Syneos Health Inc., which tests and develops drugs for other companies, reported second-quarter earnings slightly above analyst expectations, sending its stock price up more than 7 percent.

The Raleigh-based company reported net income of $13.6 million, or 13 cents per share, up more than 300 percent from net income of $3.4 million, or 6 cents per share. Adjusted for one-time gains and costs, earnings were 62 cents, above analyst expectations of 60 cents.

Revenue totaled $1.07 billion for the quarter, up from $391.1 million in the second quarter a year ago. Analysts were projecting revenue of $1.08 billion.

“During the quarter, we successfully leveraged our collaborative cross-selling capabilities to achieve record net awards and revenue in our clinical business, and achieved the first quarter of sequential quarterly growth in our commercial business since the closing of the merge,” said Chief Executive Officer Alistair Macdonald in a statement.

On Aug. 1, 2017, the company closed a merger between Inc Research Holdings Inc. and Inventive Health Inc. and the combined entity was renamed Syneos Health.

Syneos Health shares rose $3.70, or 7.6 percent, to $52.50 in Thursday afternoon trading.

The company is projecting earnings between $2.55 per share and $2.83 per share for the year. The current average analyst estimate is for earnings of $2.67 per share.

Syneos Health has customers in more than 110 countries.