Syneos Health slumps on weak Q3 results, forecast cut

Syneos Health

04/11/2022 12:28

** Shares of contract research firm Syneos Health Inc
 SYNH.O  fall 20.5% to $38 before the bell
    ** Co reports Q3 adj. EPS of $1.23, missing analysts'
expectations of $1.32 per share - Refinitiv IBES
    ** Co says during the reported quarter, it experienced more
significant headwinds in net awards, revenue and margins in the
quarter than it had anticipated
    ** SYNH reported revenue of $1.34 bln, also missing
analysts' expectations of $1.37 bln
    ** SYNH's Q3 clinical solutions reported revenue decreased
3.5% to $1,003.3 mln 
    ** Co in an updated FY 2022 guidance trims revenue forecast
in the range of $5,300 mln - $5,360 mln vs prior range of $5,440
mln - $5,540 mln 
    ** Co now sees FY adj. EPS between $4.69 and $4.87, down
from the earlier range of $4.97 to $5.11 
    ** SYNH down 53.4% YTD, as of last close 
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))