IQVIA (IQV) 27 Jul 212021 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the IQVIA Second Quarter 2021 Earnings Conference Call. [Operator Instructions].

As a reminder, this call is being recorded. I would now like to turn the call over to Nick Childs, Senior Vice President, Investor Relations and Corporate Communications. Mr. conference. your begin please Childs,

Executive Thank Counsel; you. second are for our Financial Analysis; Vice Ron Thank Bousbib, Officer; and Chief Eric Planning Sherbet, Fedock, morning, XXXX earnings Senior everyone. Executive Bruehlman, Officer; quarter Executive today and and you President call. and Chairman Financial Relations. during Today, that and call we General in be joining President following section Brian Chief Good Director, Vice IQVIA Relations Presentations Mike With Stengel you Ari presentation visible [ph], President, me this of and referencing This also Investor of will those website Investor be webcast. presentation this Associate for a call our ir.iqvia.com. be at Events our will on the will Vice available

uncertainties to company's statements materially and risks I with company's our forward-looking or Commission, with filings. will those call caution that begin, the XX-K subsequent this business, management in differ discussed SEC certain annual include implied by due the including and forward-looking we would could information and which from during Exchange results listeners on Securities discussed Before are conference by Form filings to stated statements. associated Actual like report the

prepared financial accordance Ari we to is the Bousbib. will supplement CEO, the measures presentation. release comparable included measures to discuss substitute our with on In would of a addition, conference which measures GAAP to Chairman call I GAAP. reconciliation turn certain measures the in be a non-GAAP like in call these and call, financial over for now and press considered non-GAAP A should this to not and

metrics. reported with Thank and morning, good joining quarter financial in morning, outstanding results you, second for all This you key growth Nick, Thank everyone. today. double-digit we

once raised strong our the we've performance, the for year. Following guidance again

strengthen. our recall, The life the XX continues pre-COVID industry to ahead financial you V As sciences plan. tracking of we're of health

historical molecules last right of recent backlog indicating XX% National which well the biotech and According pushed starts was to an compared increase Capital totaled significantly. compared pipeline $XX Association, year. numbers, expand to represents New of in XXXX XX% levels record the half first half to This clinical which funding X% trending half figures. continues up launches, And itself the late-stage versus to up pandemic continues They to been of year. finally, to a large potential have The during trial of some above are of XXXX, Venture increase a record are billion XXXX. first the first the XXXX. of already funding to

technology But differentiated of uniquely it the During expertise, industry. It on advanced XXXX, is and therapeutic analytics, the new based which requiring deliver accelerated the such to and positioned as services. created pandemic of to for time, And disrupted all face-to-face highlighted of deep clients businesses pandemic. IQVIA capabilities during offerings, course, change interactions. in our our at trials the demand were data and scientific execution the clinical capabilities new same

drive to strong for into and beyond. offerings XXXX We commercial demand in these continue and that our confident will both are capabilities clinical XXXX

once beat the range. constant and City basis on on strong As midpoint our announce above we $XXX IQVIA's pass-throughs. next for of guidance to be conference XX the represents came plans pleased share evolution. XX.X% million let's will available. quarter and course, phase details logistics are I hosting operational remainder was set we With the thinking the where and at XX% currency. second the higher of quarter plans we from XX.X% a this the of for New an will, in in all performance, second review more more Revenue update you XXXX, begin in growth the that, will our our during our provide and that was am from York investor This November Nick detail. about V team and reported on that progress grew XX, About

EBITDA well $XX as as range reflecting to adjusted was XX.X%, measures. the performance. above operational revenue guidance grew beat midpoint growth quarter million entirely our stronger Second the drop-through The of due the productivity

