|By Business Wire||
|July 29, 2014 06:31 AM EDT||
Medidata (NASDAQ:MDSO), the leading global provider of cloud-based solutions for clinical research in life sciences, today announced its financial results for the second quarter of 2014 and reiterated its revenue guidance.
“Medidata’s track record of strong growth, profitability and successful innovation gives us great confidence in our future ability to grow and extend our lead in the industry,” said Tarek Sherif, Medidata's chairman and chief executive officer. “Our market opportunity is significant and we are successfully executing on our near- and long-term plan. Reflecting on Medidata’s performance this quarter, we continue to benefit from many of the same positive trends we have seen over the past 18 months, including an improving funding environment for biotechnology companies and increased focus on improving drug development efficiency. We see this reflected in increased deal activity, new customer wins and greater multi-product adoption. Our ability to innovate and expand the breadth and relevance of our platform is fueling greater interest and awareness of our solutions across the globe and is contributing to our growing pipeline of opportunities.”
Second Quarter 2014 Results
- Total revenues for the second quarter of 2014 were $83.2 million, an increase of $15.1 million, or 22%, compared with $68.1 million in 2013. Subscription revenue was $68.9 million, an increase of 22% compared with the same period last year.
- GAAP operating income for the quarter was $7.1 million, compared with $8.8 million in the second quarter of 2013. Non-GAAP operating income* for the second quarter of 2014 was $18.4 million, compared with $17.5 million a year ago.
- GAAP net income for the second quarter of 2014 was $2.3 million, or $0.04 per diluted share, compared with $5.1 million, or $0.09 per diluted share, in the second quarter of 2013. Adjusted non-GAAP net income* for the second quarter of 2014 was $9.4 million, or $0.17 per diluted share, compared with $9.5 million, or $0.18 per diluted share, in the second quarter of 2013. See the non-GAAP reconciliation included in this release for full details of the non-GAAP adjustments.
- Total cash, cash equivalents and marketable securities were $418.5 million at the end of the second quarter of 2014, an increase of $278.1 million, or 198%, compared with $140.4 million at the end of the second quarter of 2013, primarily due to net proceeds from the convertible senior notes issued during 2013 and strong cash flows over the past year.
- Cash flow from operations was $24.1 million in the second quarter of 2014, compared with $26.2 million a year ago.
- Medidata’s customer base grew to 437, with 30 new clients added in the second quarter of 2014, an increase of 50% over the number of new clients added in the second quarter of 2013.
- 54% of customers had committed to multiple products at the end of the second quarter of 2014, up from 45% at the end of the second quarter of 2013.
- Partners continue to increase their commitments to Medidata for their technology outsourcing, with 2 top CROs signing enterprise deals. Partners also extended their ability to service non-Rave solutions, with accreditations for Medidata Patient Cloud™ as well as other solutions.
- Billings were $78 million in the second quarter of 2014, a 19% increase over the second quarter of 2013.
- Subscription backlog for the remainder of the year as of June 30, 2014 increased to $133 million, an increase of $23 million year over year. Remaining subscription backlog does not include revenues associated with intra-year renewals of $2 million.
- Medidata's overall revenue retention rate was nearly 100%.
“Our strong second quarter results are highlighted by solid, profitable growth, record cash collections and stellar renewal activity,” said Cory Douglas, Medidata’s chief financial officer. “I am particularly pleased with the strength of our execution and disciplined strategic investments in the quarter. Looking ahead, we see an acceleration of subscription revenue growth and record profitability in the second half of the year.”
For the full year 2014, the company expects:
- Revenues between $340.0 and $345.0 million.
- Professional services revenues in the mid $50.0 million range.
- Non-GAAP operating income between $80.0 and $83.0 million. Based on current estimates, this would equate to GAAP operating income between $28.5 and $31.5 million.**
- Adjusted non-GAAP net income, which includes the tax affected adjustments primarily from stock-based compensation, non-cash interest expense associated with convertible senior notes and amortization at a 40% effective tax rate, between $41.0 and $44.0 million. Based on current estimates, this would equate to GAAP net income between $9.0 and $12.0 million.**
- While changes in the stock price could change the fully diluted share count, the company is assuming 55.1 million fully diluted shares.
