Attached files
| file | filename |
|---|---|
| 8-K - 8K 2009 Y/E - INVENTIV HEALTH INC | form8k2009.htm |
| EX-99.2 - INVESTORDECK 022310 - INVENTIV HEALTH INC | investordeck.htm |
|
Investors
/ Corporate:
David
S. Bassin, CFO
inVentiv
Health, Inc.
(732)
537-4804
investor@inventivhealth.com
|
Media:
Marcia
Frederick
inVentiv
Health, Inc.
(614)
543-6281
mfrederick@inventivhealth.com
|
inVentiv
Health Reports Financial Results
for
Fourth Quarter and Full Year 2009
|
·
|
Fourth
Quarter Revenues decline 3% to $275 million; Full Year Revenues of $1.07
billion
|
|
·
|
Fourth
Quarter EPS of $0.47; Full Year Adjusted EPS of $1.38 (GAAP EPS of
$1.39)
|
|
·
|
2010
Revenue Targets of $1.1 to $1.14 billion and Adjusted EPS Targets of $1.40
to $1.48 (GAAP EPS targets of $1.36 to
$1.46)
|
SOMERSET,
NEW JERSEY, February 23, 2010 ― inVentiv Health,
Inc. (NASDAQ: VTIV), a leading provider of commercialization services to the
global pharmaceutical and healthcare industries, today announced financial
results for the fourth quarter and full year of 2009.
Fourth Quarter 2009 Results
attributable to inVentiv Health, Inc.:
|
·
|
Total
revenues decreased 3% to $274.8 million for the fourth quarter of 2009,
compared to $283.3 million for the fourth quarter of 2008. Net
revenues declined 4% to $238.6 million, compared to $247.7 million for the
fourth quarter of 2008.
|
|
·
|
Adjusted
EBITDA decreased 5% to $39.4 million for the fourth quarter of 2009,
compared to $41.5 million for the fourth quarter of
2008. Adjusted operating income decreased 2% to $31.7 million
for the fourth quarter of 2009, compared to $32.2 million for the fourth
quarter of 2008. GAAP operating income was $31.8 million for
the fourth quarter of 2009, compared to GAAP loss of ($237.6) million for
the fourth quarter of 2008 which included a non-cash pre-tax goodwill and
other intangible asset impairment charge of $267.8
million.
|
|
·
|
Adjusted
net income attributable to inVentiv Health, Inc. was $15.9 million for
both the fourth quarter of 2009 and the fourth quarter of
2008. GAAP net income attributable to inVentiv Health, Inc. was
$16.0 million for the fourth quarter of 2009, compared to a GAAP net loss
of ($162.6) million for the fourth quarter of
2008.
|
|
·
|
Diluted
earnings per share (EPS) attributable to inVentiv Health, Inc. was $0.47
for the fourth quarter of 2009, compared to an adjusted diluted EPS of
$0.48 for the fourth quarter of 2008 and GAAP diluted loss per share of
($4.89) for the fourth quarter of
2008.
|
The
company also generated $47.1 million of cash flow from continuing operations for
the quarter and a total of $125.8 million for the full year of
2009.
Full Year 2009 Results
attributable to inVentiv Health, Inc.:
|
·
|
Total
revenues decreased 4% to $1.07 billion for 2009, compared to $1.12 billion
for 2008. Net revenues declined 3% to $927.9 million, compared
to $951.7 million for 2008.
|
|
·
|
Adjusted
EBITDA decreased 7% to $132.6 million for 2009, compared to $143.0 million
for 2008. Adjusted operating income decreased 7% to $100.2
million for 2009, compared to $108.2 million for 2008. GAAP
operating income was $100.6 million for 2009, compared to GAAP loss of
($162.2) million for 2008 which included a non-cash pre-tax goodwill and
other intangible asset impairment charge of $267.8
million.
|
|
·
|
Adjusted
net income attributable to inVentiv Health, Inc. was $46.7 million for
2009, compared to adjusted net income of $51.3 million for
2008. GAAP net income attributable to inVentiv Health, Inc., as
reported, was $46.9 million for 2009, compared to a GAAP net loss of
($128.0) million for 2008.
