New York-based Medidata, founded in 1999 and specializing in data and processes related to clinical trials, has an office in Conshohocken dating from an acquisition with some 100 employees, per LinkedIn. There is stepped up competition as larger participants enter the market. Medidata revenue increased 17% last year to $635.7 million while it reported net income of $51.9 million.
Other larger entrants in the market include Oracle, Veeva Systems, CRF Bracket (just renamed Signant Health), BioClinica, and IQVIA , the result of the merger between IMS Health and Quintiles.
Dassault had revenue of $3.5 billion euros in 2018. It acquired Quintiq, a supply chain software provider based in Radnor and the Netherlands, for $336 milion in 2014. Rumors about Dassault’s interest in Medidata date back to at least April.
California-based Veeva Systems (NYSE: VEEV), the Life Sciences Cloud company with east coast operations based in Radnor, announced 1st quarter 2020 results on May 29 . it was a blowout quarter in which revenue reached a billion dollar annual run rate at $245 million, up 25% year over year. First quarter operating income was $71.2 million, compared to $44.0 million one year ago, an increase of 62% year-over-year. Net Income grew 66% year-over-year.
Veeva also has offices in Fort Washington and Princeton.
Veeva highlighted the continued success of ongoing product development, including the release of Veeva Andi, an AI application that delivers insights and suggestions from within Veeva CRM, and the adoption of its relatively new Veeva Vault CDMS offering by a Top Twenty Pharma. Also, Veeva recently introduced Veeva Claims, for non-pharma clients to help them with end-to-end claims management.
Veeva raised its revenue guidance for FY2020 to revenues between $1,045 and $1,050 million, a $20 million upward adjustment. Its shares broke through to a new high after the earnings release and now trade at $162.20, giving Veeva a market value of just under $24 billion, and a remarkable price to sales (not price to earnings) ratio of 24.
The intense pressure resulting from being a “momentum stock” now plagues Veeva, a nice problem to have. Investor expectations become more and more demanding, and even a slight negative surprise could cause a dramatic decline in the share price