Shares of life-sciences cloud software provider Veeva Systems traded down by 3% in late trading Tuesday despite the company reporting fiscal Q3 revenue and profit that comfortably topped expectations, and despite a forecast for next year's revenue that was also above Street consensus.
CEO Peter Gassner led his prepared remarks with an acknowledgement of Veeva customers that he said "are delivering innovations that will have positive, lasting impacts on human health."
"We are proud to work with these amazing companies," said Gassner, "providing solutions that streamline drug development and enable them to support healthcare providers on the front lines."
Newly installed CFO Brent Bowman said he was "very pleased" with the financial results. Bowman added that Veeva "plan to continue investing aggressively to hit our 2025 targets and drive a long runway of growth beyond."
For the three months ended in October, Veeva reported $377.5 million in revenue, up 34%, year over year, and earnings per share of 78 cents.
The Street had been modeling $362 million and 68 cents per share.
For the current quarter, the company sees revenue in a range of $378 million to $380 million, and EPS of 67 cents to 68 cents
The Street has been modeling $368 million and 62 cents per share.
For the full year 2022, the company forecast revenue in a range of $1.7 billion to $1.72 billion. That is higher than the average Street estimate for $1.696 billion.
Veeva stock is down about 3% in late trading at $275.60. The sock has more than doubled this year.