MONDAY, JUNE 10, 2019
California-based Veeva Systems (NYSE: VEEV), the Life Sciences Cloud company with east coast operations based in Radnor, announced 1st quarter 2020 results on May 29 . it was a blowout quarter in which revenue reached a billion dollar annual run rate at $245 million, up 25% year over year. First quarter operating income was $71.2 million, compared to $44.0 million one year ago, an increase of 62% year-over-year. Net Income grew 66% year-over-year.
Veeva also has offices in Fort Washington and Princeton.
Veeva highlighted the continued success of ongoing product development, including the release of Veeva Andi, an AI application that delivers
insights and suggestions from within Veeva CRM, and the adoption of its relatively new Veeva Vault CDMS offering by a Top Twenty Pharma. Also, Veeva recently introduced Veeva Claims, for non-pharma clients to help them with end-to-end claims management.
Veeva raised its revenue guidance for FY2020 to revenues between $1,045 and $1,050 million, a $20 million upward adjustment. Its shares broke through to a new high after the earnings release and now trade at $162.20, giving Veeva a market value of just under $24 billion, and a remarkable price to sales (not price to earnings) ratio of 24.
The intense pressure resulting from being a “momentum stock” now plagues Veeva, a nice problem to have. Investor expectations become more and more demanding, and even a slight negative surprise could cause a dramatic decline in the share price.
AT 12:33 AM
LABELS: VEEVA SYSTEMS
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New: Veeva beats guidance; Announces President Matt Wallach will retire from Management; join board in 2020 https://t.co/P8b32buQ2M#VEEVpic.twitter.com/hOcAPGCf3f— Tom Paine (@phillytechnews) March 6, 2019
Philly EnterpriseTech People News 2/17/2019: From Dorm Room Fund to Bessemer Partner; NBC/ Telemundo exec on Walmart board https://t.co/OEGBGH1pSqpic.twitter.com/lEMS7HPDIg— Tom Paine (@phillytechnews) March 4, 2019