**The current estimated GAAP equivalents to our Non-GAAP guidance reflect the impact of approximately $5.0 million on a pre-tax basis of additional stock based compensation expenses relative to our prior outlook.
The company plans to host its investor conference call today at 8:00 a.m. Eastern. The investor conference call will be available via live webcast on the “Investor” section of Medidata’s web site at http://investor.mdsol.com. To participate by telephone, domestic participants may dial 877-303-2528 and international participants may dial 847-829-0023. Those interested in participating in the conference call should dial in at least 10 minutes prior to the call to register. Participants can also join the call via a simultaneous live audio webcast, which will be made available on the “Investor” section of Medidata’s web site at http://investor.mdsol.com. A replay of the conference call can be accessed until Tuesday, August 12, 2014, by dialing 800-585-8367 domestically or 404-537-3406 internationally, with the passcode 72083877. An archive of the call will also be hosted on the “Investor” section of Medidata’s web site, http://investor.mdsol.com, for a limited period of time.
Medidata is the leading global provider of cloud-based solutions for clinical research in life sciences, transforming clinical development through its advanced applications and intelligent data analytics. The Medidata Clinical Cloud™ brings new levels of productivity and quality to the clinical testing of promising medical treatments, from study design and planning through execution, management and reporting. We are committed to advancing the competitive and scientific goals of global customers, which include over 90% of the top 25 global pharmaceutical companies; innovative biotech, diagnostic and device firms; leading academic medical centers; and contract research organizations.
Certain statements made in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Medidata Solutions, Inc. (“Medidata”), including but not limited to statements about Medidata’s forecast of financial performance, products and services, business model, strategy and growth opportunities, and competitive position. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. In particular, the risks and uncertainties include, among other things, risks associated with possible fluctuations in our financial and operating results; errors, interruptions or delays in our service or our Web hosting; the financial impact of any future acquisitions; our ability to continue to release, and gain customer acceptance of, new and improved versions of our products; changes in our sales and implementation cycles; competition; our ability to retain and expand our customer base or increase new business from those customers; our ability to hire, retain and motivate our employees and manage our growth; regulatory developments; litigation; and general developments in the economy. For additional disclosure regarding these and other risks faced by the company, see disclosures contained in Medidata’s public filings with the Securities and Exchange Commission including, the “Risk Factors” section of Medidata’s Annual Report on Form 10-K for the year ended December 31, 2013. You should consider these factors in evaluating the forward-looking statements included in this press release and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and Medidata undertakes no obligation to update such statements as a result of new information.
*Non-GAAP Financial Information
Medidata provides non-GAAP operating income, net income and net income per share applicable to common stockholders data as additional information for its operating results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. Non-GAAP operating income excludes the impact of depreciation, amortization of intangible assets associated with acquisitions, stock-based compensation expense, and an adjustment to the fair value of contingent consideration. Adjusted non-GAAP net income excludes the impact of tax-affected amortization of intangible assets associated with acquisitions, stock-based compensation expense, an adjustment to the fair value of contingent consideration, and non-cash interest expense on convertible senior notes. Management uses these non-GAAP measures to evaluate its financial results, develop budgets, manage expenditures, and as an important factor in determining variable compensation. In addition, investors frequently have requested information from management regarding depreciation, amortization and other non-cash charges, such as share-based compensation, and management believes, based on discussions with investors, that these non-GAAP measures enhance investors’ ability to assess Medidata’s historical and projected future financial performance. While management believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of non-GAAP financial measures. One limitation of non-GAAP operating income is that it excludes depreciation and amortization, which represents the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in our business. Medidata compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are attached to this press release.
