Pharmaceutical services company PRA Health Sciences reported a 16 percent jump in revenue and boosted its guidance for the fourth quarter.
“We believe the growth story is intact,” Wells Fargo Securities analyst Tim Evans wrote in a research report.
The Raleigh-based company posted service revenue of $399.8 million. Adjusted net income was $41 million, or 64 cents per share, up 23.5 percent from a year ago and in line with earlier projections from analysts polled by Bloomberg News.
Net new business of $519.1 million contributed to a $2.8 billion backlog.
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The company raised its revenue expectations for the fourth quarter to between $1.568 and $1.573 billion, versus $1.530 billion to $1.570 billion previously.
CEO Colin Shannon said in a prepared statement that the company is “well-positioned to finish 2016 strong.”
PRA issued its quarterly results after the markets closed Wednesday. Earlier in the day, its shares rose 31 cents to $53.31. The company’s shares have risen 18 percent this year.