Second adjusted X% and by quarter midpoint That EBITDA $X.XX guidance grew was drop-through. entirely the our range adjusted diluted the driven XX.X%. EPS of was above of

reducing the Starting a a well, evidence platform recent platform on integrates quarter. tools course, sites. performed AI/ML Let with update an real-world initiating patients product the pharma position. upcoming me This add primary This top the business its in time with while a of and client of allow during to this monitor and also provide included once layers develop and win save amounts and again indications our launches. data products on to will will XX patient on realtime. to without and new more little evidence new for This, money burden business. strengthening safety color to and secondary studies. It the critical leadership platform client ophthalmology The

areas. agreement our human science business. cloud science leverage as during complexities to emerging companies quarter the top client to this clients. and strategy to out and pharma part commercial data to continues data data insights. roll technology life management biopharma and large their for speed of over to the assets, It plans A resolve in top all of data entered centralize fragmented XX therapeutic Turning platform client their among IQVIA to increase a XX of into their X penetration improve This commercial digital one core countries

offering, OCE, operations, orchestrated biotech commercial wins X engagement clients. new for Our including platform X the with gained clients as adopted large quarter this additional ground customer

potential OCE for a has countries. global of the these biotech to XX One rollout over clients

team wins a large other To client in competitive back The customer-facing we the OCE. win biotech U.S. XXX of date, win the for have represents

Data human analytics-based science insights. IQVIA's Suite platform, CDAS. solutions with to new provides builds our and companies of in technology approaches to and as AI/ML innovation science harmonization This clinical our or the well as life Clinical Our Analytics continued with cloud trials data use data solution clinical producing introduction team path decentralized on

CDAS business seamlessly As of scalable XX archive works using We of least now and several modules of pharma XX open one systems. cloud have an at existing all the sponsors' our clients clinical and market data business. technology out top the with top costs. the suite. to platform, technology sources, XX the right within and By data Switching improve enabling identify with IQVIA to value, to departmental maximize connecting our product opportunities the reduce customers right to get is and R&DS alignment faster, new

of bookings on to the strong new we a its continued X.XX book-to-bill it on $X.X basis. achieved pass-throughs. and In momentum, of XXX quarter, the pass-throughs During build X.XX billion contracted quarter, excluding including net with a over net ratio

contracted LTM X.XX excluding was and As book-to-bill of ratio pass-throughs. including June X.XX our pass-throughs XX,

backlog contracted including pass-throughs June XXXX. in grew XX, as of Our XX.X% R&DS to year-over-year $XX.X billion

result, billion, of revenue a to to will I an increased $X.X from highlight and, growth business, remain is to investments next which want our a strong area months' key continues XX.X% backlog up XX IQVIA. which year-over-year. driver therefore, be As the lab for of

You'll Quest QX remaining the of the recall from Diagnostics. acquisition X, on that we Solutions interest in completed April

bolster commitment in testing CNS medicine plans RBM to our Myriad expected Scotland in over close RBM the to sequencing late-phase quarter, in Also detection precision and expand fits agreed to testing our the this this to third specialized and These as in Ron? develop quarter. such advancing grow we in therapeutic the now transaction, innovate turn in are our laboratory to solutions. details and to genomic our we Following development sometime that and space, Ron the supports RBM, in state-of-the-art financial transaction with capabilities to in next-generation lab help technology, our we to I'll immunology. This demonstrate to our The investment nicely quarter. testing. biomarker strategy early- and the further and including drug to our business. specializes announced quantification excited drug it in development more for in outcomes support cutting-edge performance continue to acquisition operation on is Myriad actions areas into and key lab. adding oncology, acquire

Thanks, good morning, everyone. Yes. and Ari,

first start me Let with revenue.

constant revenue of quarter on a XX.X% billion $X.XXX XX.X% reported at currency. and Second basis grew

XX% currency. growing revenue reported First half constant was XX.X% and at $X.XXX billion, at

Solutions Analytics reported and billion. at was XX.X% constant XX% currency. $X.XXX quarter was up the & That for Technology Our second revenue

half, & R&D currency. Analytics constant first Solutions second actual revenue at FX Solutions at $X.XXX XX.X% and the reported revenue $X.XXX For Tech XX.X% billion was XX.X% rate of constant billion, XX.X% quarter at up currency. and up was

XX.X% quarter Now impact year-over-year. pass-through, of excluding grew revenue R&DS the second

$XXX X.X% Solutions EBITDA. basis. XX.X%, the first which the $XXX at of revenue in constant X.X% going at and reported first up second And million in down R&D CSMS million, reported the quarter, grew X.X% the first constant constant brings billion, currency. P&L bringing half, on XX.X% adjusted half quarter and adjusted And X.X% revenue to revenue $X.XXX was a and of was to up growth in the year-over-year. $XXX reported For up to XX.X% currency. CSMS EBITDA moving million currency That that half represented and XX.X%