|
|
·
|
Adjusted
diluted EPS attributable to inVentiv Health, Inc. was $1.38 for 2009,
compared to an adjusted diluted EPS of $1.55 for 2008. GAAP
diluted EPS was $1.39 for 2009, compared to GAAP diluted loss per share of
($3.87) for 2008.
|
2009 Highlights and Key
Accomplishments:
|
·
|
inVentiv Clinical
reported total revenues of $209.5 million during 2009 and $51.3 million
during the fourth quarter of 2009, down 3% and 6% respectively from the
comparable prior-year periods. Revenues decreased due to a
lower demand in the staffing market, but were mostly offset by growth in
inVentiv Clinical’s functional outsourcing and CRO services
business.
|
|
·
|
inVentiv Communications
reported total revenues of $310 million during 2009 and $86.1 million
during the fourth quarter of 2009, down 9% for the full year, but
increased by 17% for the fourth quarter from the comparable prior-year
periods. Net revenues declined 3% in 2009 as the company
incurred a significantly lower amount of pass-through during the year
versus 2008. The marketing spend by clients stabilized during
2009 and a number of new business wins and increased scopes in the fourth
quarter led to a strong performance in the second half of
2009.
|
|
·
|
inVentiv Commercial
reported total revenues of $413.3 million during 2009 and $99.4 million
during the fourth quarter of 2009, down 5% and 18% respectively from the
comparable prior-year periods. The division finished 2009 with
several new wins, including a new embedded team with a Top 20
Pharma. inVentiv Commercial continues to be a leader in new and
innovative sales and analytic solutions to the pharmaceutical industry
including the development of the embedded teams’ model and the recent
launch of the Selling2ScaleTM
model and FlightPathTM
commercialization platform.
|
|
·
|
inVentiv Patient
Outcomes reported record total revenues of $139.2 million during
2009 and $38.0 million during the fourth quarter of 2009, up 11% and 10%
respectively from the comparable prior-year periods. 2009
results reflected solid performance including several new wins in patient
compliance, expansion of services within our patient assistance programs,
and the strong results from PMG, which was acquired in August
2008.
|
|
·
|
Strong Integrated Win
Momentum: inVentiv delivered 96 integrated/cross-selling
wins in 2009 compared to 76 wins in 2008 and 35 in 2007, and is actively
pursuing a new business pipeline of approximately $425
million. inVentiv currently serves over 350 clients and
supports over 850 brands.
|
|
·
|
Operating
Improvements: The Company improved its operating
structure to deliver proprietary solutions for its customers while
delivering on its goal of cost structure improvements through efficient
utilization of resources, integrating facilities and implementing targeted
procurement initiatives.
|
|
·
|
Strong Cash
Flow: As a result of the strength of inVentiv’s
operations, the Company generated $125.8 million of cash flow from
continuing operations during 2009, including $47.1 million in the fourth
quarter, and finished the year with $135.4 million of cash and marketable
securities on the balance sheet as of December 31,
2009.
|
Mr. Blane
Walter, Chief Executive Officer of inVentiv Health, commented, “I am pleased to
report inVentiv’s fourth quarter results, which demonstrate the importance of
having a diverse product offering and best-in-class solutions. We maintained our
leadership position in the pharmaceutical services industry while successfully
transforming the Company into a more integrated and lower cost
organization. Last year, we focused on generating innovative
offerings for our clients and lowering inVentiv’s cost structure. Our
results reflect the achievements we made in 2009 and position inVentiv for
long-term growth as clients increasingly outsource commercialization services to
external partners that can provide lower cost and more flexible
solutions.”
2010
Targets
At this
time, inVentiv is providing initial 2010 revenue targets of $1.1 - $1.14 billion
and adjusted EPS targets of $1.40 - $1.48. (GAAP EPS targets of $1.36
to $1.46).
EPS in
the first quarter of 2010 is targeted at $0.24 to $0.26.
Conference Call
Information
Wednesday,
February 24, 2010, 8:30 a.m. Eastern Time
Call in number: (800) 358-8448
(Domestic) or (706) 634-1367 (International)
Live and
archived webcast: www.inventivhealth.com
A replay
of the call will be available immediately following the call through March 3,
2010 at (800) 642-1687. The conference ID number for the replay is
55221445.
