drugs and analyze the results.
PRA is one of two Raleigh CROs that have filed plans to go public. The other is INC Research, which is expected to go forward with its IPO next week.