Veeva Systems (VEEV), a provider of cloud-based software for the life sciences industry, remains on track to meet its 2020 revenue run rate target of $1 billion, says Rob DeFrancesco, editor of the Tech-Stock Prospector.
Veeva Systems, a provider of cloud-based software for the life sciences industry, remains on track to meet its 2020 revenue run rate target of $1 billion.
For fiscal 2019 (ending January), the company’s initial revenue guidance of $805 million translates into expected growth of 18.3% based on the fiscal 2018 guidance midpoint of $680.2 million.
The company recently closed new contracts with two Top 20 pharmaceuticals companies that started U.S. deployments, along with a Top 20 pharma vendor with a deployment in Japan. All three were expansion deals with existing customers (involving new divisions or countries).
The firm’s Vault RIM, the first-ever suite of unified regulatory cloud applications, streamlines product submissions and registrations, and helps to reduce the complexity in the drug manufacturing process.
Some Vault customers are seeing productivity gains of 30% to 50% because many are coming off of legacy systems that were designed in the 1980s.
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The clinical segment of the Vault business really shined in the latest quarter, with the customer count for the eTMF product (used to manage documents related to drug clinical trials) surpassing 170.
Vault also provides a growth wildcard for use cases outside of life sciences. Many manufacturers still use older quality control solutions, so it’s a market ripe for disruption.
Rob DeFrancesco is founder and editor of Tech-Stock Prospector.
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