inVentiv Health Reports Record Financial Results for Fourth Quarter and Full Year 2007
SOMERSET, N.J., Feb. 28 /PRNewswire-FirstCall/ -- inVentiv Health, Inc. , a leading provider of commercialization services to the global pharmaceutical and healthcare industries, today announced record financial results for the fourth quarter and full year 2007.
Mr. Eran Broshy, Chairman and Chief Executive Officer of inVentiv Health, commented, "I am very pleased with inVentiv's record fourth quarter and full year results, demonstrating our unique leadership position built on a strong and diversified business model. We have continued to effectively execute for our clients by offering best-in-class offerings, and also are increasingly delivering broader integrated solutions to our clients. At the same time, I am excited at our increasing new win momentum and the significant new business pipeline we are pursuing, which now stands at over $400 million."
2008 Guidance Reconfirmed
Based on the Company's strong performance during the fourth quarter and full year of 2007, the Company is, at this time, reconfirming its 2008 revenue guidance of $1.05 - $1.15 billion and adjusted earnings per share guidance of $1.80 - $1.90 including stock compensation expense (GAAP earnings per share guidance of $1.78 - $1.88).
Adjusted guidance figures exclude derivative interest income or expense related to the Company's interest rate hedge on its term loan facility, certain impairment charges from marketable securities, and non-recurring tax adjustments.
A replay of the call will be available immediately following the call through March 6, 2008 at (800) 642-1687 or (706) 645-9291. The conference ID number for the replay is 32253136.
In concert with the call, information regarding inVentiv Health's historical and recent operational and financial performance will be available at www.inVentivHealth.com/health/investorRelations/investorDecks.asp.
About inVentiv Health
inVentiv Health, Inc. is an insights-driven global healthcare leader that provides dynamic solutions to deliver customer and patient success. inVentiv delivers its customized clinical, sales, marketing and communications solutions through its four core business segments: inVentiv Clinical, inVentiv Communications, inVentiv Commercial, and inVentiv Patient Outcomes. inVentiv Health's client roster is comprised of more than 325 leading pharmaceutical, biotech, life sciences and healthcare payor companies, including all top 20 global pharmaceutical manufacturers. For more information, visit www.inVentivHealth.com.
(1) USE OF NON-GAAP FINANCIAL MEASURES
This press release contains non-GAAP financial measures which is intended to make the Company's financial statements more directly comparable on a period-to-period basis. The Company's objectives in presenting non-GAAP financial measures are:
Table 3 below contains reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable GAAP financial measures.
The "adjusted" non-GAAP financial measures discussed in this press release is related to the following five factors:
In addition, this press release contains non-GAAP financial measures related to the pro-forma organic net revenue growth rate for 2007. This growth rate is calculated as if all companies acquired by the Company as of December 31, 2007 were owned by it as of January 1, 2006.
These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. Management believes that the non-GAAP financial measures included in the exhibit, when shown in conjunction with the corresponding GAAP measures, is useful to investors for the reasons discussed above. Management uses these non-GAAP financial measures in assessing the performance of the Company's operations on a consistent basis from period to period.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: changes in trends in the pharmaceutical industry or in pharmaceutical outsourcing; our ability to compete successfully with other services in the market; our ability to maintain large client contracts or to enter into new contracts; and, our ability to operate successfully in new lines of business. Readers of this press release are referred to documents filed from time to time by inVentiv Health, Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
CONTACT: Investors/Corporate, David S. Bassin, CFO, +1-732-537-4804,
firstname.lastname@example.org; or Media, Marcia Frederick, +1-614-543-6281,
email@example.com, both of inVentiv Health, Inc.
Web site: http://www.inventivhealth.com//