Medidata Solutions (MDSO) Tops Q1 EPS by 3c; Appoints New CFO

Medidata Solutions (NASDAQ: MDSO) reported Q1 EPS of $0.17, $0.03 better than the analyst estimate of $0.14. Revenue for the quarter came in at $92.4 million versus the consensus estimate of $91.05 million.

The company also announced that Rouven Bergmann is joining the company as Chief Financial Officer effective Monday, May 18, 2015. Bergmann’s financial and operational experience managing a multibillion-dollar software business extends the breadth and depth of Medidata’s leadership team. Medidata also reaffirmed today that there is no change to its 2015 financial guidance.

“We are excited to have Rouven’s proven financial leadership on the Medidata team, as we continue to scale our business and execute our growth strategy,” said Medidata’s chairman and chief executive officer Tarek Sherif. “His experience makes him ideally suited to assume the role of Medidata’s CFO as we capitalize on new opportunities for innovation in our rapidly evolving market. Importantly, he is also a strong cultural fit for our Company.”

As Chief Financial Officer of SAP North America, Bergmann was responsible for overseeing all financial activities for SAP’s largest business unit. His key accomplishments include driving SAP’s transition from a traditional licensing model to SaaS (software-as-a-service) and leading transformational acquisition integrations. Since joining SAP in 2005, Bergmann has served as chief operating officer for SAP’s global R&D organization, as well as in key leadership roles in Waldorf, Germany; Bangalore, India; and Palo Alto. He earned masters degrees in mechanical engineering and business administration from Technical University of Kaiserslautern in Germany and a PhD in economics and finance from the University of Munich in Germany.

“Medidata is at a transformational stage in its development and is well-positioned to deliver long-term value to both clients and shareholders,” said Bergmann. “I’m excited about the opportunity to drive Medidata’s business forward and help accelerate transformation in the drug development industry through the adoption of Medidata’s innovative cloud-based platform and services.”

Cory Douglas, Medidata’s current Chief Financial Officer, will pursue opportunities outside of Medidata by mutual agreement upon Bergmann’s start. Sherif stated, "Cory has been a key contributor and a great team player during a period of significant change and growth at Medidata. He will be missed and we wish him all the best. We thank Cory for his service to Medidata throughout his tenure."

For earnings history and earnings-related data on Medidata Solutions (MDSO) click here.

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