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Press Release

Veeva Announces Fiscal 2017 Third Quarter Results

Veeva
Posted on: 24 Nov 16

Total Revenues of $142.8M, up 34% Year-over-year;

Subscription Services Revenues of $113.6M, up 39% Year-over-year

PLEASANTON, Calif.–(BUSINESS WIRE)– Veeva Systems Inc. (NYSE:VEEV), a leading provider of industry cloud solutions for life sciences, today announced results for its fiscal third quarter ended October 31, 2016.

“Our ability to execute across multiple large markets, along with a track record of bringing real cloud innovation and a commitment to the customer, is fundamental to our model,” said CEO Peter Gassner. “This cycle of customer success and our expanding portfolio of cloud solutions fueled strong performance in the quarter and positions us well for continued expansion.”

Fiscal 2017 Third Quarter Results:

Revenues: Total revenues for the third quarter were $142.8 million, up from $106.9 million one year ago, an increase of 34% year-over-year. Subscription services revenues for the third quarter were $113.6 million, up from $81.7 million one year ago, an increase of 39% year-over-year.

Operating income and non-GAAP operating income(1): Third quarter operating income was $33.8 million, compared to $20.1 million one year ago, an increase of 68% year-over-year. Non-GAAP operating income for the third quarter was $47.5 million, compared to $28.2 million one year ago, an increase of 69% year-over-year.

Net income and non-GAAP net income(1): Third quarter net income was $21.6 million, compared to $10.5 million one year ago, an increase of 106% year-over-year. Non-GAAP net income for the third quarter was $31.7 million, compared to $16.9 million one year ago, an increase of 88% year-over-year.

Net income per share and non-GAAP net income per share(1): For the third quarter, fully diluted net income per share was $0.15, compared to $0.07 one year ago, while non-GAAP fully diluted net income per share was $0.22, compared to $0.12 one year ago.

“Consistently strong demand across product lines drove better than expected revenue and profitability in the third quarter,” said CFO Tim Cabral. “We continue to execute well against our multi-billion dollar market opportunity and remain slightly ahead of our revenue target for 2020.”

Recent Highlights:

Innovating in Clinical Data Management: Veeva announced its plan to bring a modern cloud approach to clinical data management with the launch of Veeva Vault EDCTM and Veeva Vault eSourceTM to dramatically cut cost and complexity in clinical trials. Together with Vault CTMSTM, Vault eTMFTM, and Vault Study StartupTM, Veeva will deliver the only suite of unified cloud applications that streamline clinical operations and clinical data management, from study start-up to archive.

Continued Global Momentum with Commercial Cloud: Veeva’s fiscal third quarter saw a number of notable Veeva Commercial CloudTM wins around the world, with top 20 pharmaceutical companies as they increasingly look to Veeva to enable greater commercial agility and efficiency. Key projects also continued successfully, including a new top 20 pharmaceutical with a U.S. go-live, its first-ever Veeva CRMTM project, setting the foundation for future expansion.

Successful Veeva R&D Summit: Veeva R&D Summit, now in its third year, grew more than 50% to over 650 attendees. More than 130 leading life sciences companies joined the two-day event to learn and share their successes with Veeva’s unified suites of applications for clinical, regulatory, and quality.

Financial Outlook:

Veeva is providing guidance for its fiscal fourth quarter ending January 31, 2017 as follows:

Total revenues between $145.0 and $146.0 million.

Non-GAAP operating income between $40.0 and $41.0 million(2).

Non-GAAP fully diluted net income per share of $0.17(2).

This fourth quarter guidance implies the following for Veeva’s fiscal year ending January 31, 2017:

Total revenues between $538.9 and $539.9 million.

Non-GAAP operating income between $153.7 and $154.7 million(2).

Non-GAAP fully diluted net income per share of $0.68(2).

 

Conference Call Information:

 

What:Veeva’s Fiscal 2017 Third Quarter Results Conference Call

When:Tuesday November 22, 2016

Time:1:30 p.m. PT (4:30 p.m. ET)

Live Call:1-877-201-0168, domestic

1-647-788-4901, international

Conference ID 9274 8783

Webcast:

ir.veeva.com

For more information:
www.veeva.com/resources/veeva-announces-fiscal-2017-third-quarter-results

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 24/11/2016

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