Cloud-based eClinical outfit Medidata ($MDSO) swung to 21% revenue growth in the first quarter, and, after hitting a record value in billings, the New York company is expecting sales to keep rolling in 2014.
Revenue came in at $76.6 million on the quarter, beating out the previous year's $63.3 million. Medidata posted billings of $90 million on the quarter, a 43% increase, and grew its customer base by about 8%.
Despite the sales gains, however, a nearly 50% leap in R&D costs ate into Medidata's profits, leaving the company with a $1.8 million net loss after posting $5.7 million in income last year.
But Medidata is expecting big things from 2014 on the revenue front, pointing to a subscription backlog of $177 million, up $21 million from the same period in 2013. And that figure doesn't factor in midyear renewals, the company said, making for another $15 million in coming revenue.
"We are off to a good start to the year and on track to achieving the financial outlook we provided earlier in the year," Chief Financial Officer Cory Douglas said in a statement. "We continue to make disciplined investments to maximize our long-term opportunity to drive platform adoption while advancing our growth trajectory."
- read the results