This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SciQuest Announces First Quarter Financial Results

Exceeds Quarterly Guidance as Non-GAAP Revenues Grew 48% Drives Significant Integration Progress Advances Strategic Priorities

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
YHOO $26.84 0.30%
AAPL $93.54 -0.17%
FB $101.55 -0.35%
GOOG $680.42 -0.39%
TSLA $148.66 -1.20%


Chart of I:DJI
DOW 15,875.57 +215.39 1.38%
S&P 500 1,857.26 +28.18 1.54%
NASDAQ 4,323.9650 +57.1280 1.34%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs