Science 37 reaffirms 2023 revenue view $58M-$59M, consensus $58.37M

In addition to the transaction announcement, Science 37 is providing a business update. Gross bookings were $22.3 million and $102.0 million for the quarter ended and full year ended December 31, 2023. Net of cancellations and negative scope changes, bookings were ($15.7) million and $18.7 million for the quarter ended and full year ended December 31, 2023. $32.2 million of fourth quarter realization adjustments were the result of three large studies that were canceled due to efficacy or customer portfolio prioritization. Revenue for the full year ended December 31, 2023 is expected to be within the most recently issued guidance of $58 to $59 million. Adjusted EBITDA for the full year ended December 31, 2023 is expected to be better than the most recently issued guidance of ($32.5) million. Cash as of December 31, 2023 was in excess of $50.0 million, which is consistent with the most recently issued guidance. At December 31, 2023, total backlog was $132.2 million, of which approximately $40.1 million was expected to be converted to revenue in 2024. Based on historical bookings and backlog conversion performance, the targeted range of revenues for the full year ending December 31, 2024 is approximately $50 to $60 million.