In
concert with the call, information regarding inVentiv Health’s historical and
recent operational and financial performance will be available at
http://www.inventivhealth.com/about_us/ir_investor_decks.aspx. Non-GAAP
financial information also can be found in the investor relations section of the
web site.
About inVentiv
Health
inVentiv
Health, Inc. (NASDAQ: VTIV) 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
350 leading pharmaceutical, biotech, life sciences and healthcare payer
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. The Company’s objectives in
presenting non-GAAP financial measures are:
|
·
|
To
present the financial statements on a more comparable period-to-period
basis;
|
|
·
|
To
enhance investors’ overall understanding of the Company’s past financial
performance and its planning and forecasting of future periods;
and
|
|
·
|
To
allow investors to assess the Company’s financial performance using
management’s analytical approach.
|
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
non-GAAP financial measures “adjusted operating income”, “adjusted net income”
and “adjusted diluted EPS” discussed in this press release are related to the
following three factors:
|
·
|
Goodwill and Other Intangibles
Impairment: For the fourth quarter of 2008, the Company
recorded a non-cash goodwill and other intangible asset impairment expense
of $267.8 million ($177.8 million, net of taxes). The Company
previously performed the required annual testing of goodwill as of June
30, 2008. The fourth quarter 2008 impairment charge was
primarily driven by adverse economic and equity market conditions that
caused a decrease in the current marketplace and related multiples and the
Company’s stock price as of December 31, 2008 compared to the test
performed as of June 30, 2008. The Company conducted its annual
assessment and concluded that the foregoing balances on the Company’s
Consolidated Balance Sheet were not impaired as of June 30,
2009.
|
|
·
|
Other than Temporary
Impairment on Marketable Securities: For the fourth
quarter of 2009 and 2008, the Company recorded a gain of $0.1 million
($0.1 million, net of taxes) and an impairment of $2.0 million ($1.2
million, net of taxes), respectively, related to an other than temporary
impairment of the Company's Columbia Strategic Cash Portfolio (“CSCP”),
which held certain asset-backed securities. For 2009 and 2008,
the Company recorded a gain of $0.4 million ($0.2 million, net of taxes)
and an impairment of $2.6 million ($1.5 million, net of taxes),
respectively, related to an other than temporary impairment for
CSCP. Consistent with the company's investment policy
guidelines, the vast majority of holdings within CSCP had AAA/Aaa credit
ratings at the time of purchase. With the liquidity issues experienced in
the global credit and capital markets, the CSCP experienced other than
temporary losses resulting in a change in the net asset value per share
from its $1 par value. The other than temporary impairment gain
and loss were adjusted to exclude this benefit/charge for 2009 and 2008
results. The CSCP balance was fully liquidated in December
2009.
|
|
·
|
Derivative Interest: In
October 2005, the Company engaged in an interest rate hedge of its $175
million term loan facility, which the Company did not designate for hedge
accounting until July 2006. In July 2006, the Company employed
a hypothetical derivative model to assess
ineffectiveness. For the three-months ended December 31,
2008, the Company recorded $0.1 million of interest expense ($0.1 million,
net of taxes) relating to the ineffectiveness of the hedge for the
quarter. For the twelve-months ended December 31, 2008, the
Company recorded $1.1 million of interest expense ($0.7 million of
interest expense, net of taxes), relating to the ineffectiveness of the
hedge for the period. Net interest expense was adjusted to
exclude these adjustments in their respective
periods.
|
This
press release also contains the non-GAAP financial measure “Adjusted EBITDA”,
which is defined as net income attributable to inVentiv Health, Inc. before
taxes, interest, depreciation, amortization and the aforementioned
adjustments.
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.