GAAP earnings per GAAP Second $XXX share million, $X.XX. diluted quarter net was income and was

Adjusted we million was for For first diluted share XX.X% earnings diluted net net $X.XX. half, the the quarter, had million $XXX $XXX income per second or adjusted GAAP and grew $X.XX per of share. to income

half, first $X.XX per share. $XXX million income or the was adjusted For net

Solutions. turn Let's briefly to R&D

at see another $X.X delivered XX.X% new backlog As We year-over-year. to June year-over-year months' at outstanding from next billion we billion, XX.X% net XX. June revenue And Ari up backlog mentioned, of stood XX quarter at XX $XX.X grew business.

Okay.

and debt balance of Now and At totaled cash billion, in $XX.X $X.X $XX.X was on results to the which cash billion, June billion. net XX, sheet. equivalents debt

billion CapEx Cash was $X.X again us full We're by cash the million. guidance. XX the ratio over business. our leverage at continued in over -- $XXX XXXX for year under the which results. million shares, quarter that revenue we now we to see brought from repurchase reflecting share $XXX $XXX the X.XXx free flow million and is $XX adjusted first program. and was our $XXX remaining repurchased was of second strong half XXXX trailing million, our improvement net $XXX of XX-month cash free of operations authorization Our the operational guidance million This leaving with latest flow Cash the on our EBITDA. midpoint, a in strong flow And raising billion, of material to XXXX XXXX resulting the and quarter. quarter, million our in in came at June at flow In momentum

is full XX.X%. points no year to of is to be revenue guidance. basis $XX.XXX XXX new Compared prior FX billion, versus our billion year-over-year previous to growth year of $XX.XXX tailwind there's Our which to a XX.X% I note impact would revenue guidance growth. continues to FX

segments. Looking at the

while XXs, & CSMS we now full to and revenue low Solutions Technology single Analytics grow low continue to expect year Solutions revenue mid-teens up grow R&D be to digits. high the to to expect We business mid- to

our we saw You that also raised profit guidance.

As million a guidance we've of EBITDA $XX year midpoint. outlook, our the at the revenue increased stronger result full adjusted by

$X.XXX Our new XX.X% to year billion, to growth is full billion which guidance $X of XX.X%. represents

diluted EPS. midpoint. the We at $X.XX increased adjusted we to Moving -- our EPS guidance by excuse our me, adjusted

is new to which $X.XX is Our year-over-year guidance range to XX.X% growth XX.X%. of $X.XX,

XXXX in year rates effect full second for XX the assumes remain currency guidance Our that June foreign half.

third guidance the Now for to review the revenue quarter.

be revenue quarter to expected representing $X.XXX XX.X%. between $X.XXX billion, Third to XX.X% billion growth and of is

foreign guidance be XX.X% is We effect to $X.XX, And assumes again, and to million, XX.X%. expected $XXX rates And finally, quarter. XX our EPS diluted $X.XX expect EBITDA XXXX XX.X% between XX.X%. the to between $XXX for June to and adjusted remain be in growing third million adjusted currency quarter up

over delivered to in our R&DS We all up growth segment. in results. over summarize, XX% to very again growth XX.X% revenue TAS posted year-over-year. $XX.X XX% strong second We of had key in double-digit we R&DS and quarter metrics. backlog financial improved segment So billion,

strong from cash up revenue, free adjusted XX billion. for EBITDA and we strong guidance XX.X% see momentum in flow. And again year to and another raising We second that our quarter Next given reported EPS. months' full backlog our once business the revenue $X.X diluted increased quarter results, the that adjusted year-over-year. of That's we're

to over answers. operator So with for questions back and the let me that, hand it

