Veeva Systems (VEEV) reported $650.35 million in revenue for the quarter ended April 2024, representing a year-over-year increase of 23.6%. EPS of $1.50 for the same period compares to $0.91 a year ago. The reported revenue represents a surprise of +1.34% over the Zacks Consensus Estimate of $641.73 million. With the consensus EPS estimate being $1.43, the EPS surprise was +4.90%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

Veeva Systems (VEEV) came out with quarterly earnings of $1.50 per share, beating the Zacks Consensus Estimate of $1.43 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 4.90%. A quarter ago, it was expected that this provider of cloud-based software services for the life sciences industry would post earnings of $1.30 per share when it actually produced earnings of $1.38, delivering ...

Total Revenues of $650.3M, up 24% Year Over Year; Subscription Services Revenues of $534.0M, up 29% Year Over Year PLEASANTON, Calif., May 30, 2024 /PRNewswire/ -- Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its first quarter ended April 30, 2024. "Thanks to our customers and the Veeva team we had an excellent start to the year," said CEO Peter Gassner. "We made major progress in Development Cloud, Commerc ...

Revenue Growth - Total revenues for the first quarter were $650.3 million, up 24% year over year from $526.3 million[5] - Subscription services revenues for the first quarter were $534.0 million, up 29% year over year from $414.5 million[5] - Subscription services revenues increased to $533.955 million in Q1 2024, up from $414.546 million in Q1 2023[20] - Veeva Commercial Solutions subscription revenues grew to $261.316 million in Q1 2024, compared to $239.324 million in Q1 2023[20] Operating Income and Profitability - First quarter operating income was $155.2 million, a 152% increase year over year from $61.5 million[5] - Non-GAAP operating income for the first quarter was $260.9 million, up 66% year over year from $157.0 million[5] - Non-GAAP operating income for Q1 2025 is expected to be between $265 million and $267 million[18] - Non-GAAP operating income for fiscal year 2025 is expected to be approximately $1.07 billion[18] - Non-GAAP gross margin on subscription services revenues improved to 85.9% in Q2 2024 from 84.3% in Q2 2023[29] - Non-GAAP gross margin on professional services and other revenues rose to 28.6% in Q2 2024 from 23.0% in Q2 2023[29] - Total non-GAAP gross margin increased to 75.6% in Q2 2024 from 71.3% in Q2 2023[29] - Non-GAAP gross profit increased to $491,783 thousand in Q2 2024 from $375,113 thousand in Q2 2023[29] Net Income and Earnings Per Share - First quarter net income was $161.7 million, a 23% increase year over year from $131.5 million[5] - Non-GAAP net income for the first quarter was $247.0 million, up 67% year over year from $147.9 million[5] - Fully diluted net income per share was $0.98, compared to $0.81 one year ago[5] - Non-GAAP fully diluted net income per share was $1.50, compared to $0.91 one year ago[5] - Non-GAAP fully diluted net income per share for Q1 2025 is forecasted between $1.53 and $1.54[18] - Non-GAAP fully diluted net income per share for fiscal year 2025 is forecasted at approximately $6.16[18] Product and Customer Wins - Three top 20 biopharma companies selected multiple Veeva Development Cloud applications[5] - Veeva Vault Basics applications are now available, allowing emerging biotechs to start with Development Cloud earlier in their lifecycle[5] - Vault CRM Suite achieved 13 CRM wins in the quarter, with full availability for new customers starting in April[18] - Veeva Data Cloud added a record 21 new brands for Compass Patient in Q1, including a seven-figure enterprise-wide win with a top 50 biopharma[18] Financial Projections - Total revenues for Q1 2025 are projected between $666 million and $669 million[18] - Total revenues for fiscal year 2025 are projected between $2.7 billion and $2.71 billion[18] Cash Flow and Expenses - Net cash provided by operating activities on a GAAP basis increased to $763,516 thousand in Q2 2024 from $505,936 thousand in Q2 2023[29] - Non-GAAP research and development expense decreased to $120,940 thousand in Q2 2024 from $108,026 thousand in Q2 2023[29] - Net cash used in investing activities on a GAAP basis was $272,378 thousand in Q2 2024 compared to $297,394 thousand in Q2 2023[29] - Net cash provided by financing activities on a GAAP basis was $3,828 thousand in Q2 2024 compared to a net cash used of $1,392 thousand in Q2 2023[29] - Non-GAAP cost of subscription services revenues decreased to $75,495 thousand in Q2 2024 from $64,980 thousand in Q2 2023[29] - Non-GAAP cost of professional services and other revenues decreased to $83,067 thousand in Q2 2024 from $86,232 thousand in Q2 2023[29]

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside- audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.09% lower. Veeva Systems is holding a Zacks Rank of #3 (Hold) right now. Shares of the provider of cloud-based software services for the life sciences industry have appreciated by 2.76% over the course of the past month, underpe ...

Wall Street analysts forecast that Veeva Systems (VEEV) will report quarterly earnings of $1.43 per share in its upcoming release, pointing to a year-over-year increase of 57.1%. It is anticipated that revenues will amount to $641.73 million, exhibiting an increase of 21.9% compared to the year-ago quarter. Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward t ...

With less than half of HCPs now accessible, coordinated engagement across sales, marketing, and medical makes the most of limited time PLEASANTON, Calif., May 23, 2024 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today unveiled the latest findings from its Veeva Pulse Field Trends Report. The analysis finds that healthcare professional (HCP) access has returned to its pre-pandemic state. Today, 45% of HCPs are accessible to biopharmas compared to 60% eighteen months ago, with half restricting engagement to th ...

Annual MedTech Breakthrough Awards program recognizes leading companies in medical devices and diagnostics PLEASANTON, Calif., May 22, 2024 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today announced that Veeva MedTech was named "Best Overall MedTech Software" for the second year in a row in the 8th annual MedTech Breakthrough Awards program. The awards honor excellence and recognize innovation, commitment, and success across a range of health and medical technology categories. Veeva MedTech wins "Best Overa ...

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system. The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% sinc ...

Ascendis, Bayer, Boehringer Ingelheim, Jazz Pharmaceuticals, Novo Nordisk, Sanofi, and Teva to keynote sharing innovations to drive better patient outcomes BARCELONA, Spain, May 21, 2024 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today announced that leaders from Ascendis Pharma A/S, Bayer, Boehringer Ingelheim, Jazz Pharmaceuticals, Novo Nordisk, Sanofi, and Teva will be keynote speakers at Veeva R&D and Quality Summit, Europe, June 4-5 in Madrid, Spain. Life sciences professionals across the industry will ...