Forward-Looking
Information
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: the potential impact of a recessionary environment
on our customers and business; our ability to sufficiently increase our revenues
and maintain or decrease expenses and cash capital expenditures to permit us to
fund our operations; our ability to continue to comply with the covenants and
terms of our credit facility and to access sufficient capital under our credit
agreement or from other sources of debt or equity financing to fund our
operations; the impact of any default by our credit providers or swap
counterparties; our ability to accurately forecast costs to be incurred in
providing services under fixed price contracts; our ability to accurately
forecast insurance claims within our self-insured programs; our ability to
accurately forecast the performance of business units to which our potential
earnout obligations relate and, therefore, to accurately estimate the amount of
the earnout obligations we will incur; the potential impact of
pricing pressures on pharmaceutical manufacturers from future health care reform
initiatives or from changes in the reimbursement policies of third party payers;
potential disruptions and switching costs related to vendors relationships;
the possibility that customer agreements will be terminated or not renewed;
our ability to grow our existing client relationships, obtain new clients and
cross-sell our services; our ability to successfully operate new lines of
business; our ability to manage our infrastructure and resources to support our
growth; our ability to successfully identify new businesses to acquire, conclude
acquisition negotiations and integrate the acquired businesses into our
operations; any disruptions, impairments, or malfunctions affecting software as
well as excessive costs or delays that may adversely impact our continued
investment in and development of software; the potential impact of government
regulation on us and on our client base; our ability to comply with all
applicable laws as well as our ability to successfully implement from a timing
and cost perspective any changes in applicable laws; our ability to recruit,
motivate and retain qualified personnel, including sales representatives and
clinical staff; the actual impact of the adoption of certain accounting
standards; our ability to maintain technological advantages in a variety of
functional areas, including sales force automation, electronic claims
surveillance and patient compliance; the actual outcome of pending litigation;
any potential impairment of intangible assets; consolidation in the
pharmaceutical industry; and changes in trends in the pharmaceutical industries
or in pharmaceutical outsourcing. 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.
Table
1
INVENTIV
HEALTH, INC.
CONSOLIDATED
INCOME STATEMENTS
(in
thousands, except per share amounts)
(unaudited)
|
For
the Three-Months Ended
|
For
the Twelve Months Ended
|
||||
|
December
31,
|
December
31,
|
||||
|
2009
|
2008
|
2009
|
2008
|
||
|
Net
revenues
|
$238,632
|
$247,693
|
$927,878
|
$951,656
|
|
|
Reimbursed
out-of-pockets
|
36,171
|
35,584
|
144,083
|
168,156
|
|
|
Total
revenues
|
274,803
|
283,277
|
1,071,961
|
1,119,812
|
|
|
Operating
expenses:
|
|||||
|
Cost
of services
|
144,493
|
157,464
|
582,835
|
598,465
|
|
|
Reimbursable
out-of-pocket expenses
|
37,367
|
34,894
|
146,800
|
173,977
|
|
|
Selling,
general and administrative expenses
|
61,094
|
60,701
|
241,753
|
241,684
|
|
|
Impairment
of goodwill and other intangible assets
|
--
|
267,849
|
--
|
267,849
|
|
|
Total
operating expenses
|
242,954
|
520,908
|
971,388
|
1,281,975
|
|
|
Operating
income (loss)
|
31,849
|
(237,631)
|
100,573
|
(162,163)
|
|
|
Interest
expense
|
(5,803)
|
(6,330)
|
(23,125)
|
(25,464)
|
|
|
Interest
income
|
57
|
298
|
187
|
1,983
|
|
|
Income
from continuing operations before income tax (provision) benefit and loss
from equity investments
|
26,103
|
(243,663)
|
77,635
|
(185,644)
|
|
|
Income
tax (provision) benefit
|
(9,467)
|
80,725
|
(29,870)
|
58,207
|
|
|
Income
(loss) from continuing operations before loss from equity
investments
|
16,636
|
(162,938)
|
47,765
|
(127,437)
|
|
|
Loss
from equity investments
|
(17)
|
(55)
|
(82)
|
(102)
|
|
|
Income
(loss) from continuing operations
|
16,619
|
(162,993)
|
47,683
|
(127,539)
|
|
|
Income
from discontinued operations:
|
|||||
|
Gains
on disposals of discontinued operations, net of taxes
|
--
|
560
|
--
|
664
|
|
|
Income
from discontinued operations
|
--
|
560
|
--
|
664
|
|
|
Net
income (loss)
|
16,619
|
(162,433)
|
47,683
|
(126,875)
|
|
|
Less: Net
income attributable to the noncontrolling interest
|
(672)
|
(124)
|
(812)
|
(1,146)
|
|
|
Net
income (loss) attributable to inVentiv Health, Inc.
