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Home » Medidata Revenues Up 32% in Q2 Following IPO

Medidata Revenues Up 32% in Q2 Following IPO

August 14, 2009
CenterWatch Staff

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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