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Benzinga
Benzinga
Business
Vandana Singh

Syneos Health Reports Mixed Q4 Earnings, Provides FY22 Guidance

Syneos Health Inc's (NASDAQ:SYNH) Q4 revenue increased 20.5% on a reported basis and 20.8% on a constant currency (CC) basis to $1.37 billion, missing the consensus of $1.41 billion.

  • Clinical Solutions revenue increased 20.7% (+21% CC) to $1.04 billion. Acquisitions contributed approximately 1,000 basis points to Clinical Solutions' reported revenue growth. 
  • Commercial Solutions revenue increased 19.8% (+20.2% CC) to $330.9 million. The divestiture of medication adherence resulted in an approximate 300 basis point headwind to Commercial Solutions' reported revenue growth.
  • Adjusted EBITDA of $237.0 million increased 21.6% Y/Y.
  • The Company posted adjusted EPS of $1.48, +33.3% Y/Y, beating the consensus of $1.43.
  • Net new business awards (Excluding reimbursable out-of-pocket expenses) reached 1.32 billion.
  • Guidance: Syneos projects FYY22 sales of $5.6 billion - $5.75 billion compared to $5.7 billion consensus, with adjusted EPS of $4.98 - $5.24 vs. $5.19 consensus.
  • The Company expects adjusted EBITDA of $840 million - $880 million.
  • Price Action: SYNH shares closed at $83.37 on Wednesday.
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