Veeva stock jumps on fiscal Q1 results above expectations, higher forecast

Veeva said customers totaled over 1,000 in the quarter.

Veeva Systems, the cloud applications specialist for life sciences, this afternoon reported fiscal Q1 revenue and profit that topped analysts' expectations, and an outlook for this quarter, and the full year, that was higher as well. 

The report sent Veeva shares up 4% in late trading

CEO Peter Gassner remarked, "The team's focus on customer success and product excellence continues to drive Veeva's outstanding results."

Added Gassner. "Our innovations in data, software, and services are helping the industry move to a new digital-first model."

Veeva's CFO, Brent Bowman, called the quarter "an outstanding start to the year," adding, "We are building a durable position across both R&D and commercial, which reflects our role as a strategic technology provider to the industry."

Revenue in the three months ended in April rose 29%, year over year, to $433.6 million, yielding EPS of 91 cents.

Analysts had been modeling $410 million and 78 cents per share.

The company said it added 59 new customers in the quarter, for more than 1,000 in total. 

Veeva said its "outstanding bookings" were propelled by "strong results in Veeva Vault and Veeva Commercial Cloud."

For the current quarter, the company sees revenue of $450 million to $452 million, and EPS in a range of 85 cents to 86 cents. That compares to consensus for $427 million and a 79-cent profit per share.

For the full year, the company sees revenue in a range of $1.815 billion to $1.825 billion, and EPS of $3.49. That compares to consensus of $1.76 billion and $3.23 per share.