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PRA Health Sciences (PRAH)

PRA is one of the world's leading global contract research organizations by revenue, providing outsourced clinical development and data solution services to the biotechnology and pharmaceutical industries. PRA's global clinical development platform includes more than 70 offices across North America, Europe, Asia, Latin America, South Africa, Australia and the Middle East and more than 18,100 employees worldwide. Since 2000, PRA has participated in approximately 4,200 clinical trials worldwide. In addition, PRA has participated in the pivotal or supportive trials that led to U.S. Food and Drug Administration or international regulatory approval of more than 100 drugs.

PRAH stock data

Calendar

29 Apr 21
28 Sep 22
31 Dec 22
Quarter (USD) Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
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Net income
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Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jul 21 Barber Jeffrey T Common Stock Sale back to company Dispose D No No 0 14,729 0 0
1 Jul 21 Dickinson Alexander George Common Stock Sale back to company Dispose D No No 0 5,407 0 0
1 Jul 21 Grais Linda S Common Stock Sale back to company Dispose D No No 0 9,683 0 0
1 Jul 21 Momtazee James C Common Stock Sale back to company Dispose D No No 0 3,521 0 0
1 Jul 21 Glen D. Stettin Common Stock Sale back to company Dispose D No No 0 1,049 0 0
13F holders Current Prev Q Change
Total holders 0 4 EXIT
Opened positions 0 0
Closed positions 4 307 -98.7%
Increased positions 0 0
Reduced positions 0 1 EXIT
13F shares Current Prev Q Change
Total value 0 797.36M EXIT
Total shares 0 78.6K EXIT
Total puts 0 0
Total calls 0 928 EXIT
Total put/call ratio
Largest owners Shares Value Change
Massachusetts Financial Services 0 $0
Largest transactions Shares Bought/sold Change
Mint Tower Capital Management B.V. 0 -59.18K EXIT
CLS Investments 0 -11.67K EXIT
BNP Paribas Arbitrage 0 -7.75K EXIT
Massachusetts Financial Services 0 0
Parallel Advisors 0 0

Financial report summary

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Risks
  • The potential loss, delay, or non‑renewal of our contracts, or the non‑payment by our clients for services that we have performed, could adversely affect our results.
  • We bear financial risk if we underprice our fixed‑fee contracts or overrun cost estimates, and our financial results can also be adversely affected by failure to receive approval for change orders or delays in documenting change orders.
  • Our backlog may not convert to revenue at the historical conversion rate.
  • We may be adversely affected by client concentration or concentration in therapeutic classes in which we conduct clinical trials.
  • Our relationships with existing or potential clients who are in competition with each other may adversely impact the degree to which other clients or potential clients use our services, which may adversely affect our results of operations.
  • The biopharmaceutical services industry is fragmented and highly competitive.
  • Outsourcing trends in the biopharmaceutical industry and changes in aggregate spending and R&D budgets could adversely affect our operating results and growth rate.
  • The effects of the COVID-19 outbreak could adversely affect our business, results of operations, and financial condition.
  • If we are unable to attract suitable investigators and patients for our clinical trials, our clinical development business may suffer.
  • Our embedded and functional outsourcing solutions could subject us to significant employment liability.
  • If we lose the services of key personnel or are unable to recruit and retain experienced personnel, our business could be adversely affected.
  • Our services could subject us to potential liability that may adversely affect our results of operations and financial condition.
  • Some of our services involve direct interaction with clinical trial patients and operation of Phase I and IIa clinical facilities, which could create additional potential liability that may adversely affect our results of operations and financial condition.
  • Our business depends on the continued effectiveness and availability of our information systems, including the information systems we use to provide our services to our clients, and failures of these systems may materially limit our operations.
  • If we do not keep pace with rapid technological changes, our services may become less competitive or obsolete.
  • We rely on third parties to provide certain data and other information to us. Our suppliers or providers might increase our cost to obtain, restrict our use of, or refuse to license data, which could lead to our inability to access certain data or provide certain services and, as a result, materially and adversely affect our operating results and financial condition.
  • We have only a limited ability to protect our intellectual property rights, both domestically and internationally, and these rights are important to our success.
  • If we are unsuccessful at investing in growth opportunities, our business could be materially and adversely affected.
  • If we are unable to successfully identify, acquire, and integrate existing businesses, services, and technologies, our business, results of operations, and financial condition could be adversely impacted.
  • We may experience challenges with the acquisition, development, enhancement or deployment of technology necessary for our business.
  • Our business is subject to international economic, political and other risks that could negatively affect our results of operations and financial condition.
  • Due to the global nature of our business, we may be exposed to liabilities under the Foreign Corrupt Practices Act and various non‑U.S. anti‑corruption laws, and any allegation or determination that we violated these laws could have a material adverse effect on our business.
  • If we fail to perform our services in accordance with contractual requirements, government regulations, and ethical considerations, we could be subject to significant costs or liability and our reputation could be adversely affected.
  • If we fail to comply with certain healthcare laws, including fraud and abuse laws, we could face substantial penalties and our business, results of operations, financial condition, and prospects could be adversely affected.
  • Current and proposed laws and regulations regarding the protection of personal data could result in increased risks of liability or increased cost to us or could limit our service offerings.
  • The biopharmaceutical industry has a history of patent and other intellectual property litigation, and we might be involved in costly intellectual property lawsuits.
  • Exchange rate fluctuations may affect our results of operations and financial condition.
  • Our effective income tax rate may fluctuate for different reasons, including the U.S. Tax Cuts and Jobs Act enacted in 2017, which may adversely affect our operations, earnings, and earnings per share.
  • We have a significant amount of goodwill and intangible assets on our balance sheet, and our results of operations may be adversely affected if we fail to realize the full value of our goodwill and intangible assets.
  • Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
  • Our substantial indebtedness could adversely affect our financial condition and prevent us from fulfilling our debt obligations and may otherwise restrict our activities.
  • If we do not comply with the covenants in our financing agreements, we may not have the funds necessary to pay all of our indebtedness that could become due.
  • We may not be able to generate sufficient cash to service all of our indebtedness, and may be forced to take other actions to satisfy our obligations under our indebtedness that may not be successful.
  • Interest rate fluctuations may affect our results of operations and financial condition.
  • The interest rates of our term loans are priced using a spread over LIBOR.
  • Provisions of our corporate governance documents and Delaware law could make any change in our board of directors or in control of our company more difficult.
Management Discussion
  • Revenue increased by $150.1 million, or 19.1%, from $783.7 million during the three months ended March 31, 2020 to $933.8 million during the three months ended March 31, 2021. Revenue for the three months ended March 31, 2021 benefited from an increase in billable hours, an increase in the effective rate of hours billed on our studies, and a favorable impact of $12.5 million from foreign currency exchange rate fluctuations. The growth in revenue and the increase in billable hours were due largely to the increase in our backlog as we entered the year, the type of services we are providing on our active studies, which was driven by the life cycles of projects that were active during the period, the growth in new business awards as a result of higher demand for our services across the industries we serve, more effective sales efforts, and the growth in the overall CRO market. The increase in our effective rate of the hours billed on our studies is attributable to the contract pricing terms on our current mix of active studies and the mix of clients and services that we provide to those clients.    

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