ClinPhone acquisition boosts Parexel's guidance
This article was originally published in Scrip
Executive Summary
Parexel Internationalhas raised its revenue guidance for the first-quarter of fiscal 2009, ending September 30th, from $260-270 million to $270-280 million, following the close of its acquisition of the clinical technology organisation ClinPhone last month (ScripOnline, August 19th, 2008). The company has also raised its fiscal 2009 revenue guidance from $1.13-1.16 billion to $1.22-1.25 billion. Parexel expects to earn $10-14 million in first-quarter revenue from the acquisition and $95-105 million in full-year revenue. Parexel hopes that the acquisition of ClinPhone will enhance its eClinical platform and will absorb the newly acquired firm into its technology subsidiary Perceptive Informatics.