top partner

for CFD

What happened

Shares of Veeva Systems (NYSE: VEEV) were up by 8.2% as of 12:36 p.m. ET Thursday after the provider of cloud solutions for the life sciences industry announced strong fiscal second-quarter 2024 results after the closing bell Wednesday.

So what

For the period, which ended July 31, Veeva’s revenue climbed 10% year over year to $590.2 million, and GAAP net income rose 23% to $111.6 million, or $0.68 per share. On an adjusted (non-GAAP) basis — which excludes items like stock-based compensation — Veeva’s net income was $198 million, or $1.21 per share, up from $1.03 per share in the prior-year period. Analysts, on average, were expecting adjusted earnings of $1.15 per share on revenue of about $583 million.

Veeva’s subscription services continued to supply the bulk of its top line, rising 10% year over year to $470.6 million, while professional services revenue rose 13.3% to $119.6 million.

CEO Peter Gassner called it a “great quarter with progress across the board that was particularly significant in CRM and clinical.”

Indeed, Veeva recently announced its first customer win for Vault CRM, general availability of which is now planned for April 2024. Veeva Vault Clinical also exceeded 500 customers during the quarter, including 85 that have selected applications from both its Veeva Vault Clinical Operations and Veeva Vault Clinical Data Management products.

Now what

For its fiscal 2024, which ends Jan. 31, 2024, Veeva Systems revised its revenue guidance range to between $2.365 billion and $2.370 billion (a boost of $5 million increase from the bottom end of its previous range), and upped its adjusted earnings per share outlook to $4.68 from $4.58 before. Management also reiterated its previous guidance for fiscal 2025 revenue of at least $2.8 billion.

All told, this was as solid a quarter as any Veeva investor could have hoped for, and the healthcare stock is understandably rallying in response.

10 stocks we like better than Veeva Systems
When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

They just revealed what they believe are the ten best stocks for investors to buy right now… and Veeva Systems wasn’t one of them! That’s right — they think these 10 stocks are even better buys.

See the 10 stocks

*Stock Advisor returns as of August 28, 2023

Steve Symington has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Veeva Systems. The Motley Fool has a disclosure policy.

Read the full story: Read More“>

Blog powered by G6

Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.

For any inquiries, please contact [email protected]