PRA Health Sciences posted double-digit revenue growth in the first quarter and a better-than-expected bottom line.
Service revenue for the Raleigh-based company totaled $372.3 million, up 12.2 percent from a year ago. Service revenue rose 13 percent after adjusting for currency fluctuations.
Adjusted net income totaled $34.9 million, or 55 cents per share. That’s an increase from $25.8 million, or 41 cents, a year ago and exceeded analysts’ estimates by 2 cents per share, according to Bloomberg News.
PRA released its quarterly earnings Wednesday after the markets closed. The company has scheduled a conference call to discuss the results for Thursday morning.
“We are off to another solid start in 2016, and I am delighted with our first quarter results, which demonstrate a continuation of our momentum from 2015,” CEO Colin Shannon said in a statement.
For all of 2016, the company continues to project that service revenue will rise 11 percent to 14 percent after adjusting for currency fluctuations. But it upped its guidance on adjusted earnings per share to $2.41 to $2.48; previously, it was projecting $2.32 to $2.42.
Earlier Wednesday, PRA shares closed at $49.58, down 23 cents. Its shares have risen 10 percent this year.
PRA, which employs about 12,000 employees worldwide and 500 in Raleigh, is a contract research organization, or CRO, that helps pharmaceutical and biotechnology companies manage clinical trials of experimental drugs and analyze the results.
PRA is the first of three publicly traded CROs headquartered in the Triangle to release first quarter earnings. Quintiles and INC Research are scheduled to release their results next week.