|MEDIDATA SOLUTIONS, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)|
|(Amounts in thousands, except per share data)|
Three Months Ended
Six Months Ended
|Cost of revenues (1)(2)|
|Total cost of revenues||20,974||16,920||41,773||34,049|
|Operating costs and expenses:|
|Research and development (1)||17,311||12,105||35,100||24,010|
|Sales and marketing (1)(2)||20,425||16,253||41,157||30,742|
|General and administrative (1)||17,373||13,955||34,419||26,599|
|Total operating costs and expenses||55,109||42,313||110,676||81,351|
|Interest and other (expense) income:|
|Other (expense) income, net||(28||)||(10||)||6||144|
|Total interest and other (expense) income, net||(3,435||)||22||(6,787||)||234|
|Income before income taxes||3,705||8,858||627||16,162|
|Provision for income taxes||1,409||3,752||146||5,356|
|Earnings per share:|
|Weighted average common shares outstanding:|
|(1) Stock-based compensation expense included in cost of revenues and operating costs and expenses is as follows:|
|Cost of revenues||$||1,027||$||838||$||2,099||$||1,325|
|Research and development||817||627||1,729||1,085|
|Sales and marketing||1,060||1,722||3,411||2,944|
|General and administrative||5,726||3,937||11,090||6,975|
|Total stock-based compensation||$||8,630||$||7,124||$||18,329||$||12,329|
|(2) Amortization expense of intangible assets included in costs of revenues and operating costs and expenses is as follows:|
|Cost of revenues||$||111||$||101||$||219||$||382|
|Sales and marketing||30||33||60||146|
|Total amortization of intangible assets||$||141||$||134||$||279||$||528|
|(3) Prior period results have been adjusted to reflect the two-for-one stock split which was effected in the form of a stock dividend in December 2013.|
|MEDIDATA SOLUTIONS, INC.|
Reconciliation of GAAP Operating Income and GAAP Net Income to
Non-GAAP Operating Income and Adjusted Non-GAAP Net Income (Unaudited)
|(Amounts in thousands, except per share data)|
Three Months Ended
Six Months Ended
|GAAP operating income||$||7,140||$||8,836||$||7,414||$||15,928|
|GAAP operating margins||8.6||%||13.0||%||4.6||%||12.1||%|
|Depreciation and amortization||2,609||1,473||5,144||3,324|
|Contingent consideration adjustment (1)||—||60||—||120|
|Non-GAAP operating income||$||18,379||$||17,493||$||30,887||$||31,701|
|Non-GAAP operating margins||22.1||%||25.7||%||19.3||%||24.1||%|
|GAAP net income||$||2,296||$||5,106||$||481||$||10,806|
|Contingent consideration adjustment (1)||—||60||—||120|
|Non-cash interest expense on convertible senior notes (2)||3,102||—||6,162||—|
|Tax impact on add-back items (3)||(4,749||)||(2,927||)||(9,908||)||(5,191||)|
|Adjusted non-GAAP net income||$||9,420||$||9,497||$||15,343||$||18,592|
|GAAP basic earnings per share (4)||$||0.04||$||0.10||$||0.01||$||0.21|
|GAAP diluted earnings per share (4)||$||0.04||$||0.09||$||0.01||$||0.20|
|Adjusted Non-GAAP basic earnings per share (4)||$||0.18||$||0.19||$||0.29||$||0.37|
|Adjusted Non-GAAP diluted earnings per share (4)||$||0.17||$||0.18||$||0.28||$||0.35|
|(1) Amount represents the effect of changes in fair value of contingent consideration liability.|
|(2) During the third quarter of 2013, we issued $287.5 million in convertible senior notes (the "Notes") with a coupon interest rate of 1.00%. Interest is paid semiannually on February 1 and August 1 over the five-year term of the notes. In connection with the Notes, we are required to recognize non-cash interest expense, including amortization of debt discount and issuance costs, in accordance with accounting guidance for convertible debt that may be settled in cash. We exclude this incremental non-cash interest expense for purposes of calculating adjusted non-GAAP net income. We believe that excluding these expenses from our non-GAAP measures is useful to investors because such incremental non-cash interest expense does not generate a cash outflow for the company and the debt issuance costs do not represent a cash outflow for the company except in the period the Notes were issued; therefore both are not indicative of our continuing operations or meaningful when comparing current results to past results.|
|(3) Tax impact calculated using a 40% tax rate.|
|(4) Prior period results have been adjusted to reflect the two-for-one stock split which was effected in the form of a stock dividend in December 2013.|
The table above presents a reconciliation of GAAP to non-GAAP operating income, net income, and net income per share applicable to common stockholders for the three and six months ended June 30, 2014 and 2013. Non-GAAP operating income excludes the impact of depreciation, amortization of intangible assets associated with acquisitions, stock-based compensation expense, and adjustment to the fair value of contingent consideration. Adjusted non-GAAP net income excludes the impact of tax affected amortization of intangible assets associated with acquisitions, stock-based compensation expense, adjustment to the fair value of contingent consideration, and non-cash interest expense on convertible senior notes.
