Medidata Solutions, Inc. (MDSO) Misses Q1 EPS by 5c

Medidata Solutions, Inc. (NASDAQ: MDSO) reported Q1 EPS of $0.11, $0.05 worse than the analyst estimate of $0.16. Revenue for the quarter came in at $76.6 million versus the consensus estimate of $79.5 million.

Highlights

• Medidata’s customer base grew to 420, with 32 new clients added in the first quarter of 2014, an increase of 88% over the number of new clients added in the first quarter of 2013. Customer growth was realized in all regions and across multiple products.
• 52% of customers had committed to multiple products at the end of the first quarter of 2014, up from 41% at the end of the first quarter of 2013.
• Medidata’s industry-leading CRO program continued to grow, with three new partners added, including a top 5 CRO. Several partners also began using a broader set of applications within the Medidata Clinical Cloud™, including Medidata’s trial management solution for their own work.
• Billings were $90 million in the first quarter of 2014, a 43% increase over the first quarter of 2013.
• Subscription backlog for the remainder of the year as of March 31, 2014 increased to $177 million, an increase of $21 million year over year. Subscription backlog does not include revenues associated with intra-year renewals. Including a minimum of $15 million of revenue associated with remaining intra-year renewals, subscription backlog would have increased to $192 million.
• Medidata's overall revenue retention rate was nearly 100%.

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

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