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Syneos Health, Inc.

syneoshealth.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 9, 2023. Its latest SEC filing is a 15-12G from Oct 10, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provides clinical-development services to biopharmaceutical companies, biotechnology firms, and medical-device makers, as well as commercialization services.

How Did They Make Money?

Customers pay for clinical-development and commercialization services over the period the work is carried out; longer clinical projects span several years, while many other service arrangements are short-term or month-to-month.

revenue
SegmentShareRevenue
Clinical Solutions
Recurring

75%
FY2019: 74%
Commercial Solutions
Recurring

25%
FY2019: 26%

Who Were Their Customers?

Serves large biopharmaceutical companies, emerging and specialty biotechnology firms, and medical-device and diagnostics companies. Its business-development staff identifies needs and designs solutions, while account teams manage key customer relationships.

Did Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2022 and turned 6 cents into free cash flow.

Operating income, FY2022
7% of revenue
▲ +4% vs FY2021 ($389.3M, 7%)
Net income, FY2022
5% of revenue
▲ +13% vs FY2021 ($234.8M, 5%)
Free cash flow, FY2022
6% of revenue
▼ −15% vs FY2021 ($393.4M, 8%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q2 FY2023, the three months to Jun 30, 2023
Revenue
▲ 0%
vs $1.4B in Q2 FY2022
Net income
▼ −99%
vs $77.7M in Q2 FY2022
Clinical Solutions share of revenue vs 75.4% in Q2 FY2022
  • Oct 3, 2023 Colin Shannon became CEO, succeeding Michelle Keefe Keefe remained on the Executive Leadership Team, and both stayed on the board.
  • Sep 28, 2023 Merger closed, completing the acquisition of Syneos Health The company repaid its prior credit and receivables financing in connection with the merger.

Grew. Revenue grew 23% in 4 years, from $4.4B in FY2018 to $5.4B in FY2022, about 5% a year.

Revenue over time
Clinical Solutions Commercial Solutions
$10B$5B$0

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