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SciQuest Announces Second Quarter Financial Results

Stocks in this article: SQI

Achieves Quarterly Guidance Continues to Build Momentum in the Commercial Market Updates 2013 Guidance

CARY, N.C., Aug. 1, 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 second quarter ended June 30, 2013.

Stephen Wiehe, President and Chief Executive Officer of SciQuest, said, "During the second quarter we continued to execute our strategic plan while we generated results that were at the high end of our quarterly guidance ranges. Non-GAAP revenue grew 45 percent and non-GAAP earnings per share increased by 50 percent compared to second quarter 2012 levels. Significant wins in the Commercial market together with the impact of the two acquisitions completed in the second half of 2012 helped fuel topline performance. In addition, we drove additional integration progress during the quarter and completed the vast majority of the work necessary to ensure a successful rollout of our July software release. As a result, we continued to add new customers such as Microsoft, The Chicago Cubs and the state of Wisconsin. We are therefore well positioned to overcome two short-term challenges in the second half of the year that have caused a moderation in 2013 financial guidance. However, our future prospects remain strong and our long-term financial targets for growth and profitability are unchanged."

Second Quarter 2013 Results

SciQuest reported GAAP revenues of $21.2 million for the quarter ended June 30, 2013 compared to $15.2 million in the second quarter of 2012.

GAAP loss from operations in the second quarter of 2013 was $1.1 million compared to GAAP income from operations of $0.8 million in the second quarter of 2012. GAAP net loss was $0.5 million in the second quarter of 2013 compared to GAAP net income of $0.4 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.

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