According to a Research and Markets report, the global healthcare cloud computing market is expected to grow at 17% CAGR to $51.9 billion by 2024 as companies continue to adopt big data analytics and IoT in healthcare. Veeva (NYSE: VEEV) recently reported its quarterly results that continued to surpass all market expectations.

Veeva’s Financials

Veeva’s Q3 revenues grew 34% over the year to $377.5 million, ahead of the Street’s forecast of $361.86 million. On an adjusted basis, EPS was $0.78, surpassing the Street’s estimates of $0.68.

By segment, revenues from subscription services grew 34% to $302.9 million. Professional services revenues grew 37.7% to $74.6 million.

With strong products and focus on reference selling, Veeva scored an impressive gain of 19 new CRM customers. Commercial cloud revenue grew 32% to $152 million and Vault revenue grew 35% to $151 million.

For the current quarter, Veeva forecast revenues of $378-$380 million with an adjusted EPS of $0.67-$0.68. The market was looking for revenues of $347.3 million with an EPS of $0.45. Veeva expects to end the current year with revenues of $1.446-$1.448 billion and an EPS of $2.83-$2.84. The market was looking for revenues of $1.39 billion with an adjusted EPS of $1.80 for the year.

Veeva’s Product Upgrades

During the quarter, Veeva announced several new products. Veeva Site Connect was released as its first Clinical Network application that will be able to connect sites and sponsors. The service automates the flow of trial information between Veeva Clinical applications that is used by sponsors and CROs, and Veeva SiteVault, a compliant eISF application for clinical research sites. Veeva Site Connect will allow study partners to streamline information sharing across end-to-end trial processes for better collaboration and faster trials.

Earlier last month, it announced Veeva Link for 11 new therapeutic areas. Veeva Link will connect scientific, clinical, and digital activities to provide commercial and medical teams real-time customer intelligence on key people by therapeutic area. Prior to the launch of these new therapeutic areas, Veeva Link was already available for Oncology and has been used by six of the top 10 largest pharmaceutical companies. Veeva Link gathers information from more than 50,000 sources and manages it in real-time through advanced technology and human curation. Veeva Link helps field teams to have access to fast, complete, and accurate intelligence from planning to execution.

Veeva’s Partnerships

Besides product upgrades, Veeva has also been expanding its partnerships. It announced a partnership with Axsome Therapeutics, a biopharmaceutical company that is working on new therapies for the management of central nervous system (CNS) disorders. The partnership will help augment the build of Axsome’s Digital-Centric Commercialization (DCC) platform which is being developed to launch two differentiated CNS investigational medicines. Axsome DCC platform incorporates specialized digital tools, proprietary data and analytics, integrated systems, and an intelligent operating model. The platform will utilize Veeva Commercial Cloud products and services to provide longitudinal patient data to power an efficient, targeted launch. Axsome will have early access to new digital technologies developed by Veeva and will help drive Veeva’s product direction.

Veeva’s stock is currently trading at $271.72 with a market capitalization of $41 billion. It had peaked to a record high of $313.99 in October. It hit a 52-week low of $118.11 in March.