Instructions]. [Operator

with Your of the first question Eric comes Baird. Coldwell from line

where thoughts Ron, color on questions. you question, the quarter, great the insights the on two improvements? supporting if on details ask: congrats first, making And well. for have give changes I'm Second outlook revenue you're some just would hoping these I any backlog, just be It's you gains, cash of your flow performance COVID-related. on in any on helpful tail commentary standard end COVID typical as XXXX, that the biggest can the could year-to-date. us give bookings, the future? more

there flow, two performance. Sure. on Eric, strong cash principal are your first drivers question, cash To our flow of

our was we've past improving of We've focus first, make be good. over dues, earnings substantial to past bringing on The billing sooner our terms all has The in beyond billing days year, progress that and burn off of does contributed which our we And that But advances because continue I caveat that one would had have real work sales will of course, to progress over come reducing that outstanding. with substantial say customers, made is that, unbilled quite strong COVID-related some time. a amounts. the with collections. growth, down some would the

to net flow of in income. year given cash XX% have any So of we're adjusted the in still XX% range targeting to

far stronger substantially than obviously, Now that so year. this

great, I a of sort normal range, flow the future. cash if for I happy and XX% But to first about half. we're flow a very made think it's for kind good can we that beat continue the of XX% that's target think medium-term on for And to flow probably but cash expect be with the environment. we've cash in strong to progress XXX%

thank second quarter. I that Yes. Eric, aspect -- you this mean, highlighting in of performance for our the is

back not we was happy flow free yearly guess, cash 'XX, our in -- know, were I you XXXX total our flow in As cash with million. $XXX performance

So of And it I was 'XX, that thereabouts. just we $X.X half the performance to billion In was what million. up or this barely $XXX think last around XXXX, first in year, bumped year. half

finance especially focusing pay the very the to That continue team type but on took to bill-to-cash and receivables, collections we're for of highlighted, management we with Ron So our for of of dividends. performance, that the very, and generally, grateful lot pleased process our think just improvements. we'll reasons efforts a

basis remember investors And note to to row, earlier. by that XXXX. mid- had a for net high reduce less or the we also X below are of to on We a I year Xs our probably a X from we would in the that ratio for end that committed quarters would leverage

Now again, on and that are, performance. our where and move on up that's pleased and we're M&A we But very ratio circumstances might see repurchases. average the depending down, and share we with spend

how COVID and much you second was The had represents. on question work it

which our work how bulk represent large I than think -- represented is the it's always to actually COVID vaccine And X% work total backlog. of backlog. COVID probably at just -- best to our I less that in look the want much total less say our trials COVID, have the much of in

And now you so And that sense. that, gives continue a to future. our of work said expect having in -- remain business foreseeable COVID terms we part to the of for

We and then manufacturing are There vaccine alternative into long being variants. be tail a conditions. have, are pipeline, delays. for events, the populations There treatment multiple issues, will for XXXX. a for expect RFPs safety And quality in bunch of XXXX, world. being around our have targeting specific through novel new to different vaccines the programs XXXX We and There manufacturers. for studies perhaps vaccines work are adverse are there companies well for from that needed are COVID still vaccines developed that need a

that So including again, still is our work way than all in X pass-throughs. large pipeline. percentage less, the our of vaccine backlog less points is total of But

or significant. So not any on revenue to other want you are commentary impact really make

work, side, revenue R&DS if you double-digit -- strong pull if both the segment the look, still out in growth, the segment. on very were revenue Well, revenue TAS and we even growth the to all of you COVID-related have were

We in to days. the contributor of work, COVID underlying been yes, and these reality of also. participating work that in It's in have the is And non-COVID-related we part want COVID So strongly participate work. that the a course, quarter, the growing business. but was was

question comes Your next line from with Rosenbaum Stifel. the of Shlomo

this ask Ron, questions. bit secondly, in out wanted Ari for I with have little about business. you provide to what segment, detail, thing. real-world One in more And like What it the revenue is two a And the I of you terms the flesh growth? a I and housekeeping competition. significant started metrics that's IQVIA then could the in business the some What's evidence a growth the precise we point out. that to time? of the the of business a lot that versus for organic seems overall was differentiator maybe How TAS the growth each in could size growth? contributing more is thought more quarter? at of just of R&DS.

organic Shlomo, growth. revenue of first insignificant. the acquisitions question, take in contribution me growth on the The to quarter was Let our

past recently of tailed back you number bit activity only If and off the see a back up. to acquisition quarters, quite our you pick can look over beginning is

there's our acquisitions no growth. almost to contribution So whatsoever of

organic So in purposes, and equals those reported growth, intents for segments. growth all

