Veeva Systems posts first public earnings report; revenue up 54%

Tom Paine

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Veeva Systems, the California-based life sciences SaaS company that completed its IPO in October, issued its first quarterly earnings report as a public company today. Veeva has a significant presence in Delaware and Montgomery counties.

Revenue was $55 million, up 54% year-over-year. The company maintained its pre-IPO profitability, with net (GAAP) income of $6.5 million, up 13% from last year.

“There are tremendous opportunities to move life sciences companies from legacy applications to the cloud,” said chief executive officer Peter Gassner in a statement.

Veeva cited its CRM market leadership as recognized by IDC, its 50th Veeva Vault customer,and the launching of its Veeva Network offering as being significant milestones for the quarter, in addition to the IPO.

Subscription services revenue, Veeva's most significant revenue metric, grew 95% year-over-year.

Full year revenue guidance was for $204-205 million, or annual growth of 58 to 59%.

In response to a question about Veeva's continued use of Salesforce's Force.com platform for its CRM offering during the earnings conference call, Gasser indicated that if Veeva had to change platforms it could, but he didn't think it would be in the best interests of customers.

Veeva priced its IPO shares at $20 and they ended yesterday trading at $41, giving the company a market value of about $5 billion.