Icon soars in Q3, plots Nasdaq jump
Icon ($ICLR) clocked a 19% jump in revenue and $24.6 million gain in net income in the third quarter, and the CRO is planning to ditch the Irish Stock Exchange in favor of a Nasdaq listing.
The company pulled in $286 million in revenue in the quarter, compared with $241 million in the same period last year. Icon's $20.9 million in net income tops the $3.7 million loss the company took in Q3 2011. For the full year, Icon has booked $815 million in revenue, good for a 16% increase over last year, and CEO Ciaran Murray said the company is well-positioned to continue its growth.
"We continue to strive to be the CRO partner of choice for the biopharma industry and to differentiate our company through our people, industry-leading innovation and expanding value added service offerings," Murphy said in a statement.
Now the CRO is plotting a change in its stock listing. Icon is listed in Ireland and can be traded in the States through American Depository Receipts, but it's planning to skip to Nasdaq exclusively, under its $ICLR tag. Icon figures the listing change will provide benefits to shareholders, including removing some barriers to ownership mandated by the ADR setup.