Narrow-Moat Icon Continues to Benefit From Strong Operating Environment
Icon reported fourth-quarter results that were in line with our expectations and slightly above analyst consensus, with $679 million in revenue. Expenses came in slightly lower than we expected, with fourth-quarter operating margin of 15%. Excluding the effect of new accounting standards, operating margin improved about 140 basis points from last year. Management guidance for 2019 was in line with our expectations, and we don't anticipate a material change to our fair value estimate of $111 per ...Icon is engaged in providing outsourced development services to the pharmaceutical, biotechnology and medical device industries. Co. specializes in the strategic development, management and analysis of programs that support clinical development from compound selection to Phase I-IV clinical studies. Co.'s services, which are integral elements of the clinical development process, include clinical trials management, biometric activities, consulting, imaging, contract staffing, informatics and laboratory services. Co. in engaged in conducting clinical trials in most therapeutic areas on a global basis and has the operational flexibility to provide development services on a stand-alone basis.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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