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CARY, N.C., April 30, 2013 (GLOBE NEWSWIRE) -- SciQuest, Inc. (Nasdaq:SQI), a leading provider of cloud-based business automation solutions for spend management, today announced its financial results for the first quarter ended March 31, 2013.
Stephen Wiehe, President and Chief Executive Officer of SciQuest, said, "We accomplished a great deal in the first quarter while we generated financial results that exceeded the high end of our quarterly guidance ranges. First quarter non-GAAP revenue grew by 48 percent from the prior year and non-GAAP earnings per share increased by over 60 percent compared to the prior year. Sales growth was fueled by the addition of ten new customers and upsells of newer solutions into our existing customer base. We also substantially completed the operational integration of the two acquisitions we made in the second half of 2012. In addition, our technical integration is on track based on enhancements that were included in the latest release of our software suite that went live in late March. Over the remainder of the year, we look forward to continuing to drive sales to new and existing customers, capture financial and operational efficiencies and enhance our solution suite."
First Quarter 2013 Results
SciQuest reported GAAP revenues of $20.7 million for the quarter ended March 31, 2013 compared to $14.4 million in the first quarter of 2012.
GAAP loss from operations in the first quarter of 2013 was $1.3 million compared to GAAP income from operations of $0.3 million in the first quarter of 2012. GAAP net loss was $0.6 million in the first quarter of 2013 compared to GAAP net income of $0.2 million in the same quarter in the prior year. The primary drivers of the decline from 2012 were the expected impacts of the SciQuest Canada (formerly known as Upside Software) and Spend Radar acquisitions.