Veeva Systems (VEEV) Tops Q3 EPS by 10c, Revenues Beat; Offers 4Q & FY21 EPS/Revenue Guidance Above Consensus, FY22 Revenue Outlook Above Consensus

Veeva Systems (NYSE: VEEV) reported Q3 EPS of $0.78, $0.10 better than the analyst estimate of $0.68. Revenue for the quarter came in at $377.5 million versus the consensus estimate of $361.82 million.

Fiscal 2021 Third Quarter Results:

• Revenues: Total revenues for the third quarter were $377.5 million, up from $280.9 million one year ago, an increase of 34% year-over-year. Subscription services revenues for the third quarter were $302.9 million, up from $226.8 million one year ago, an increase of 34% year-over-year.
• Operating Income and Non-GAAP Operating Income(1): Third quarter operating income was $101.3 million, compared to $80.8 million one year ago, an increase of 25% year-over-year. Non-GAAP operating income for the third quarter was $155.5 million, compared to $111.6 million one year ago, an increase of 39% year-over-year.
• Net Income and Non-GAAP Net Income(1): Third quarter net income was $97.0 million, compared to $82.2 million one year ago, an increase of 18% year-over-year. Non-GAAP net income for the third quarter was $125.6 million, compared to $95.4 million one year ago, an increase of 32% year-over-year.
• Net Income per Share and Non-GAAP Net Income per Share(1): For the third quarter, fully diluted net income per share was $0.60, compared to $0.52 one year ago, while non-GAAP fully diluted net income per share was $0.78, compared to $0.60 one year ago.

“Our customers are delivering innovations that will have positive, lasting impacts on human health,” said CEO Peter Gassner. “We are proud to work with these amazing companies, providing solutions that streamline drug development and enable them to support healthcare providers on the front lines.”

“I am very pleased with our financial outperformance in the quarter, which was a direct result of our strong vision and focused execution,” said CFO Brent Bowman. “As we look to the opportunities ahead, we plan to continue investing aggressively to hit our 2025 targets and drive a long runway of growth beyond.”

GUIDANCE:

Veeva Systems sees Q4 2021 EPS of $0.67-$0.68, versus the consensus of $0.62. Veeva Systems sees Q4 2021 revenue of $378-380 million, versus the consensus of $367.64 million.

Veeva Systems sees FY2021 EPS of $2.83-$2.84, versus the consensus of $2.68. Veeva Systems sees FY2021 revenue of $1.446-1.448 billion, versus the consensus of $1.42 billion.

Veeva Systems sees FY2022 revenue of $1.7-1.72 billion, versus the consensus of $1.7 billion.

Veeva is providing guidance for its fiscal fourth quarter ending January 31, 2021 as follows:

• Total revenues between $378 and $380 million.
• Non-GAAP operating income between $136 and $138 million(2).
• Non-GAAP fully diluted net income per share between $0.67 and $0.68(2).

Veeva is providing guidance for its fiscal year ending January 31, 2021 as follows:

• Total revenues between $1,446 and $1,448 million.
• Non-GAAP operating income between $566 and $568 million(2).
• Non-GAAP fully diluted net income per share between $2.83 and $2.84(2).

Veeva is providing guidance for its fiscal year ending January 31, 2022 as follows:

• Total revenues between $1,700 and $1,720 million.
• Subscription services revenues between $1,390 and $1,400 million.
• Non-GAAP operating margin of roughly 37%(3).

For earnings history and earnings-related data on Veeva Systems (VEEV) click here.

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