There's been good news and not-so-good news from the financial department at Medidata Solutions this week. After the company ($MDSO) told investors that its second-quarter revenue grew substantially, the firm revealed that its chief financial officer, Bruce Dalziel, plans to step down sometime later this year.
Dalziel appears to be leaving the company in good financial shape. The provider of software-as-a-service products for clinical development brought in $50.2 million in revenue for the second quarter, up 25% from the same quarter a year ago. Also, the firm's non-GAAP operating income shot up 81% to $15 million. Those results were aided by customer renewals. And the firm landed 9 new customers during the quarter, including drug developer Ardea Biosciences and Veristat, a CRO.
Nevertheless, Dalziel has resigned from his financial chief post at Medidata for personal reasons, according to the company. Yet Dalziel and the firm appear to going their separate ways on good terms, as the CFO is serving as an employee through the first half of 2012 to help out with the transition of his responsibilities to Cory Douglas. Douglas is the firm's corporate controller and chief accounting officer, and he's expected to step into the CFO job around Nov. 1.
"Bruce has helped lead Medidata through the successful completion of its initial public offering and its transition to being a public company. I understand and fully support his desire to pursue other interests," Tarek Sherif, Medidata's CEO, stated. "Bruce will continue to be an integral part of Medidata's management team for the remainder of 2011, providing a smooth transition of his responsibilities. Looking forward, we are confident that Cory is exceptionally qualified for his new role as CFO."
- here's the firm's earnings report
- see the release about the CFO change