Medidata Solutions ($MDSO) aims to come out swinging this year. The provider of clinical trials software saw its stock price jump last week after announcing fourth-quarter earnings and projecting an increase in revenue this year.
Medidata is one of the largest independent providers of clinical trials software.
In related news, the company took a $6.3 million hit to its bottom line after paying that amount to settle litigation with DataSci, which had sued Medidata in 2009 and alleged that Medidata failed to pay royalties to DataSci under a licensing pact.
Medidata's profit shot up 41% in the fourth quarter of 2011 thanks to a $19 million tax benefit, but overall revenue for the quarter fell a bit from $47.4 million to $47.2 million, The Associated Press reported, noting that the New York-based company's application service revenue decreased from $40 million to $36.1 million.
Medidata, whose 2011 revenue rose 11 percent to $184.5 million, appeared to excite investors with forecast revenue of $210 million to $215 million this year. The AP reported that analysts expect the software provider to bring in $205 million this year.