Medidata Solutions (NASDAQ: MDSO), a leading global provider of cloud-based clinical technology solutions that enhance the efficiency of clinical development, today announced its financial results for the fourth quarter and full year 2012, and provided detailed financial guidance for the first quarter and full year 2013.
“Our stellar fourth quarter, strong execution in 2012 and accelerating growth highlight Medidata as the leading cloud-based platform provider in the life sciences industry,” said Tarek Sherif, Medidata’s chief executive officer. “The Medidata Clinical Cloud is becoming a de facto standard for life science organizations, helping them transform their clinical development activities by improving decision making and productivity. Our market is dynamic and growing with many life sciences companies emerging from a prolonged period of retrenchment, once again focused on aggressively developing new drugs. In this environment, our existing cloud offerings and ability to innovate, coupled with our customer-centric focus and great execution, position us for continued success.”
Full Year and Fourth Quarter Highlights
- Full year revenues increased to $218.3 million, up $33.9 million, or 18%, year-over-year.
- Application services backlog grew to a record $186 million, up 38% year-over-year, compared with a 23% increase for the comparable period last year.
- Non-Rave revenues increased 135% year-over-year to $31.1 million, or 14% of total revenue.
- Medidata’s customer base grew to 350 in the fourth quarter of 2012, up 27% from the end of 2011. Medidata added 28 new customers in the fourth quarter.
- At the end of 2012, 38% of customers had committed to multiple products, an increase of 46% over the previous year.
- Medidata’s revenue retention rate for the year was over 98%, with a 100% renewal rate for all enterprise customers in 2012.
- New and enhanced modules were made available in the Medidata Clinical Cloud in the fourth quarter, including new budgeting capabilities, enhanced clinical trial management system (CTMS) integrations, and new functionality for clinical supply logistics in complex studies.
Sherif added, "Our aggressive investment strategy in 2012 has changed our growth trajectory. We are starting 2013 with strong momentum based on our solid backlog and recognition that we are leading the industry in solving critical problems that help our customers plan and execute the clinical trials of the future.”