Icon reports Q3 adjusted EPS $3.35, consensus $3.84

Reports Q3 revenue $2.03B, consensus $2.13B. CEO, Dr. Steve Cutler commented, “ICON’s (ICLR) results for the third quarter did not meet the expectations we had previously provided due to specific customer and division-level impacts. Our revenue shortfall was attributable to more material headwinds from two large customers undergoing budget cuts and changes in their development model, lower than anticipated vaccine-related activity, and ongoing cautiousness from biotech customers resulting in award and study delays.”