Boost in sales, customers pumps up Medidata's 2012 revenue
In the midst of R&D cutbacks at Big Pharma companies, Medidata Solutions ($MDSO), which offers clinical trial management software among other electronic data capturing solutions, continues to reel in customers--and seems to be keeping them.
It's been able to swoop in and gain customers from rival Oracle ($ORCL), and CEO Tarek Sherif said in a company earnings call that competition on that front seems to be waning.
"We see huge opportunity to rapidly and sustainably grow our business well into the future," Sherif said.
The company reported that net revenue rose to $218.3 million in 2012, an increase of $33.9 million, or 18%, from 2011, buoyed by a bump in application and professional services sales. In the fourth quarter of 2012, net revenue jumped 24% to $58.6 million, compared with $47.2 million in the fourth quarter of 2011.
Medidata also got a 27% bump in its customer base at the end of the fourth quarter in 2012, up from the end of 2011, adding 28 customers to bring its total customer count to 350.
At the end of 2012, 38% of customers had committed to multiple products, an increase of 46% over the previous year.
Part of Medidata's growth in the fourth quarter might be fueled by new features it rolled out in its Medidata Clinical Cloud, including new budgeting capabilities, enhanced clinical trial management system integrations, and new functionality for clinical supply logistics in complex studies.
- here's the earnings release