Boston, MA 06/02/2014 (wallstreetpr) – Veeva Systems Inc (NYSE:VEEV), the globally leading cloud-based software provider for life science announced its fiscal first quarter report in the last week of the previous month. The company which operates its global business from San Francisco disclosed the economic report that ended on April 30, 2014.
CEO statement:
Veeva Systems Inc (NYSE:VEEV)’s Chief Executive officer, Peter Gassner said that Veeva showed a strong performance in this quarter, which is really commendable. The company managed to register an expansion in the subscription-revenue of 74% and 24% in the non-GAAP operating margin. Besides, commenting on the scenario, the CEO also praised the cloud solutions for the life science industry that is serving the industry to turn into much effective, efficient as well as compliant.
The first quarter report of fiscal 2015:
Veeva, a year back reported total revenue of $42.8 million, which in this fiscal year has gone up to $66.7 million, thus representing a hike by 56% year over year. The company subscription revenue also witnesses a 74% increase year over year. The subscription revenue in this quarter is $48.5 million; a year ago the figure was $27.9 million was.
Operating income for first quarter:
Veeva Systems Inc (NYSE:VEEV)’s operating income also changed considerably within a span of one year. The operating income rose to $12.6 million this quarter from $8.2 million. This signifies an improvement of 54% YOY. Similarly, the non-GAAP operating income witnessed 80% increase from $9.0 million to $16.2 million within one year term.
Net income of Veeva:
The net income of Veeva Systems Inc (NYSE:VEEV) brought happiness in the business environment. The report reflected a hike of 49% of net income. A year back the net income was $ 4.8 million and in this quarter it stands at $7.2 million. Likewise, the non-GAAP net income is enlarged by 80% year over year. The diluted net income on every share has been reported to be $0.05.
Chief Financial Officer, Tim Cabral, was excited while delivering his comments. He stated that Veeva executed the strategies perfectly and established a wonderful quarterly performance.