|
$15,947
|
$(162,557)
|
$46,871
|
$(128,021)
|
|
|
Earnings
(loss) per share:
|
|||||
|
Continuing
operations:
|
|||||
|
Basic
|
$0.47
|
$(4.90)
|
$1.40
|
$(3.89)
|
|
|
Diluted
|
$0.47
|
$(4.90)
|
$1.39
|
$(3.89)
|
|
|
Discontinued
operations:
|
|||||
|
Basic
|
$0.00
|
$0.01
|
$0.00
|
$0.02
|
|
|
Diluted
|
$0.00
|
$0.01
|
$0.00
|
$0.02
|
|
|
Net
income (loss):
|
|||||
|
Basic
|
$0.47
|
$(4.89)
|
$1.40
|
$(3.87)
|
|
|
Diluted
|
$0.47
|
$(4.89)
|
$1.39
|
$(3.87)
|
|
|
Weighted
average common shares outstanding:
|
|||||
|
Basic
|
33,600
|
33,264
|
33,502
|
33,043
|
|
|
Diluted
|
34,026
|
33,264
|
33,798
|
33,043
|
|
Table 2
inVentiv
Health, Inc.
Selected
Financial Data
($’s
in 000’s)
(unaudited)
|
December
31,
|
December
31,
|
|
|
2009
|
2008
|
|
|
Cash
..……………………………………………….
|
$132,818
|
$90,463
|
|
Restricted
Cash and Marketable Securities (1)……
|
$2,539
|
$11,793
|
|
Accounts
Receivable, Net…………………………
|
$160,012
|
$158,689
|
|
Unbilled
Services…………………………………...
|
$76,502
|
$86,390
|
|
Total
assets……..…………………………………...
|
$1,029,963
|
$973,116
|
|
Client
Advances & Unearned Revenue……………..
|
$65,437
|
$57,223
|
|
Working
Capital (2)………………………………...
|
$194,180
|
$163,620
|
|
Long-term
debt (3)………………………………...
|
$321,905
|
$326,107
|
|
Capital
Lease Obligations (3)……………………..
|
$23,373
|
$38,427
|
|
Depreciation
(4)…………………………………….
|
$20,910
|
$20,870
|
|
Amortization
(4)…………………………………….
|
$12,398
|
$15,118
|
|
Days
Sales Outstanding (5)…………………………
|
72
|
72
|
|
1)
|
Includes
$3.7 million long term marketable securities classified as Deposits and
Other Assets as of December 31,
2008.
|
|
2)
|
Working
Capital is defined as total current assets less total current
liabilities.
|
|
3)
|
Liabilities
are both current and noncurrent.
|
|
4)
|
Depreciation
and amortization are reported on a year-to-date
basis.
|
|
5)
|
Days
Sales Outstanding (“DSO”) is measured using the combined amounts of
Accounts Receivable and Unbilled Services (excluding work-in-progress,
which does not affect calculation) outstanding as of the Balance Sheet
date, against Revenues for the trailing 3-month period then ended. The
calculation excludes acquisitions made during the fourth quarter of 2009
and 2008.
|
|
Table
3
|
inVentiv Health,
Inc.
