Exceeds Revenue Guidance Advances Sales Transformation Drives Operational Integration Progress
CARY, N.C., Nov. 5, 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 third quarter ended September 30, 2013.
Stephen Wiehe, President and Chief Executive Officer of SciQuest, said, "The third quarter was characterized by good execution, strong results and advancement against our strategic priorities. We drove the sales transformation forward while attracting new customers, generating healthy cross-selling and rebuilding sales momentum. These efforts contributed to non-GAAP revenue that exceeded the top end of the guidance range and increased 33 percent from a year ago. They also helped drive non-GAAP EPS to the high end of expectations. Meanwhile, operational integration of CombineNet, which we acquired on August 30 th, is on track, and we are pleased with the initial levels of customer interest in the rest of our software suite. As a result, we are well positioned for success in the fourth quarter and beyond, including progress towards our long-term revenue growth and profitability targets."Third Quarter 2013 Results SciQuest reported GAAP revenues of $22.5 million for the quarter ended September 30, 2013 compared to $17.2 million in the third quarter of 2012. GAAP loss from operations in the third quarter of 2013 was $1.8 million compared to GAAP loss from operations of $0.1 million in the third quarter of 2012. GAAP net loss was $2.4 million in the third quarter of 2013 compared to GAAP net income of $0.7 million in the same quarter in the prior year. The primary drivers of the decline from 2012 were the expected impacts of the acquisitions. GAAP basic net loss per share was $0.10 in the third quarter of 2013 based on 23.1 million average basic shares outstanding. GAAP diluted net income per share in the third quarter of 2012 was $0.03 based on 22.7 million average diluted shares outstanding.