Veeva Announces Fiscal 2022 First Quarter Results
Total Revenues of $433.6M, up 29% Year Over Year; Subscription Services Revenues of $341.1M, up 26% Year Over Year
PLEASANTON, CA — May 27, 2021 — Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its first quarter ended April 30, 2021.
“The team’s focus on customer success and product excellence continues to drive Veeva’s outstanding results,” said CEO Peter Gassner. “Our innovations in data, software, and services are helping the industry move to a new digital-first model.”
Fiscal 2022 First Quarter Results:
Revenues: Total revenues for the first quarter were $433.6 million, up from $337.1 million one year ago, an increase of 29% year over year. Subscription services revenues for the first quarter were $341.1 million, up from $270.2 million one year ago, an increase of 26% year over year.
Operating Income and Non-GAAP Operating Income(1):
First quarter operating income was $128.4 million, compared to $87.6 million one year ago, an increase of 47% year over year. Non-GAAP operating income for the first quarter was $181.4 million, compared to $129.7 million one year ago, an increase of 40% year over year.
Net Income and Non-GAAP Net Income(1):
First quarter net income was $115.6 million, compared to $86.6 million one year ago, an increase of 33% year over year. Non-GAAP net income for the first quarter was $146.9 million, compared to $105.2 million one year ago, an increase of 40% 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 $0.71, compared to $0.54 one year ago, while non-GAAP fully diluted net income per share was $0.91, compared to $0.66 one year ago.
“It was an outstanding start to the year,” said CFO Brent Bowman. “We are building a durable position across both R&D and commercial, which reflects our role as a strategic technology provider to the industry.”
Recent Highlights:
New and Existing Customer Relationships Drive Strong Growth — The company added a record 59 new customers in the first quarter, bringing total customer count to more than 1,000. Q1 was an outstanding bookings quarter fueled by strong results in Veeva Vault and Veeva Commercial Cloud. Demand remains robust as customers increasingly partner with Veeva to modernize their technology infrastructure and move to a digital first model.
Record New Customer Additions for Vault Quality — Vault Quality had an outstanding quarter which included record bookings for Veeva Vault Quality Suite and significant wins in Veeva Vault QualityDocs, Vault QMS, and Vault Training. Among these was Veeva’s sixth Vault QMS win with a top 20 pharmaceutical company, which is their first Veeva Development Cloud application.
Enabling the Industry with Better Ways of Working — Veeva is advancing how customers operate with the industry’s first Quality Reference Model. Going beyond software, Veeva is providing customers a technology enabled best practice model as the standard for the industry based upon extensive experience with more than 300 Vault QualityDocs deployments.
Financial Outlook:
Veeva is providing guidance for its fiscal second quarter ending July 31, 2021 as follows:
Total revenues between $450 and $452 million.
Non-GAAP operating income between $175 and $177 million(2).
Non-GAAP fully diluted net income per share between $0.85 and $0.86(2).
Veeva is providing guidance for its fiscal year ending January 31, 2022 as follows:
Total revenues between $1,815 and $1,825 million.
Non-GAAP operating income of about $710 million(2).
Non-GAAP fully diluted net income per share of approximately $3.49(2).
