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Backlog
Represents the value of unfulfilled orders, showing future revenue visibility and overall product demand strength.Backlog has steadily increased since 2021—roughly doubling—then flattened in mid‑2024 before a clear rebound through late‑2025 into mid‑2026, signaling renewed contract wins and a higher mix of large, multi‑year studies that improve near‑term revenue visibility. The intermittent dips underscore timing/seasonality in study starts and conversion risk, so while the trend supports stronger organic revenue ahead, treat backlog gains as directional rather than guaranteed revenue until contracts progress into billed work.
Date | Backlog |
|---|---|
Jun 30, 2026 | $3.01B |
Mar 31, 2026 | $2.93B |
Dec 31, 2025 | $3.03B |
Sep 30, 2025 | $3.00B |
Jun 30, 2025 | $2.87B |
Mar 31, 2025 | $2.85B |
Dec 31, 2024 | $2.90B |
Sep 30, 2024 | $2.93B |
Jun 30, 2024 | $2.92B |
Mar 31, 2024 | $2.91B |