Having recently completed its acquisition of UK-based clinical technology specialist ClinPhone, contract research organisation (CRO) Parexel International has updated its financial guidance for the first quarter of fiscal 2009 and the full year.

The revised guidance also reflects “a slightly better operating performance, which has been somewhat offset by the negative impact of recent exchange rate movements associated with a much strong dollar”, the US company noted.

Taking all of these factors into account, Parexel anticipates reporting consolidated service revenue of US$270-US$280 million for the first quarter ending 30 September 2008 and of US$1.215-US$1.245 billion for the whole of fiscal 2009. The ClinPhone acquisition is expected to contribute US$10-US$14 million in service revenue during the first quarter and US$95-US$105 million in the full year.

The previously issued guidance, which did not include ClinPhone, was for consolidated service revenues of US$260-US$270 million in the first quarter and US$1.125-US$1.155 billion in fiscal 2009.

Parexel has said before that the ClinPhone acquisition is likely to have a dilutive effect on earnings per share (EPS) in the range of US$0.04-US$0.06 for FY 2009, including the amortisation of intangible assets and other costs, with US$0.01-US$0.02 of that amount falling in the first quarter. “Beyond the impact from ClinPhone, the estimated negative impact of the recent sharp movements in foreign exchange rates on earnings per share has been essentially offset by somewhat better operating performance,” the CRO added.

The company will also incur a one-time charge of around $0.02 cents per diluted share during the first quarter in conjunction with the write-off of unamortised loan fees and the unwinding of interest rate hedges related to a previous credit line. Accordingly, Parexel is now projecting diluted EPS of US$0.20-US$0.21 for the first quarter and of US$1.09-US$1.17 for fiscal 2009.

The previous guidance for diluted earnings per share, not including the ClinPhone acquisition or the one-time charge, was US$0.23-US$0.25 in the first quarter and US$1.15-US$1.25 in the full year.