Boston, MA 04/24/2014 (wallstreetpr) – Medidata Solutions Inc (NASDAQ:MDSO), the leader among cloud based solution providers in the life sciences industry, reported its first quarter results for the financial year 2014.
Q1’14 Results
The company announced total revenues of $76.6 million in the reported quarter, which is a 21% increase when compared to the same quarter results of the previous year. In 2013, total revenues for the first quarter were $13.3 million below this year’s results, which were reported to be $63.3 million then. Subscription revenue also increased 26% and reached up to $63.8 million. GAAP operating earnings were $0.3 million, which is comparable to last year’s $7.1 million. Non- GAAP operating earnings, on the other hand, were $12.5 million, declining from $14.2 million as compared to the same quarter results of last year.
GAAP net loss was $1.8 million, or $0.03 per diluted share, which fell sharply as compared to the first quarter results of the prior year. In 2013, the company had reported GAAP net earnings of $5.7 million, or $0.11 per diluted share. Adjusted non- GAAP net earnings was reported to be $5.9 million, or $0.11 per diluted share, which is down from last year’s $9.1 million, or $0.17 per diluted share.
Medidata Solutions Inc (NASDAQ:MDSO)’ total cash and cash equivalents, including marketable securities at the end of the reported quarter were $403.5 million. This is a rise of $279.5 million or equivalently an increase of 225% as compared to the $124.0 million assets at the end of quarter 1 of 2013. The increase is on account of the net proceeds that were obtained from the convertible senior notes that were issued last year. Another reason is the continuous cash flows over a period of 12 months. Medidata Solutions Inc (NASDAQ:MDSO) reported cash flow operations to be $6.3 million this quarter which surged from the $2.9 million figure that was reported in the first quarter of 2013.
