Parexel (PRXL -3.4%) slips after announcing preliminary revenue guidance for FY14 that was below analysts' estimates. It did however, affirm its prior view for the current quarter and current fiscal year. Additonally, the company says it's entered into a note purchase agreement with a select group of institutional investors for $100M in private placement financing. PRXL will sell notes with a seven year bullet maturity and a 3.11% coupon. Proceeds will be used to pay down outstanding debt under its revolving credit facility.
More on Parexel (PRXL): FQ2 beats across the board on a 26% jump in total revenue. Net earnings climbed 65% on higher demand for its clinical R&D services and data analysis. Service revenue rose 27% to $422.1M, with newly-acquired Liquent contributing $400K in the quarter. Backlog at the end of December was approximately $4.54B, up 21.4% Y/Y. It also raises FY guidance, now expecting to earn $1.48 to $1.56 per share, with consolidated service revenue between $1.695B and $1.710B. Shares +3.4% AH.
Parexel International Corp is a biopharmaceutical company, providing clinical research, medical communications services, consulting, and informatics and advanced technology products and services to the pharmaceutical and biotechnology.