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Medidata Solutions Reports Record Second Quarter 2013 Results

Medidata Solutions (NASDAQ: MDSO), the leading global provider of cloud-based solutions for clinical research in life sciences, today announced its financial results for the second quarter 2013 and provided detailed financial guidance.

“Our great execution and the growing market opportunity for the Medidata Clinical Cloud are evident in our record second quarter financial results, growing product penetration and positive outlook for the remainder of the year,” said Tarek Sherif, Medidata’s chairman and chief executive officer. “The strength of our vertical SaaS model comes from the combination of our modern cloud technology and deep domain expertise. Coupled with the industry’s richest repository of clinical trial data, Medidata’s platform is transforming clinical research.”

Second Quarter 2013 Results

  • Total revenues for the second quarter of 2013 were $68.1 million, an increase of $14.6 million, or 27%, compared with $53.5 million in 2012. Application services revenue was $56.3 million, an increase of 36% compared with the same period last year.
  • GAAP operating income for the quarter increased to $8.8 million, up 55%, compared with $5.7 million a year ago. Non-GAAP operating income* for the second quarter of 2013 increased to $17.5 million, up 60%, compared with $11.0 million a year ago.
  • GAAP net income for the second quarter of 2013 was $5.1 million, or $0.19 per diluted share, up 42%, compared with $3.6 million, or $0.14 per diluted share, in the second quarter of 2012. Adjusted non-GAAP net income* for the second quarter of 2013 was $9.5 million, or $0.36 per diluted share, up 63%, compared with $5.8 million, or $0.23 per diluted share, in the second quarter of 2012.
  • Application services backlog for the remainder of the year as of June 30, 2013, increased to $110 million, up 38% over the comparable period a year ago. Non-Rave products account for 23% of remaining backlog.
  • Total cash, cash equivalents and marketable securities were $140.4 million at the end of the second quarter, an increase of $26.5 million, or 23%, as compared with $113.9 million at the end of the second quarter 2012.
  • Cash flow from operations was a record $26.2 million in the second quarter, up 361% year-over-year.

Additional Highlights

  • Medidata’s customer base grew to 363 in the second quarter of 2013, up 15% from the second quarter of 2012.
  • 45% of customers have committed to multiple products at the end of the second quarter of 2013 as compared with 41% at the end of the first quarter of 2013.
  • Non-Rave revenues increased 144% year-over-year, driven by significant growth in Medidata’s patient randomization and trial supply, and medical coding applications.
  • Medidata’s revenue retention rate for the quarter was 99.4%.
  • Medidata announced the availability of the Medidata Clinical Cloud Study, an easy-to-acquire, ready-in-weeks offering for mid-sized and small customers, single programs and large customer pilots.

“Our revised revenue and profitability guidance continues to validate our prudent investments in sustainable growth,” said Cory Douglas, chief financial officer. “Record operating cash flow this quarter also demonstrates the long-term cash generation potential of Medidata’s highly scalable and vertically focused cloud business.”

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