Syneos Health Beats on Revenue but Margin Hurt by Mix Shift; Lowering FVE to $51 Per Share
Syneos Health started off the year with a mixed first quarter, beating consensus expectations on the top line but reporting lower-than-expected operating margin. After adjusting our expectations for margin improvement throughout our explicit forecast, we are lowering our fair value estimate to $51 per share. Although shares are trading below our new fair value estimate, we recommend a larger margin of safety for Syneos due to its high uncertainty level, which is based on its high leverage follow...Syneos Health is a holding company. Through its subsidiaries, the company is a biopharmaceutical solutions organization providing a suite of clinical and commercial services to customers in the biopharmaceutical, biotechnology, and medical device industries. The company has two reportable segments: Clinical Solutions, which provides a variety of clinical development services spanning Phase I to Phase IV, including global studies, unbundled service offerings, and Real World Evidence studies; and Commercial Solutions, which provides customers with a range of commercialization services, including field teams and medication adherence services, communications solutions, and consulting services.
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