Life sciences cloud software pioneer Veeva Systems this afternoon reported fiscal Q2 revenue and profit that both topped Wall Street's expectations, and an outlook that was higher as well. Despite the upbeat results, the report sent Veeva shares down by 10% in late trading. CEO and founder Peter Gassner thanked the team and credited "the trust of our customers" for producing "another great quarter." Added Gassner, "Rapid innovation is driving expansion in existing markets and significant early traction in newer areas like CDMS and safety as we start to realize the major potential of Veeva Development Cloud." CFO Brent Bowman remarked that it had been "a strong quarter of financial performance with impressive execution across the business." Added Bowman, "I am particularly excited about Veeva Vault Platform, which is a powerful asset for Veeva. It's a key foundation to develop new innovative products with remarkable speed and will be a strong engine for growth to 2025 and beyond."
Life sciences CRM provider Veeva Systems this afternoon reported fiscal Q4 revenue and profit that topped analysts' expectations, and an outlook that for this quarter's revenue and profit higher as well. The report sent Veeva shares up 2% in late trading. CEO Peter Gassner remarked that 2020 had been "a transformational year for life sciences and for Veeva," noting that the "industry delivered breakthroughs in diagnostics, therapies, and vaccines during a global pandemic." In a phone call with ZDNet following the report, CFO Brent Bowman said the use of Veeva software had gained greater intensity during the pandemic. "There's been broader adoption across the board of our commercial add-ons," said Bowman, citing in particular the company's Veeva CRM Engage Meeting software.
Shares of life-sciences cloud software provider Veeva Systems traded down by 3% in late trading Tuesday despite the company reporting fiscal Q3 revenue and profit that comfortably topped expectations, and despite a forecast for next year's revenue that was also above Street consensus. CEO Peter Gassner led his prepared remarks with an acknowledgement of Veeva customers that he said "are delivering innovations that will have positive, lasting impacts on human health." "We are proud to work with these amazing companies," said Gassner, "providing solutions that streamline drug development and enable them to support healthcare providers on the front lines." Newly installed CFO Brent Bowman said he was "very pleased" with the financial results. Bowman added that Veeva "plan to continue investing aggressively to hit our 2025 targets and drive a long runway of growth beyond."
Life sciences cloud provider Veeva is betting that it can pave the way for more artificial intelligence in health care via its next-generation data warehouse called Nitro. Veeva, the poster child for vertical-focused cloud players, reported strong first quarter results last week. The company reported first quarter earnings of $44.3 million, or 29 cents a share, on revenue of $195.5 million, up 22 percent from a year ago. Non-GAAP earnings were 33 cents a share. The company also raised its outlook for the second quarter and fiscal 2019.
Splunk topped expectations for its fiscal second quarter and raised its revenue outlook as it added 550 new customers in the last three months. The company, which specializes in software that analyzes machine data, reported a second quarter net loss of 71 cents a share on revenue of $388.3 million, up 39 percent from a year ago. Non-GAAP earnings for the quarter were 8 cents a share. Wall Street was looking for a non-GAAP profit of 5 cents a share on revenue of $358.5 million. Splunk said fiscal third quarter revenue will be between $430 million and $432 million.