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.

Infographic Download

Reducing Time to Clinic for Your Biomedical Applications

Gelatin methacryloyl (GelMA)-based biomaterials have been widely used in various biomedical research applications due to their suitable biological properties and tunable physical characteristics. Especially over the past 5 years, GelMA-oriented research and patent applications have been growing exponentially, and many of these research concepts are now being translated towards the clinic. Suitable GelMA biomaterials are therefore indispensable to keep pace with the newest medical innovations.

Download to learn more about the benefits of GelMA in various biomedical applications and how X-Pure® GelMA can help you in your developments.

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

Related Article:
Medidata swoops on medical imaging player Intelemage

Suggested Articles

CTI Clinical Trial and Consulting Services is buying up fellow CRO Clinart to deepen its reach in the Middle Eastern and Northern African regions.

Viva Biotech is putting down $80 million to buy preclinical contract research organization SYNthesis and boost its outsourcing business.

Popular research network provider TriNetX has seen major interest from The Carlyle Group as it buys up a majority stake in the company.