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Medidata Reports Record Full Year And Fourth Quarter 2013 Results

Medidata (NASDAQ:MDSO), the leading global provider of cloud-based solutions for clinical research in life sciences, today announced its financial results for the fourth quarter and full year 2013, and provided detailed financial guidance for the full year 2014.

“Record revenues of $277 million in 2013 led to Medidata’s best year of growth since we went public in 2009. Subscription revenue growth of 33% was driven by accelerating customer adoption and market share gains,” said Tarek Sherif, Medidata's chairman and chief executive officer. “Our cloud platform is built on best-in-class technology supported by a deep understanding of clinical development, while our benchmarking and analytic capabilities are powered by the largest, unique data repository in our industry. This has made Medidata a key technology partner to the life sciences industry as we focus on optimizing value throughout the clinical development process. Given our healthy backlog, momentum and a great pipeline of opportunities, we are well positioned for another year of exciting growth.”

Fourth Quarter 2013 Results
  • Total revenue for the fourth quarter of 2013 was $74.6 million, an increase of $16.0 million, or 27%, compared with $58.6 million in 2012. Subscription revenue was $63.0 million, an increase of 32%, compared with the same period last year.
  • GAAP operating (loss)* for the quarter was ($1.5) million, compared with income of $9.3 million in the fourth quarter of 2012. Non-GAAP operating income** for the fourth quarter of 2013 increased to $17.3 million, up 24%, compared with $14.0 million a year ago.
  • For the fourth quarter and full year of 2013, GAAP results* include $9.3 million of additional stock-based compensation expense relating to long-term performance-based restricted stock units.
  • GAAP net income* for the fourth quarter of 2013 was $0.6 million, or $0.01 per diluted share, compared with $6.6 million, or $0.13 per diluted share, in the fourth quarter of 2012. Adjusted non-GAAP net income** for the fourth quarter of 2013 was $12.5 million, or $0.23 per diluted share, up 37%, compared with $9.1 million, or $0.17 per diluted share, in the fourth quarter of 2012. See the non-GAAP reconciliation included in this release for full details of the non-GAAP adjustments.
  • Cash flow from operations was $20.1 million in the fourth quarter, up $23.6 million compared with negative cash flow of ($3.5) million a year ago.

Full Year 2013 Results
  • Total revenue for the full year 2013 was $276.8 million, an increase of $58.5 million, or 27%, compared with $218.3 million in 2012. Subscription revenue was $227.9 million, an increase of 33% over 2012.
  • GAAP operating income* for the full year 2013 was $23.9 million, compared with $27.9 million in 2012. Non-GAAP operating income** for the full year increased to $67.2 million, up 43%, compared with $47.1 million in 2012.
  • GAAP net income* for the full year 2013 was $16.7 million, or $0.31 per diluted share, compared with $18.0 million, or $0.35 per diluted share, in 2012. Adjusted non-GAAP net income** for the full year 2013 was $41.8 million, or $0.77 per diluted share, up 58%, compared with $26.4 million, or $0.52 per diluted share, in 2012. See the non-GAAP reconciliation included in this release for full details of the non-GAAP adjustments.
  • Total cash, cash equivalents and marketable securities were $436.3 million at the end of 2013, an increase of $313.7 million, or 256%, compared with $122.6 million at the end of 2012, primarily due to net proceeds of $279.4 million from the convertible senior notes issued during 2013 and record cash flows.
  • Cash flow from operations was a record $69.6 million for the full year 2013, up 427% year over year.

Additional Highlights
  • Subscription backlog grew to a record $228 million, up 23% year over year. Subscription backlog does not include intra-year renewals.
  • Medidata's revenue retention rate for the year was over 98%. The renewal rate for all its large enterprise customers over the last several years was 100%.
  • 49% of customers had committed to multiple products at the end of 2013, up from 38% at the end of the previous year.
  • Medidata's customer base grew to 397 in the fourth quarter of 2013, up 13% from the end of 2012.
  • Non-Rave revenues increased 114% year-over-year, driven by adoption of Medidata’s innovative solutions for medical coding, randomization and trial supply management, safety data capture, and data-driven metrics and benchmarking.

"Medidata delivered another strong year of accelerated revenue growth and margin expansion, while continuing to invest in corporate initiatives designed to drive sustainable growth," said Cory Douglas, chief financial officer. “Our fourth quarter and full year 2013 results demonstrate the cash flow potential, leverage and scalable nature of our vertically focused business model. Our revenue guidance for 2014 represents the highest growth rate we have provided at the start of a new year since our IPO."

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