Syneos Health hits over 7-1/2-year low on dismal forecast

Syneos Health

04/11/2022 14:15

(Updates)
    ** Shares of contract research firm Syneos Health Inc
 SYNH.O  fall 40% to $28.67, their lowest in more than 7-1/2
years
    ** Q3 profit misses estimates and co's book-to-bill ratio in
the clinical solutions business was 0.67x over the trailing
year, down from a range of 1.05-1.15x forecasted in September
    ** The ratio provides an outlook for future revenue and
bookings in the unit, which conducts research for pharmaceutical
firms and medical device makers
    ** "We and Street were braced for bad after the September
pre-announce of weaker clinical bookings, but the final tally
was far worse" - Baird
    ** SYNH reports Q3 adj. EPS of $1.23, missing analysts'
expectations of $1.32 - Refinitiv IBES
    ** Co now sees FY adj. EPS between $4.69 and $4.87, down
from the earlier range of $4.97 to $5.11 
    ** Including Friday's slump, shares down ~71% YTD, versus a
more than 14% fall in the Nasdaq biotech index  .NBI 
 (Reporting by Pratik Jain and Manas Mishra)
 ((Pratik.Jain@thomsonreuters.com;))