- Cloud computing application Veeva Systems (VEEV) has served exclusively the life sciences industry.
- The company is now seeing progress expanding beyond the life sciences industry to things such as chemical makers, packaged goods producers, and cosmetics firms.
For the fourth quarter, Veeva reported adjusted income of 23 cents per share on $184.9 million in sales, rising a respective 4.5% and 23% vs. the year-earlier period. Both metrics topped the consensus for adjusted profit of 21 cents a share on $180 million in sales.
Subscription service sales advanced 26% year over year to $150.9 million, Veeva said in a news release. For the first time, Veeva posted double-digit new-customer gains in each area of its Vault products — clinical, quality, regulatory and commercial.
"The combination of strong sales performance in the fourth quarter and momentum in Vault contributed to a healthy raise in our revenue and profit guidance for fiscal 2019," Chief Financial Officer Tim Cabral said in a prepared statement.
For the fiscal year ending Jan. 31, 2019, Veeva said it expects adjusted profit of $1.30-$1.33 a share and $815 million to $820 million in sales. The outlook crushed analyst expectations for adjusted profit of $1.01 per share and $807 million in sales.