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Parexel International Corp. has a market cap of $1.32 billion; its shares were traded at around $22.7 with a P/E ratio of 26.4 and P/S ratio of 1.1. Parexel International Corp. had an annual average earning growth of 16.4% over the past 10 years. GuruFocus rated Parexel International Corp. the business predictability rank of 4-star.PRXL is in the portfolios of Edward Owens of Vanguard Health Care Fund, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations: PCMS service revenue increased by $2.3 million, or 8.0%, to $31.5 million for the three months ended March 31, 2010 from $29.2 million for the same period in 2009. The increase was caused by a $2.0 million increase in consulting, including a $1.3 million increase in compliance-related work, and a $1.3 million increase related to the positive impact of foreign currency exchange rate fluctuations. These increases were partly offset by a $0.5 million decrease in health policy and strategic reimbursement services, which has been adversely affected by the uncertainty in the regulatory markets due to changes in the U.S. healthcare law, and a $0.5 million decrease in other services, including the discontinuation of continuing medical education activities.
Perceptive service revenue increased by $2.7 million, or 7.4%, to $38.3 million for the three months ended March 31, 2010 from $35.6 million for the three months ended March 31, 2009. The increase was due to a $2.0 million increase in RTSM and support services, $1.6 million from the positive impact of foreign currency exchange rate fluctuations, and a $1.4 million increase in medical imaging and other services; partly offset by a $2.3 million decrease in CTMS services. Perceptive revenue for the three months ended March 31, 2009 included $3.7 million that was subsequently reversed in the fourth quarter of Fiscal Year 2009 due to an accounting correction related to start-up and deferred revenue.
On a segment basis, CRS direct costs increased by $11.0 million, or 8.6%, to $138.9 million for the three months ended March 31, 2010 from $127.9 million for the three months ended March 31, 2009. This increase was due to $6.8 million from the negative impact of foreign currency exchange rate fluctuations, $2.4 million in the Phase II-III/PACE business and $1.8 million in Early Phase. As a percentage of service revenue, CRS direct costs decreased to 62.7% for the three months ended March 31, 2010 from 64.0% for the three months ended March 31, 2009 due primarily to strong performance in Asia/Pacific, the continued effectiveness of cost controls, and improved productivity and efficiency.
Perceptive direct costs increased slightly by $0.2 million, or 1.1%, to $20.3 million for the three months ended March 31, 2010 from $20.1 million for the three months ended March 31, 2009. The increase was due to a $1.1 million increase in product support services, a $1.0 million increase in the medical imaging business, and $0.5 million related to the negative impact of foreign currency exchange rate fluctuations; partially offset by a $2.4 million decrease in RTSM. Perceptive costs for the three months ended March 31, 2009 included $1.5 million that was subsequently reversed in the fourth quarter of Fiscal Year 2009 due to an accounting adjustment related to start-up costs. As a percentage of service revenue, Perceptive direct costs decreased to 53.1% for the three months ended March 31, 2010 from 56.4% for the three months ended March 31, 2009, due, in part, to improved operating procedures and the integration of ClinPhone operations into the overall Perceptive business.
Selling, general and administrative (“SG&A”) expense increased by $9.3 million, or 15.8%, to $68.3 million for the three months ended March 31, 2010 from $59.0 million for the three months ended March 31, 2009. This increase was due to a $4.5 million increase in personnel costs, $4.4 million from the negative impact of foreign exchange movements, and a $1.2 million increase in sales expenses; partly offset by a $0.8 million increase in other expenses. As a percentage of service revenue, SG&A increased to 23.5% for the three months ended March 31, 2010 from 22.3% for the three months ended March 31, 2009.
Perceptive service revenue decreased by $8.4 million, or 7.7%, to $100.3 million for the nine months ended March 31, 2010 from $108.7 million for the nine months ended March 31, 2009. The decline was due to a $4.8 million decrease in CTMS, a $3.5 million decrease in RTSM services, a $2.2 million decrease in the integration services group, and $0.6 million from the negative impact of foreign currency exchange rate fluctuations; partly offset by a $1.5 million increase in EDC and a $1.2 million increase in medical imaging. Perceptive revenue for the nine months ended March 31, 2009 included $17.0 million that was subsequently reversed in the fourth quarter of Fiscal Year 2009 related to an accounting adjustment on start-up costs and deferred revenues.
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