Medidata Solutions (MDSO) Tops Q2 EPS by 4c, Slight Miss on Revenues

Medidata Solutions (NASDAQ: MDSO) reported Q2 EPS of $0.43, $0.04 better than the analyst estimate of $0.39. Revenue for the quarter came in at $155.9 million versus the consensus estimate of $156.01 million.

“We executed well operationally and delivered strong business results this quarter and in the first half of the year, all while closing our largest acquisition to date,” said Tarek Sherif, chairman and chief executive officer, Medidata. “Providing the life sciences industry a next gen analytics solution for commercialization, and the addition of leading edge, real world evidence capabilities as part of our platform, positions Medidata to be the strategic partner for customers pursuing digital transformation.”

Second Quarter 2018 Results

• Total revenue was $155.9 million, an increase of $19.9 million, or 15%, compared with $136.0 million in the second quarter of 2017
• Subscription revenue was $130.5 million, an increase of $17.6 million, or 16%, compared with the same period last year. Professional services revenue was $25.4 million, an increase of $2.3 million, or 10%, compared with $23.1 million in the second quarter of 2017
• GAAP operating income was $12.8 million, up 1%, compared with $12.7 million in the second quarter of 2017. Non-GAAP operating income1 was $36.6 million, up 18%, compared with $31.0 million a year ago
• GAAP net income was $16.6 million, or $0.27 per diluted share, up 120%, compared with $7.5 million, or $0.13 per diluted share, in the second quarter of 2017. Non-GAAP net income1 was $26.4 million, or $0.43 per diluted share, up 46%, compared with $18.1 million, or $0.30 per diluted share, in the second quarter of 2017. See the non-GAAP reconciliation included in this release for full details of the non-GAAP adjustments
• GAAP net income includes a gain of $7.6 million on the company’s original investment in SHYFT
• Total cash and marketable securities were $477.4 million at the end of the quarter, compared with $663.3 million on December 31, 2017
• Remaining 2018 adjusted subscription backlog2 as of June 30, 2018 was $263 million, an increase of $40 million, or 18%, compared with a year ago

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

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