Yes. that And about $X then, business billion. is side, real-world Shlomo, on the

we've As double digits. before, about grow continues talked to

This quarter that in to business was again. very, for us digits pass-through. see double results drive high and to the deliver and Continue continue very strong

next John Your William the Kreger Blair. with from line of comes question

on Maybe real-world a quick evidence. follow-up just

I in some think expected are this sort tracking -- talked off. What about COVID previously, work, guidance program? prior are assuming And was doing about of durability your year? tail for that the that you the to but government you'd year, what current of your significant thoughts

had expecting but tends year's last But government into whether for it year. work implied second the to it but be work balance COVID-related expect be when the quarter, guidance, of quick from contribution and going to our half sort into it whole. quarter changing, incremental fourth Think rapidly get we first of the that year, the of the very substantial through amount we you the That for strong to pretty burn the that be the fourth or not. We'll it less fourth work will continues as continue negative. quarter remains half. particular, than see John, XXXX contribution overall, we're the some to on do in see balance company a you is through when compare the a of

bit hear a just Ron, little shortage. helpful. staffing a you guys the environment? talk We Can about And a that's maybe follow-up. about labor lot

constraints Just to if curious pressure driving if you're any and your in that's on hire seeing margins. recruit and ability any

they talent strong broad it's a need got we've the of given that people come also skills And we it's obviously and backdrop, after train no training when strength qualified Look, IQVIA range there's Yes. no programs. of that people secret industry know the competition talent, for talent. well, secret because and they highly

we'll -- that been are attract in So talent, also, We've simply be because employees. to the industry premier the frankly, our the however, especially confident retain investing in restructure. after we continue and and We because we've been to company during employees, pandemic. able our didn't we the are looking

pay people We our continue to well.

it caused inflation? does yes, that. anxiety certain in cause true. it's level Now of true. consequence as that it There also is of And some a industry? amount a an levels all is attrition the of in little a uptick has And of of wage Yes, bit

we measures are could will had place that We productivity that process confident. growing headwind margins our that we than have we faster improvement anticipated. in very do we to cause And and margins, and overrun. so to feel any well programs not there anticipate confident many our performing see this some you All is will be of been of and But again, true. -- level have significant measures but we

fully feeling XXXX we're baked into pressure our cost is guidance. any obviously, John, Yes.

Your with next from JPMorgan. question of line Tycho comes the Peterson

this, pent-up kind any conversion in any backlog could accessibility is of color. your site work? lingering much just of back How then half provide around in year? catch-up variant view, of impacting the concerns kind of and XX.X% potentially the if more the demand, I'm on wondering the you Ari, growth, And

Well, some catch-up high a lot unusually compare of one, issue -- think But obviously, growth factors: quarter-over-quarter you've combination rates. of driving of I got that's work. that a got just those we've a

a -- And document remotely. lot last work activities place. site that of You're document take to done year that need have correct. I verification was we there's on-site need to still mean

growth. So boost to our that's another

started last right. the the year fact projects were is there to supposed simple were that pushed that to Thirdly, get

that share. gaining pretty numbers Fourthly, saying I again. it are think clear. And has so also been And been we've a and the demand. market We've over over

now consistently Given clearly the higher our size on we think beginning delay all that revenues, I finally, we execute math our year. will these started to gaining of and book-to-bill with indicate last there are is of share. ratios the the projects work. that some And are And COVID

very reported. this to that contributes strong that of we all rates growth So have

question say which XX% operational access. site Your we we -- or think essentially into so site or access approaching about so XX% are I other and metrics, on. could were Look, the

our different Given of site all of guidance the world. the flareups, parts accessibility. XXXX into takes a account, for lot But infection grows in factors including

other with recovery, XXXX; the revenue essentially we essentially the baseline kind in site -- of correlate at a don't on. exactly terms track: are levels. which We to in different have the close or we site averages; a at access deliver, XX%, critical sets we It's of are to at also the believe but There's above some running pre-pandemic monitor which general startups, combination which mass. perfected visits, many with are at words, to the metrics patient remote other as can patient XXXX we recognition. recruitment, methods so -- it returned they In of good and a metric when have visits

by those delivered, bottom of are as the bookings, the patients sites exemplified enrolling, all to enrolling So only trial also, meaning the starting these patient being non-COVID strong illustrated confidence not by the that -- line, provide awarded, with as and taking us the our are metrics visits is it's be -- place. are but pipeline

