Veeva Systems (NYSE: VEEV) reported Q1 EPS of $0.54, $0.04 worse than the analyst estimate of $0.58. Revenue for the quarter came in at $337.1 million versus the consensus estimate of $319.99 million.

Fiscal 2021 First Quarter Results:

• Revenues: Total revenues for the first quarter were $337.1 million, up from $244.8 million one year ago, an increase of 38% year-over-year. Subscription services revenues for the first quarter were $270.2 million, up from $198.1 million one year ago, an increase of 36% year-over-year.
• Operating Income and Non-GAAP Operating Income(1): First quarter operating income was $87.6 million, compared to $71.2 million one year ago, an increase of 23% year-over-year. Non-GAAP operating income for the first quarter was $129.7 million, compared to $93.5 million one year ago, an increase of 39% year-over-year.
• Net Income and Non-GAAP Net Income(1): First quarter net income was $86.6 million, compared to $73.4 million one year ago, an increase of 18% year-over-year. Non-GAAP net income for the first quarter was $105.2 million, compared to $78.7 million one year ago, an increase of 34% year-over-year.
• Net Income per Share and Non-GAAP Net Income per Share(1): For the first quarter, fully diluted net income per share was $0.54, compared to $0.47 one year ago, while non-GAAP fully diluted net income per share was $0.66, compared to $0.50 one year ago.

“We are incredibly proud to serve the life sciences industry as they pursue diagnostics, treatments, and cures for COVID-19 with unprecedented speed,” said CEO Peter Gassner. “Thanks to the Veeva team for all the incredible innovation and execution that’s enabling our customers’ rapid move to digital so they can continue their critical work helping healthcare professionals and patients.”

“Focused execution and our ability to adapt quickly in the face of change enabled us to deliver results above plan in Q1,” said CFO Tim Cabral. “Looking ahead, we will continue to invest in our growing product portfolio as the industry increasingly looks to Veeva as one of its most strategic partners across R&D and commercial.”

GUIDANCE:

Veeva Systems sees Q2 2021 EPS of $0.63-$0.64, versus the consensus of $0.60. Veeva Systems sees Q2 2021 revenue of $339-341 million, versus the consensus of $333.41 million.

Veeva Systems sees FY2021 EPS of $2.50-$2.55, versus the consensus of $2.47. Veeva Systems sees FY2021 revenue of $1.38-1.395 billion, versus the consensus of $1.38 billion.

Veeva is providing guidance for its fiscal second quarter ending July 31, 2020 as follows:

• Total revenues between $339 and $341 million.
• Non-GAAP operating income between $126 and $128 million(2).
• Non-GAAP fully diluted net income per share between $0.63 and $0.64(2).

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

• Total revenues between $1,380 and $1,395 million.
• Non-GAAP operating income between $500 and $510 million(2).
• Non-GAAP fully diluted net income per share between $2.50 and $2.55(2).

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