Veeva Systems Delivers Strong Q1 Results, Raises FY 2024 Revenue and Adjusted EPS Guidance

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Veeva Systems ($NYSE:VEEV) had a strong first quarter, with their results exceeding expectations. As a result, the company raised its fiscal year 2024 revenue and adjusted EPS guidance. This is great news for Veeva Systems and their stockholders as it shows the company is continuing to grow and succeed. VEEVA Systems is a cloud-based software provider for the life sciences industry. VEEVA’s solutions span across the entire product lifecycle, from pre-clinical development through commercialization.

This includes helping businesses to build their customer relationships, manage regulatory compliance, and create personalized customer experiences. Their focus on providing innovative solutions, coupled with their consistent quarterly results, has made VEEVA Systems an attractive investment for many investors. With the positive Q1 results and their updated guidance, their stock could be poised to continue its upward trend.

Earnings

Veeva Systems released their quarterly results of FY2023 Q4 as of January 31 2023, showing strong results. The total revenue earned was 563.39M USD, representing a 16.0% increase from the previous year, and net income was 188.53M USD, representing a 94.2% increase. This marks three consecutive years of revenue growth for VEEVA SYSTEMS, with total revenue rising from 396.76M USD to 563.39M USD over this period.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Veeva Systems. More…

Cash Flow Snapshot

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Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Veeva Systems. More…

Key Ratios Snapshot

Some of the financial key ratios for Veeva Systems are shown below. More…

Share Price

The strong Q1 financial results and raised guidance was reflected in the company’s stock performance. On Wednesday, VEEVA SYSTEMS stock opened at $162.5 and closed at $165.7, up by 1.2% from previous closing price of 163.7. This indicates that the market was pleased with the company’s performance and outlook for the future. Live Quote…

Analysis

At GoodWhale, we recently conducted an analysis of VEEVA SYSTEMS. Our Risk Rating revealed that VEEVA SYSTEMS is rated as a medium risk investment in terms of both financial and business aspects. In addition, we have detected 1 risk warning in non financial aspects. If you are interested in learning more, be sure to register with us to gain access to our research. More…

Peers

The company’s competitors include ORHub Inc, Essence Information Technology Co Ltd, and Xybion Digital Inc.

– ORHub Inc ($OTCPK:ORHB)

CrowdStrike Holdings, Inc. is an American cybersecurity technology firm headquartered in Sunnyvale, California. It provides endpoint security, threat intelligence, and cyber attack response services. The company was founded in 2011 by George Kurtz and Dmitri Alperovitch.

– Essence Information Technology Co Ltd ($SHSE:688555)

Essence Information Technology Co Ltd is a Chinese company that provides information technology services. It has a market cap of 1.01B as of 2022 and a Return on Equity of -2.84%. The company offers services in areas such as cloud computing, big data, and artificial intelligence.

– Xybion Digital Inc ($TSXV:XYBN)

Xybion Digital Inc is a publicly traded company with a market capitalization of $157.07 million as of 2022. The company has a negative return on equity of 12.47% and is involved in the digital media industry. Xybion Digital Inc owns and operates a number of online properties, including social media, video, and email platforms. The company has a strong presence in the United States, Canada, and Europe.

Summary

VEEVA SYSTEMS reported a strong first quarter of results, beating analyst estimates on both revenue and earnings. The company also raised its full-year 2024 revenue and adjusted earnings per share guidance. Analysts are bullish about the company’s growth prospects, citing the rising demand for cloud-based products and services in the healthcare industry. With a solid financial foundation, and a competitive edge in the market, VEEVA SYSTEMS is well-positioned to continue its growth trajectory.