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ICON’s Full-Year Revenues up 37%

Tuesday, February 24, 2009

ICON posted another quarter of growth and closed out 2008 with revenue growth of 37% to $865 million.  Fourth quarter revenues increased 22% over Q4 2007 to $220 million.

Net income for the year was $78.1 million or $1.30 per share, compared with $56 million or $0.94 per share, last year, and net revenue for the fourth quarter was $21 million or 35 cents per share on a diluted basis, compared with $15.9 million or 26 cents per share last year.

The Dublin, Ireland-based contract research organization (CRO) completed 2008 on the high-end of its revenue guidance, which was reforecast in January to be in the range of $862 million to $865 million.

“We are very satisfied with our performance in quarter four,” said ICON CEO Peter Gray in a company statement. “With our backlog at $1.74 billion we have entered 2009 in a good position, although the difficult economic climate has put some customers under pressure and has created a degree of uncertainty. We remain positive, though cautious, as 2009 commences.”

ICON acquired Healthcare Discoveries in February 2008 and Prevalere Life Sciences in November 2008. Both companies “modestly” exceeded their original acquisition criteria, said chief financial officer Ciaran Murray in an investor call Monday. The company also added nearly 1,400 staff in 2008, bringing its total employee base to 7,000.

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