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Veeva Systems | 8-K: Veeva Announces Fourth Quarter and Fiscal Year 2024 Results

SEC announcement ·  Feb 29 16:22
Summary by Moomoo AI
On February 29, 2024, Veeva Systems Inc., a leading provider of cloud solutions for the life sciences industry, reported its financial results for the fourth quarter and fiscal year ended January 31, 2024. The company announced a 12% year-over-year increase in Q4 total revenues, reaching $630.6 million, and a 10% increase in fiscal year total revenues, amounting to $2,363.7 million. Subscription services revenues for Q4 were up by 13% year-over-year at $521.5 million, contributing to the fiscal year's 10% increase to $1,901.6 million. Despite a strong finish to the year, Veeva experienced a 22% decrease in Q4 net income year-over-year, reporting $147.4 million, while the fiscal year net income rose by 8% to $525.7 million. The company also highlighted a customer contracting change that affected the timing of revenue recognition for certain...Show More
On February 29, 2024, Veeva Systems Inc., a leading provider of cloud solutions for the life sciences industry, reported its financial results for the fourth quarter and fiscal year ended January 31, 2024. The company announced a 12% year-over-year increase in Q4 total revenues, reaching $630.6 million, and a 10% increase in fiscal year total revenues, amounting to $2,363.7 million. Subscription services revenues for Q4 were up by 13% year-over-year at $521.5 million, contributing to the fiscal year's 10% increase to $1,901.6 million. Despite a strong finish to the year, Veeva experienced a 22% decrease in Q4 net income year-over-year, reporting $147.4 million, while the fiscal year net income rose by 8% to $525.7 million. The company also highlighted a customer contracting change that affected the timing of revenue recognition for certain contracts. Veeva's CEO, Peter Gassner, emphasized the company's growth and impact on the industry, citing the delivery of the Veeva Compass Suite and the establishment of the Clinical Platform. CFO Brent Bowman noted the company's strong financial results and its differentiation in the market. Veeva ended the fiscal year with 1,432 customers, an increase from the previous year, and provided guidance for the first fiscal quarter ending April 30, 2024, with total revenues expected between $640 and $643 million, and for the fiscal year ending January 31, 2025, with total revenues projected between $2,725 and $2,740 million.

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