Icon, a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, has released its first quarter financial results for 2012, reporting its Q1 net revenues grew 10% year on year to $252.3 million from $229.3 million in Q1 2011.

The company’s operating income was $11.7 million representing 4.6% of revenue, compared to $16.0 million (excluding non-recurring items of $5.0 million) or 7% of revenue for the same quarter last year (4.8% including non-recurring items).

Net income was $9.0 million compared with $12.8 million last year (excluding non-recurring items) or 15 cents per share compared to 21 cents in the same quarter last year (14 cents including non-recurring items).

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account was 37 days at March 31, 2012, compared with 47 days at December 31, 2011 and 49 days at March 31, 2011.

For the quarter, which ended March 31, 2012, cash provided by operating activities was $60.6 million and capital expenditure was $6.5 million. In addition, the Icon invested $48.6 million on the acquisitions of Beijing Wits Medical Consulting and PriceSpective. The company also expended $1.4 million on a stock repurchase program. As a result, the company’s net cash amounted to $186.0 million at March 31, 2012, compared to $174.2 million of net cash at December 31, 2011. 

Ciaran Murray, CEO of Icon, said “We continue to see the benefits of our strategic investment decisions, with record gross business wins of $485 million, resulting in a backlog increase of 23% year on year.”