Syneos falls on lowered FY outlook

Syneos Health

02/08/2022 13:42

** Shares of contract research firm Syneos Health  SYNH.O 
fall 12% to $69.50 premarket
    ** Co cuts FY22 adjusted EPS outlook range to $4.97-$5.11
from $5.05-$5.25, with new mid-point lower than average
analysts' estimate of $5.11 - Refinitiv data  urn:newsml:reuters.com:*:nGNXbGSWCD
    ** Also cuts rev and EBITDA outlook
    ** Attributes forecast cut to lower reimbursements from
clients and hit from foreign exchange 
    ** Posts Q2 adj EPS of $1.25, higher than estimate of $1.20
    ** Brokerage Evercore ISI says the EPS beat is "operating in
nature" and partly due to lower other expenses and share count
    ** Up to Monday's close, stock had fallen 23% YTD compared
with a 19% decline in the Nasdaq Biotechnology index  .NBI 

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))