- Medidata (NASDAQ:MDSO) has sold off after beating Q2 estimates and reiterating full-year revenue and net income guidance ($392M-$412M and $47M-$50.5M, respectively). With shares up 25% YTD going into earnings, expectations for the cloud clinical research software vendor were high.
- Business performance: Q2 billings totaled $106M, +36% Y/Y and above revenue of $98.1M; Y/Y growth accelerated from Q1's 21%. A record 52 new customers were added, bringing the total base to 539 (+23% Y/Y). 61% of customers have committed to multiple products, up from 59% at the end of Q1. Subscription revenue +22% Y/Y to $83.9M; professional services -1% to $14.2M.
- Financials: Operating costs/expenses rose 27% Y/Y to $70.2M - R&D spend totaled $22.5M, sales/marketing $25.7M, and G&A $21.9M. Medidata ended Q2 with $472.4M in cash, and $247M in convertible debt.
- Q2 results, PR