The Company updated its full year 2022 guidance for revenue primarily to reflect the impact of lower net new business awards, delays in backlog conversion, and customer delays in its FSP business within Clinical Solutions, along with the impact of foreign exchange rate fluctuations. The Company updated its full year 2022 guidance for GAAP Net Income, GAAP diluted EPS, Adjusted EBITDA and Adjusted Diluted EPS primarily to reflect lower expected revenue and the impact of foreign currency exchange rate fluctuations.
The Company's guidance takes into account a number of factors, including existing backlog, current sales pipeline, trends in cancellations and delays, trends in reimbursable out-of-pocket expenses, and the Company’s ForwardBound initiative, which includes expansion of the Syneos Operations Network, process optimization, workforce management and automation initiatives. In addition, the guidance presented below represents the Company’s best efforts to estimate economic trends, including inflation, expected interest rates, the impact of COVID-19, and the war in Ukraine on its business. Furthermore, the guidance presented below is based on foreign currency exchange rates as of September 30, 2022, expected interest rates, and the Company's expected non-GAAP effective tax rate of approximately 23.5% for the year ending December 31, 2022. The guidance is based upon the Company's estimated number of weighted average diluted shares outstanding and does not take into account any share repurchases beyond the third quarter of 2022. The Company's full year 2022 guidance is outlined below:
|
| Updated Guidance Issued |
|
| Previous Guidance Issued |
| ||||||||||
|
| FY 2022 |
|
| FY 2022 |
| ||||||||||
|
| Low |
|
| High |
|
| Low |
|
| High |
| ||||
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| (in millions, except per share data) |
|
| (in millions, except per share data) |
| ||||||||||
Revenue |
| $ | 5,300.0 |
|
| $ | 5,360.0 |
|
| $ | 5,440.0 |
|
| $ | 5,540.0 |
|
GAAP Net Income |
|
| 266.7 |
|
|
| 280.6 |
|
|
| 281.8 |
|
|
| 289.6 |
|
GAAP Diluted EPS |
|
| 2.58 |
|
|
| 2.71 |
|
|
| 2.72 |
|
|
| 2.79 |
|
Adjusted EBITDA |
|
| 800.0 |
|
|
| 830.0 |
|
|
| 835.0 |
|
|
| 865.0 |
|
Adjusted Diluted EPS |
| $ | 4.69 |
|
| $ | 4.87 |
|
| $ | 4.97 |
|
| $ | 5.11 |
|
Webcast and Conference Call Details
Syneos Health will host a conference call at 8:00 a.m. ET on November 4, 2022, to discuss its third quarter 2022 financial results. The live webcast will be available in listen-only mode in the Events section of the Company's Investor Relations website at investor.syneoshealth.com. To participate in conference, please register in advance at this link. Upon registration, all participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call.
A webcast replay will be available on the Investor Relations section of the Syneos Health website at investor.syneoshealth.com after 1:00 p.m. on November 4, 2022.
https://finance.yahoo.com/news/syneos-health-reports-third-quarter-101000658.html
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