R&DS. that we operationally hope where I are So clarifies in

changed. X ones. the follow-up, on big contributors. a they're the curious you just that's rollout, for I'm wondering assumptions can not then the revenue I then us acquisitions. separately, how I'm trial understand quick if clinical if orchestrated on have And update And helpful. accretion That's going.

just still I from case. sure QX that's about previously the think I make talked acquisition. to accretion you've want $X.XX

about ask right? You decentralized,

okay. -- what's That's

were QX XX% QX? was the impact you But we And on we'll the the accretion, on number minority have the base line. this to there clarify, on revenue of the on accretion on owner. here. acquisition, already since there -- that as Yes. own, the just acquisition consolidated the for XX% lab the Again, That, all exact EBITDA we see was X for didn't of Yes. of there's accretion we -- bottom and

$X.XX.

For the balance of year? the

the For that put guidance. year. the of balance into We our

That's in guidance? the

Yes.

That was already done.

That was done. already

question. Nothing By not centralized the on the time. it your first on -- has Was I'm clear changed about now trials, about OCT?

It launch was trials, the about that's clinical going. the orchestrated OCT, suite and how

Okay. Fine.

So of my I one of technology well. of mentioned that's our top in is introductory and top remarks -- X every pharma our single suite the of going XX using XX XX. clients the clinical that module

So from suites launched modules stand-alone and suites and individual the pipeline We're gaining top interest or seeing talked progress. and of increase. the clients our itself been interest XX, also EVP. ground essentially of sales the have platform segments. -- customer being used, the continues we it's for and making The and for mid- see most to the a from also are all modules. all are about lot but We true for I

demands patient suite. have products the digital for multiple within We

and central truth -- the the that version and creates benefit The repository analytics one big this is clients, nonstructured to you between and is like issue the remarks, in know, applications into in that growth saw case, It's key et run, Suite the a vaccine Analytics the my that of that IQVIA competitive people between a which CDAS introductory is structured of sources. for driving suite, which, on Some cetera. talked in data run as the the customers, I who interoperability care various TAS trials, from data clinical health be of the Clinical Data predictive connects some about allows trials of business. data you

solution ecosystem. this they clinical eliminates So and an intuitive enables reconnect harmonize AI/ML use instead, provide to multiple applications, And applications directly the and map the and scalable data layers CDAS product need the analytics to sources, to of connect to enables each other. to using individual data to these us single-data CDAS

are the we So pleased progress. with very

the penetrate Our to beginning understand are base. and we you. clients Thank are to beginning customer value, that

of comes from the Your next line Nephron Research. question Meehan Jack with

the Ari, do could little in now was OCE to color has base this business turned still for progress at you mode? a investment bit Or it the you revenue in the I growth hoping clients. think more curve? Is on of you XXX where this What's business? give profitable the And are point?

think disclosed it Right. had since we've total client But which I brings so client don't much to years wins. ago, that X.X represents. said in launch, XX XXX we we've XXXX, the far wins, how

We continue to have share a wins. disproportionate of the

I think it's has X that out of consistent. been X, and

about. We large well the pharma deployments, talked with which are performing we have

I users in think Roche deployment. already has XX,XXX-or-so

that have even time the other So deployments are implementation see slowdown that accelerated in a of We we haven't issues, lines. result -- seen as any with. COVID than isolated which some dealt we

engaged. is overall positive. OCE, the X.X for going which ago. only So The of planned are years I better All reps feedback remind you, the than was field very is launch

area thought could you're in specific And coming IQVIA strength and investment was was you for and from you I stacked seeing see you perspective of area on. any in. whether area the new then started just the was And Great. think on where an by could up one about if hoping how therapeutic that's the wondering emerge weigh VC I a you is and activity themes that. going Alzheimer's funding talking you environment

funding undoubtedly, oncology subcategories look, is to it's of most those difficult drugs. area the where oncology, think, especially effective -- the have where been I we see the

as yes, area. So quite people are on VC growth of lot is a got a Cardiovascular, there. And strong we've pouring few CNS another things Alzheimer's, funds into oncology. going well.

