Syneos健康

2023年2月17日,

通过盖蒂图片社LightRocket Syneos健康(SYNH)股价今天上涨逾9%,此前该公司公布财报好于预期,2022年最后一个季度。具体来说,由于更大的大型制药客户的需求并为其部署解决方案,调整收入和收益的前一年只有1.0%和16.9%降至13.6亿美元,每股亏损1.23美元。这超出了分析师预期的7050万美元,每股3美分,分别虽然不宜外币翻译切顶线的2.7。不过,我相信更大的司机今天公布财报收益的强度是新业务的连续改进奖。缺乏后者主要是负责史诗崩溃遭受SYNH股价去年11月公布2022年第三季度业绩低于预期,看到非常弱顺序活动期间期和新业务奖(不含可补偿付现费用)总计只有4.314亿美元或更少的三分之一收入公认的期间。随着SYNH的承认,其临床操作模式不够敏捷的一些customers-especially post-clinical内市场已经开始产生负面影响它的回头客的机会,这可能有一些担心软新的商业趋势可能会持续下去。好消息是网络新业务奖励总额达6.649亿美元,这标志着从第三季度增长54.1%。这包括回归强劲预订SYNH商业解决方案业务的3.96亿美元,环比增长77.6%,同比仅下降5.8%,导致一个健康的6项的比率为1.43。公司更陷入困境的临床解决方案的改善部分是不那么引人注目,但它仍然享有29.0%连续跳新奖励2.689亿美元。当然,这并不意味着SYNH走出困境。 Indeed, the company’s overall book-to-bill ratio for the quarter of 0.69 still indicates that it’s burning through its existing backlog of business faster than it’s able to replace it. This is why SYNH ended the period with total backlog at $6.75 billion, which is down 9.5% from the same point a year earlier. It’s also why the company is currently forecasting revenue and adjusted earnings of $4.975-5.175 billion and $3.26-3.53 per share for 2023. At the midpoint, this reflects declines of 5.9% and 28.1% from the prior year and falls short of the $5.138 billion in revenue and $3.79 in earnings per share analysts had been anticipating. But one reason for the sizable drop in earnings is due to the greater investments SYNH will continue to make to rebuild its relationship with some of its customers. This is especially true within the small and mid-cap (SMID) biopharmaceutical and oncology markets, which had been most responsible for the strong growth the company achieved in the years prior, but where the slowdown in new award activity has also been most pronounced over the past several quarters. Given the sequential improvement in SYNH’s new business win rate seen in Q4 from the more efficient and effective delivery model that has already resulted from the actions taken to date—which include reducing the complexity of the company’s full-service operating model, streamlining its organizational structure, enhancing customer engagement and incorporating more innovation and insights in its clinical operations—I think that’s the right approach. More importantly, I expect the increasing payoff from these actions to continue driving a recovery in new business awards that eventually puts SYNH back on a path towards sustained profit growth. And while this could take some time, the significant upside offered by its stock—which remains down more than 50% from its 52-week high (even after today’s nice bounce) and trades at less than 12 times the midpoint of the company’s 2023 earnings forecast and at a steep discount to both its five-year average forward P/E ratio and the overall market—makes it worth the wait in my view. Send me a secure tip . Taesik Yoon, CFA is the editor of the Forbes Special Situation Survey and Forbes Investor investment newsletters. Syneos Health (SYNH) is a current recommendation in the Forbes Investor. To access this and the other stocks being recommended through the Forbes Investor, click here to subscribe.