Veeva +12% AH after FQ2 beat, guidance hike

|About: Veeva Systems Inc. (VEEV)|By:, SA News Editor

Veeva's (NYSE:VEEV) subscription revenue rose 66% Y/Y in FQ2 to $56.6M, after growing 74% in FQ1. Services/other revenue rose 23% to $19.1M.

The cloud pharma/life sciences software vendor saw "particular strength" for its CRM software, and added 10+ customers for its Vault content management software.

GAAP sales/marketing spend totaled $13.8M, R&D $9.8M, and G&A $7.1M. Veeva's deferred revenue balance rose 14% Q/Q to $85.3M.

FQ2 results, PR, financials