|MEDIDATA SOLUTIONS, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)|
|(Amounts in thousands, except per share data)|
|June 30, 2014||December 31, 2013|
|Cash and cash equivalents||$||35,192||$||22,328|
|Accounts receivable, net of allowance for doubtful accounts of $1,231 and $1,055, respectively||61,971||45,534|
|Prepaid commission expense||3,495||3,615|
|Prepaid expenses and other current assets||14,440||13,511|
|Deferred income taxes||669||665|
|Total current assets||298,767||304,545|
|Furniture, fixtures and equipment, net||41,237||41,229|
|Marketable securities, long-term||200,283||195,105|
|Intangible assets, net||650||904|
|Deferred income taxes, long-term||356||345|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accrued payroll and other compensation||10,654||27,773|
|Accrued expenses and other||9,686||12,265|
|Total current liabilities||83,532||100,190|
|Convertible 1.00% senior notes, net||235,228||229,705|
|Deferred revenue, less current portion||440||1,430|
|Deferred tax liabilities||2,588||5,651|
|Other long-term liabilities||15,205||10,564|
|Total noncurrent liabilities||253,461||247,350|
|Commitments and contingencies|
|Preferred stock, par value $0.01 per share; 5,000 shares authorized, none issued and outstanding||—||—|
|Common stock, par value $0.01 per share; 100,000 shares authorized, 55,817 and 55,018 shares issued; 54,002 and 53,634 shares outstanding, respectively||558||550|
|Additional paid-in capital||273,664||248,336|
|Treasury stock, 1,815 and 1,384 shares, respectively||(44,513||)||(26,414||)|
|Accumulated other comprehensive income (loss)||504||(199||)|
|Total stockholders' equity||234,234||225,813|
|Total liabilities and stockholders' equity||$||571,227||$||573,353|
|MEDIDATA SOLUTIONS, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)|
|(Amounts in thousands)|
|Six Months Ended June 30,|
|Cash flows from operating activities:|
|Adjustments to reconcile net income to net cash provided by operating activities:|
|Depreciation and amortization||5,144||3,324|
|Amortization of discounts or premiums on marketable securities||2,714||1,001|
|Deferred income taxes||(3,146||)||3,883|
|Amortization of debt issuance costs||639||30|
|Amortization of debt discount||5,523||—|
|Excess tax benefit associated with equity awards||(2,648||)||(997||)|
|Contingent consideration adjustment||—||120|
|Provision for doubtful accounts||266||657|
|Changes in operating assets and liabilities:|
|Prepaid commission expense||657||(830||)|
|Prepaid expenses and other current assets||1,018||1,153|
|Accrued payroll and other compensation||(7,134||)||(2,338||)|
|Accrued expenses and other||5,437||1,183|
|Other long-term liabilities||2,711||591|
|Net cash provided by operating activities||17,814||29,068|
|Cash flows from investing activities:|
|Purchase of furniture, fixtures and equipment||(11,602||)||(6,761||)|
|Purchase of available-for-sale marketable securities||(113,019||)||(78,255||)|
|Proceeds from sale of available-for-sale marketable securities||141,214||65,272|
|Net decrease in restricted cash||226||388|
|Net cash provided by (used in) investing activities||16,819||(19,356||)|
|Cash flows from financing activities:|
|Proceeds from exercise of stock options||1,885||6,150|
|Proceeds from employee stock purchase plan||2,513||—|
|Excess tax benefit associated with equity awards||2,648||997|
|Payment of acquisition-related earn-out||(704||)||(380||)|
|Repayment of obligations under capital leases||(39||)||(27||)|
|Acquisition of treasury stock||(28,058||)||(10,461||)|
|Repayment of notes payable||(85||)||(38||)|
|Net cash used in financing activities||(21,840||)||(3,759||)|
|Net increase in cash and cash equivalents||12,793||5,953|
|Effect of exchange rate changes on cash and cash equivalents||71||(76||)|
|Cash and cash equivalents - Beginning of period||22,328||32,683|
|Cash and cash equivalents - End of period||$||35,192||$||38,560|
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