Non-GAAP Income Statement
Reconciliation
For the Three and Twelve
Months Ended December 31, 2009 and 2008
(unaudited)
|
Reconciliation of Adjusted
EBITDA
(in
millions)
|
Three-Months
Ended
December
31,
|
Twelve-Months
Ended
December
31,
|
||
|
(Subtract)
Add
|
2009
|
2008
|
2009
|
2008
|
|
Net
income (loss) attributable to inVentiv Health Inc., as
reported
|
$16.0
|
$(162.6)
|
$46.9
|
$(128.0)
|
|
Add:
Income tax provision
|
9.5
|
(80.7)
|
29.9
|
(58.2)
|
|
Add:
Net Interest expense
|
5.7
|
6.1
|
22.9
|
23.5
|
|
Add: Depreciation
|
5.2
|
5.7
|
20.9
|
20.9
|
|
Add:
Amortization
|
3.1
|
3.8
|
12.4
|
15.1
|
|
Less:
Gains from discontinued operations, net of taxes
|
--
|
(0.6)
|
--
|
(0.7)
|
|
EBITDA
|
$39.5
|
$(228.3)
|
$133.0
|
$(127.4)
|
|
Impairment
of goodwill and other intangible assets
|
--
|
267.8
|
--
|
267.8
|
|
Other
than temporary impairment of marketable securities
|
(0.1)
|
2.0
|
(0.4)
|
2.6
|
|
Adjusted
EBITDA
|
$39.4
|
$41.5
|
$132.6
|
$143.0
|
|
Reconciliation of Adjusted Net Income/(Loss)
attributable to inVentiv Health Inc.
(in
millions)
|
Three-Months
Ended
December
31,
|
Twelve-Months
Ended
December
31,
|
||
|
(Subtract)
Add
|
2009
|
2008
|
2009
|
2008
|
|
Net
income (loss) attributable to inVentiv Health Inc., as
reported
|
$16.0
|
$(162.6)
|
$46.9
|
$(128.0)
|
|
Gains
from discontinued operations, net of taxes
|
--
|
(0.6)
|
--
|
(0.7)
|
|
Impairment
of goodwill and other intangible assets, net of taxes
|
--
|
177.8
|
--
|
177.8
|
|
Other
than temporary impairment of marketable securities, net of
taxes
|
(0.1)
|
1.2
|
(0.2)
|
1.5
|
|
Derivative
interest, net of taxes
|
--
|
0.1
|
--
|
0.7
|
|
Net
income, attributable to inVentiv Health Inc. as adjusted
|
$15.9
|
$15.9
|
$46.7
|
$51.3
|
|
Reconciliation of Adjusted Operating
Income
(in
millions)
|
Three-Months
Ended
December
31,
|
Twelve-Months
Ended
December
31,
|
||
|
(Subtract)
Add
|
2009
|
2008
|
2009
|
2008
|
|
Operating
income (loss), as reported
|
$31.8
|
$(237.6)
|
$100.6
|
$(162.2)
|
|
Impairment
of goodwill and other intangible assets
|
--
|
267.8
|
--
|
267.8
|
|
Other
than temporary impairment of marketable securities
|
(0.1)
|
2.0
|
(0.4)
|
2.6
|
|
Operating
income, as adjusted
|
$31.7
|
$32.2
|
$100.2
|
$108.2
|
|
Reconciliation of Adjusted Earnings/(Losses) per
Share attributable to inVentiv Health Inc.
|
Three-Months
Ended
December
31,
|
Twelve-Months
Ended
December
31,
|
||||
|
(Subtract)
Add
|
2009
|
2008
|
2009
|
2008
|
||
|
Diluted
earnings (loss) per share attributable to inVentiv Health Inc., as
reported
|
$0.47
|
$(4.89)
|
$1.39
|
$(3.87)
|
||
|
Less:
Gains from discontinued operations, net of taxes
|
--
|
(0.01)
|
--
|
(0.02)
|
||
|
Impairment
of goodwill and other intangible assets, net of taxes
|
--
|
5.34
|
--
|
5.38
|
||
|
Other
than temporary impairment of marketable securities, net of
taxes
|
--
|
0.04
|
(0.01)
|
0.04
|
||
|
Derivative
interest, net of taxes
|
--
|
--
|
0.02
|
|||
|
Diluted
earnings per share attributable to inVentiv Health Inc., as
adjusted
|
$0.47
|
$0.48
|
$1.38
|
$1.55
|
||
2010 Financial Targets
Reconciliation (unaudited)
|
Targets
|
|
|
2010
|
|
|
Diluted
earnings per share attributable to inVentiv Health Inc.
|
$1.36
- $1.46
|
|
Termination
expense of the interest rate hedge, net of taxes
|
0.04
– 0.02
|
|
Diluted
earnings per share attributable to inVentiv Health Inc., as
adjusted
|
$1.40
- $1.48
|