Veeva Systems Q4 Earnings Highlights: Revenue Beat, EPS Beat, Guidance Impresses Investors

Shares of cloud software company Veeva Systems Inc (NYSE:VEEV) are trading higher after the company beat analyst estimates for the fourth quarter Wednesday.

Here are the key highlights.

What Happened: Veeva reported fourth-quarter revenue of $720.9 million, up 14% year-over-year. The revenue beat a Street consensus estimate of $699.11 million according to data from Benzinga Pro.

Subscription Services revenue was $608.6 million, up 17% year-over-year.

The company reported earnings per share of $1.74 for the quarter, beating a Street estimate of $1.58.

For the full fiscal year, Veeva revenue totaled $2.75 billion, up 16% year-over-year. Subscription Services revenue was $2.29 billion for the full fiscal year, up 20% year-over-year.

"It was an outstanding quarter and year of execution and innovation in software, data, and business consulting," Veeva CEO Peter Gassner said.

Veeva ended the year with a total of 1,477 customers, including 1,125 in Veeva R&D Solutions and 730 in Veeva Commercial Solutions.

What's Next: The company said the launch of the Vault CRM Suite in December is the most advanced CRM for life sciences. AI is expected to come to the Vault CRM later this year. Over 50 customers are currently live on Vault CRM, the company said.

"These advances set us up for the significant opportunity ahead to help life sciences bring better treatments to more patients, with greater speed and efficiency. I am excited to see what we can accomplish with our customers and the Veeva team in the coming years," Gassner said.

Guidance from the company is for first-quarter revenue to be in a range of $726 million to $729 million and earnings per share of $1.74 to $1.75. Analysts expect revenue of $730.35 million and earnings per share of $1.63, according to Benzinga Pro data.

For the full fiscal year, the company is guiding for revenue in a range of $3.04 billion to $3.055 billion versus an analyst estimate of $3.055 billion. The company guides for full-year earnings per share of $7.32, versus a Street consensus estimate of $6.91.

VEEV Price Action: Veeva stock is up 6.92% to $258.93 in after-hours trading Wednesday versus a 52-week trading range of $170.25 to $258.93.

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