Life sciences cloud solution provider Medidata posts ‘record’ Q2

New York’s digital services provider for biopharma Medidata ($MDSO) has posted what it is hailing as “record” numbers for the second quarter as it saw sales jump.

Total revenue for Q2 hit $114.6 million--a major leap of 17% when put next to its figures from last year.

Meanwhile, subscription revenue was $96.8 million, an increase 15%, as professional services reached a record $17.9 million--an upsurge of $3.7 million, or 26%, compared to last year.

What’s been driving this growth? “Strong execution,” says its chairman and CEO Tarek Sherif. “With demand growing for Medidata CTMS, Payments, Balance and mHealth, as well as data analytics, we’re building on the success of the broadest platform in the industry, while continually delivering greater value to our clients,” he explained.

“Today, more than ever, our ability to generate sustainable, long-term growth is driven by the large opportunity created by our clients’ innovation, scientific advances and our mission of powering smarter treatments to improve healthcare. It’s clear that Medidata is becoming the strategic technology partner to a massive and important transformation in life sciences and healthcare driven by digital automation in drug development.”

Other records tumbled as well, as the company booked a record 96 new clients, including 32 from its April acquisition of medical image sharing firm Intelemage, during the second quarter.

Medidata’s client base also grew to 711 at the end of the second quarter, up 32% year over year.

The company said it was hanging on to its full year guidance of total revenue being set at around $450 to $474 million at constant currency rates.

It did however nudge up its expectations for its professional services revenue, which it now sees as topping out at $70 million, $10 million higher than it originally planned for.

The company ended up 14.6% at the close of play yesterday after posting its results.

- check out the release

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