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April 25, 2015 11:58 AM ET

Life Sciences Tools and Services

Company Overview of PRA Health Sciences, Inc.

Company Overview

PRA Health Sciences, Inc., a contract research organization, provides various product development services for pharmaceutical and biotechnology companies worldwide. The company offers integrated services, such as data management, statistical analysis, clinical trial management, and regulatory and drug development consulting. Its services include a suite of product registration services, such as clinical trial management, project management, regulatory affairs, therapeutic expertise, clinical operations, data and programming, safety and risk management, biostatistics and medical writing, quality assurance, and late phase services. The company’s services also comprise strategic solutions, incl...

4130 ParkLake Avenue

Suite 400

Raleigh, NC 27612

United States

Founded in 1976

11,000 Employees

Phone:

919-786-8200

Fax:

919-786-8201

Key Executives for PRA Health Sciences, Inc.

Chairman, Chief Executive Officer and President
Age: 55
Total Annual Compensation: $4.7M
Chief Financial Officer and Executive Vice President
Age: 56
Total Annual Compensation: $3.0M
Executive Vice President and Corporate Compliance Officer
Age: 53
Total Annual Compensation: $448.9K
Compensation as of Fiscal Year 2013.

PRA Health Sciences, Inc. Key Developments

PRA Health Sciences Expands its Business in Swansea

PRA Health Sciences is expanding its business in Swansea with the creation of 87 new jobs. The expansion will be supported by £990,060 of business finance from the Welsh Government enabling PRA to grow its local workforce to 280 by December 2017. This growth follows a recent expansion that saw over 100 new jobs created in PRA's Swansea location, doubling the local workforce. The initial expansion was backed by £1.29 million of business finance from the Welsh Government, enabling PRA to grow its Clinical Informatics and Help Desk operations. The 100 new jobs were filled more than a year ahead of schedule. The expansion follows an increased worldwide demand for their services and the decision to re-invest in Swansea highlights the success of their operation here and the calibre of staff they have been able to recruit locally.

PRA Health Sciences, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full-Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015

PRA Health Sciences, Inc. reported unaudited consolidated financial results for the fourth quarter and full-year ended December 31, 2014. For the three months ended December 31, 2014, the Company's service revenues were $323.8 million, which represents growth of 8%, or $25.0 million, compared to the fourth quarter of 2013 at actual foreign exchange rates. The increase in service revenue is due largely to the increase in opening backlog, the type of service are providing on active studies and the growth in new business awards as a result of higher demand for services. Reported EBITDA on a GAAP basis was $17.4 million, representing a decrease of 17.2% compared to the fourth quarter of 2013.  Adjusted EBITDA was $50.6 million for the three months ended December 31, 2014, representing growth of 43.6% compared to the fourth quarter of 2013. Reported GAAP net loss was $22.8 million and reported GAAP diluted loss per share was $0.45 for the three months ended December 31, 2014, increases of 143% and 88%, respectively, when compared to the fourth quarter of 2013. The increase in GAAP net loss and reported GAAP diluted loss per share were primarily driven by expenses related to IPO discussed previously. Adjusted Net Income was $18.6 million for the three months ended December 31, 2014, representing growth of 80.0% compared to the fourth quarter of 2013. Adjusted Net Income per share was $0.35 for the three months ended December 31, 2014, representing growth of 35% compared to the fourth quarter of 2013. For the twelve months ended December 31, 2014, the Company's service revenues were $1,266.6 million, which represents growth of 52%, or $433.7 million as compared to 2013 at actual foreign exchange rates. On a constant currency basis, service revenue grew $435.5 million, also representing growth of 52% compared to 2013. Reported GAAP income from operations was $56.8 million, reported GAAP net loss was $35.7 million and reported GAAP diluted loss per share was $0.83 for the twelve months ended December 31, 2014. Adjusted Net Income was $55.7 million for the twelve months ended December 31, 2014, representing growth of 119% compared to 2013. Adjusted Net Income per share was $1.26 for the twelve months ended December 31, 2014, representing growth of 107% compared to 2013. Net cash provided by operating activities were $22,747,000. Purchase of fixed assets was $27,333,000. Capital expenditures were $27.3 million for the twelve months ended December 31, 2014 compared to $19.7 million during the same period in 2013. The increase in capital expenditure reflects continued investment in information technology and expansion of facilities in the U.S. and abroad. For 2015, the company expects to achieve service revenues between $1.35 billion and $1.4 billion, diluted GAAP earnings per share between $0.60 and $0.65 per share, diluted Adjusted Net Income per share of $1.35 to $1.45 per share, and annual effective income tax rate estimates at approximately 30%. This financial guidance assumes the first of January foreign currency exchange rates.

PRA Health Sciences, Inc. to Report Q4, 2014 Results on Feb 18, 2015

PRA Health Sciences, Inc. announced that they will report Q4, 2014 results After-Market on Feb 18, 2015

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