Cincinnati-based contract research organization (CRO) Kendle reported third quarter net service revenues of $124.8 million, an increase of 25% compared with the same period last year. Approximately 6% of the CRO’s revenue growth resulted from the June acquisition of DecisionLine, a Toronto-based phase I company focused on the central nervous system (CNS).
New business awards for the quarter totaled a record $212 million, an increase of 21% compared with the same period 2007. Kendle reduced the low end of its full-year revenue guidance just slightly to $485 million from $490 million. The high-end guidance remains at $500 million.
The CRO’s share prices were up 20% to $25.68 in morning trading.