prompted would area main I are what the of interest So fourth I with and -- the happened funding. also, would in is and say, a immunology, the virus that say COVID. by There's and lot of immunology, course, these of

Our next Dan line Leonard the from question Fargo. of Wells comes with

So hoping, trends. decentralized update Hub on specifically offering first, your you could elaborate Study and a on bit trial maybe more

the about talked it's then combination can how trial we mentioned, identified look, the were, development. talked And the progress. trial before. be well the of We saw We Basically, it we trials. the a mean, we and I COVID. great trials, felt that those to clinical accelerated of it were pandemic and part about call critical we technologies making decentralized happened, Yes. that virtual it and was digitized. and opportunity capabilities as digital We used -- hybrid before remote

of suite, virtualizes It care It labs, establishes communication. with of care the we telemedicine, course, agree which preset health it's that and professionals. digital modules, for basically the we the with, providers agreed necessary. eConsent, terms And eCOA, lot you're and us, of optimizes So on investigators local combined that a virtual a relationships familiar what is participate. and investigators when of to sort do network between

have operationalized this team, business separate trial internally have team. decentralized we We a a and

that support navigate example, way, help new remote got This certainly patients. For decentralized and trial, the of investigators clinical coordinator clinical a technology. is for for we've sites research all can the the in

wide So we -- we help sites decentralized trial of help of, a need patients if and to a also -- during centralized a are -- needed through to there's the we kind kind pandemic the of team there's process. will. desk, assist service a sort growth you of sort figured that out There so

our global We and on phlebotomy research build that team to support also studies. the have solutions nurses decentralized network

trials I are XX-or-so nature phase. time, of the we we from essentially sort the to in to moved piloting had, pre-XXXX again, try that out we of and wanted So moving phase at from small people maturing were it where -- believe, experimental sort a -- to

clinical a added so have that We We've We think XXXX, won. more I we wins. than therapeutic new far decentralized dozen were added areas. have in many trials larger --

have, in R&DS dermatology, top the to with the psychiatry, to very the working X vaccine it's not in probably mature nephrology, we that I CNS, clients. were cover than trial, it's future. able of speak win we XX still the about more a therapeutic the cetera. And trial decentralized so or moving the We we large would that areas, will proportion et and note large XX-or-so more that's context And numbers. of again, one the reasons a whether of trials moving something oncology, more phase, pharma capability. of needle anyone the in are we of Again, our COVID business many, it's advanced else therapeutic was work, kind And bigger

not add... you very have, the want we Ron, that materializing. to growth do Given it's strong

Yes.

on. to now Just we to around some XX deployed fully trials so given point Study there's Ari XXX have close think going Hub. that in Study trials clinical just or we'll numbers any what trials had at And I time, said, put have piece Hub. approaching And of full-service some are X,XXX that on

the of So piece -- it's business, our it's of what business our doing. but a still majority growing a not of piece we're

could I coming be. into -- ago, Okay. opportunity curious That's thorough IQVIA. for Alzheimer's a very and of rather had years you wondering if quick was the could Jack's just follow-up how Possible And backlog come question I'm remember sizable of something backlog sizable and earlier. when it to and out helpful. frame things a size to been couple

it nor smaller. time, I Yes. an it much -- our seamless. not when we it all, -- think -- like, felt it neither was at didn't at We don't the it when it's was, partially. back sizable, bottle left was out, never came was it. but we It came When listen, issue

I'm referring and in not would we it It's not of -- that, material given be size be the wouldn't significant. don't to. it's sure not rounding backlog. disclosed you're I the our if So what but

Alzheimer's backlog contribution of is not Yes. The current material. our

but there we hope more there Sure, Now could see. be future? the we'll coming in is,

next comes Donnelly Citi. question with Patrick Your from line

the on flow of in you Can leverage the talk you looks given pipeline lot suggesting secondarily, moment? activity like? a mergers cash just disruption is. guys obviously, Ari, about opportunity an any of Obviously, this the at for space, movements the a some M&A and are around the kind of and then And space. performance, share you from customers you bit, landscape, what the for Any commentary touched gains? the the seeing little opportunity where is

question refers to your Yes. consolidation. I the part mean latter of the

large enough, clinical It's to area. is that's look, we're that is going are interest entities accelerate -- lot -- profit their as from long that's, be into other to believe, trial returns, soon term, standing whether the revenue buyers, -- only generally, superior that And attracting one a and want deliver industry, equity of opportunities an or independent. the an It's growth. the high-growth of attractive But it's well to something going accelerate a search or private we business to we in here area.

