ICON plc (NASDAQ:ICLR), a global leader in healthcare intelligence and clinical research,  announced its financial results for the fourth quarter and full year ending December 31, 2023.

CEO, Dr. Steve Cutler, remarked, "ICON’s solid performance in quarter four and the full year 2023 reflects continued market leadership across the customer segments we serve. Our team delivered strong financial results despite challenging macroeconomic conditions, resulting in full year adjusted EBITDA growth of 15% and adjusted EPS growth of 9% over the previous year. We remain encouraged by the positive demand environment as we enter this year, reaffirming our financial guidance for 2024."

Highlights from Fourth Quarter 2023:

• Net business wins of $2.5 billion with a net book to bill of 1.22.
• Revenue of $2,066.2 million, representing a 5.3% increase over the prior year.
• GAAP net income of $216.4 million, or $2.60 per diluted share, compared to $1.42 in the fourth quarter of 2022.
• Adjusted net income of $287.5 million, or $3.46 per diluted share, a 10.5% increase over the fourth quarter of 2022.

Full Year 2023 Highlights:

• Net business wins totaling $9.9 billion with a net book to bill of 1.22.
• Revenue of $8,120.2 million, a 4.9% increase over the previous year.
• GAAP net income of $612.3 million, or $7.40 per diluted share.
• Adjusted net income of $1,058.2 million, or $12.79 per diluted share, an 8.9% increase over the prior year.
• Adjusted EBITDA of $1,694.1 million, representing 20.9% of revenue, a 14.5% increase year-over-year.

Additionally, S&P Global Ratings and Moody's upgraded ICON's debt instruments to an investment grade credit rating, potentially reducing interest expense by approximately $100 million in 2024.

The Board of Directors authorized a share repurchase program of up to $500 million.

ICON re-affirmed its full-year 2024 financial guidance, expecting revenue in the range of $8,400 - $8,800 million and adjusted earnings per share in the range of $14.50 - $15.30. Adjusted earnings per share exclude amortization, stock compensation, restructuring, foreign exchange, and transaction-related/integrated-related adjustments.