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Medidata Revenues Up 32% in Q2 Following IPO

Friday, August 14, 2009

In Medidata Solutions’ first financial results since completing its initial public offering in June, the clinical trial software company’s second quarter net revenues jumped $8.3 million to $34 million, compared with $25.7 million for the same period last year.

The company attributed the revenue growth to a $6.4-million increase in application-services revenues and a $1.8-million boost in professional services.

Medidata also reported net income of $0.2 million, or $0.01 per diluted share, compared with a loss of $5.9 million, or $0.87 per diluted share, in Q2 2008.

“As a private company for nearly a decade, we have focused on building quality solutions for our customers, a global sales and services presence and, more recently, a robust public company infrastructure. Now that the majority of this scalable infrastructure is in place, we are focused on profitable growth,” said chief financial officer Bruce Dalziel in a statement.

In early trading Friday, Medidata’s shares were down 3.85% to $17.50.

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