that all is that of So -- good our news for industry.

a look valuations consequences And obviously. clear every Obviously, been we In -- cases, have hard buy this that when all, because Phase passed terms Phase look share shopped to to that capabilities, the complement a II, of time, and acquire we've the these it's operationally, another of to to of don't does It's III most ability be in think there the to pretty areas companies -- CRO. "participate." M&A CRO in or to need us gain or opportunities We companies. our I to lot mean strategically, business, for think we at are what geographic-wise, it's these require first participate preclinical we I, us complementary or gain I of strengths. could therapeutic-wise you to whether not trend. are Phase

are dimensions: that themselves less So overlap. or therapy process complementarity drug stage in X again, development to these the lend more the areas geography, could or

provide has taken place consolidation Now the thus opportunities.

share disruption. I you to large is do said As We is or there we it before, acquisition, is significantly believe fact It gaining merger so we need that. large a been, a have there when know, ourselves. don't that like,

So loss generally of talent. a there is

is, it generally, there seeing from for X, We or desire -- a by coming X customers are to And others. X providers. keep

to same the base. customer, you look they will when overlap diversify sponsor that providers their can the if so expect provider further serve And

both talent of looking far, it obviously, but not we're It's continue and -- -- on so So focused just on we confident all at We focused we're work. things. and present -- is strategy. will Other customers to so true. this. opportunities, we're acquisitions, are this our we're Look, on executing worked

a pipeline As always. rich always, there's

year. much haven't You've we done last noted

or for space. binary are have year technology looking -- the save much so far, It's it's other rich thing. this a And a at don't We they pipeline. haven't always just things, done we happen. happen the Acquisition we QX minority in acquisition. But

can't So really that. talk I much about

And CSMS see the get doesn't it's nice just follow-up. a helpful. to quick That's maybe most ongoing. airtime, No. the but recovery

growth. market bumped from you guidance low Can just recovery outlook? single-digit single-digit declines going talk you about on the I low to think there the and

-- year Yes. reps field, clients the while a was last renegotiated. weren't I going lot of our the of know of actually suspended many in did to the caused we're be begun able cancel going turning that so this growth. red revenue and in went look, we are now around and some grower, terms double-digit business how on contracts field them with to And look, not long never is as But back And think. this didn't but but into because I bench slipped or to have they disruption. back be of last. the mean, don't contracts remained kind going That I a mean, -- seeing it we

because becoming company the flash simply So in the relatively the growth And growth. of going It's it's business, of it. the is becoming we point, of to and best small. this a of single-digit our managing size the less rest this be, is are

-- regions. merger, business, tried integrated will fetch it There look, are recall as now is It's our years it a whole. And after value. we operations. we much therefore, our We nearly useful. X into it that very the shortly sell ago, you very into integrated we a of commercial contracts wouldn't to then that which found Now the pulled

mentioned the on. I've the from decentralized help to -- visit patients where from business, fact, with are using before, the going -- to at that and home we the In for nurses CSMS aspects trial virtual business so

way it be early or other to days Quintiles or IQVIA old in So added to as It's going there's kind move used not the value. the in of the days. an the needle one

Last Nick? Okay. question,

Last one, yes.

question with comes Draper Sandy line last Truist Securities. Our with from the

look This a guidance, decline and want because should one. I pretty I just R&D. third be in pass-through most quarter that expected of down of to anything Ron, when revenue assume just confirm, an would else... looking is Is quick sequentially, at the I

driver. That's Yes. the really

Sandy. correct, You're

Congrats. Okay. question. That's my

Thank you, guys.

available on joining you all everyone. of That's quarter any questions look Thanks, follow-up again thank call. for you. look this talking calls forward for Well, to and be to you later us it. will to follow-up We have might you -- you, third speaking and everyone, to our today. Me forward team

conference call. This concludes today's

now disconnect. may You