Inc Research Holdings Inc. saw its stock price fall as much as 28 percent since Thursday after it reported less-than-expected third-quarter earnings.

Inc Research reported net loss per share of $1.70, while analysts expected earnings of 62 cents per share.

The contract research organization reported a net loss of $148 million in the third quarter compared to net income of $27.3 million in the same quarter of 2016.

Net service revenue in the third quarter increased $332.7 million, or 128.2 percent, to $592.2 million. However, the company’s merger with inVentiv Health in August 2017 accounted for the increase.

“We’re confident in unlocking meaningful value from this combination and remain on target to achieve the $100 million of annual savings by year three while building market momentum,” said CEO Alistair Macdonald in a statement.

“In the clinical segment, our momentum continues with another strong quarter of net awards, illustrating our ability to leverage our complementary customer bases, delivery platforms, and market approaches. While our Commercial segment performance was lower than expected, over time we expect this to improve with potentially more quarterly variability than our CRO business.”

The Raleigh-based company updated its fourth-quarter guidance for 2017. It expects net service revenue to fall between $738 and $768 million, with the majority of revenue coming from its clinical solutions sector.

Inc Research/inVentiv Health is comprised of both a contract research organization and a contract commercial organization.

The company’s stock fell $16.35, or nearly 28 percent, to $41.15 on Thursday after falling as low as $40.05, which was a 52-week low.

Inc Research stock remains at $41.15 in after-hours trading.

The filing can be found here.