Healthcare cloud computing player Veeva (NYSE: VEEV) recently announced its quarterly results that continued to surpass market expectations. The company is eyeing the Data Cloud sector where it is seeing some traction.

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Veeva’s Financials

Veeva’s Q3 revenues grew 26% to $466.1 million, ahead of the analyst estimates of $465.86. Non GAAP EPS was $0.97, surpassing analyst estimates of $0.88.

By segment, revenues from subscription services grew 26% to $380.7 million. Professional services revenues grew 27.88% to $95.37 million.

For the fourth quarter, Veeva forecast revenues of $478-$480 million and non GAAP EPS of $0.88. The market was looking for revenues of $479.88 million and an EPS of $0.85. Veeva expects to end the current year with revenues of $1.843-$1.845 billion and an EPS of $3.69. The market was looking for revenues of $1.83 billion and an adjusted EPS of $3.57 for the year.

Veeva’s Product Expansion

Recently, Veeva announced the launch of Veeva CRM Engage Connect’s compliant messaging and content sharing capabilities, providing healthcare professionals with the information and resources from life sciences companies. Its compliant messaging capabilities will allow field teams to have more timely and purposeful exchanges between meetings or events. The system will offer two-way messaging capabilities so that pharma reps and medical science liaisons can securely chat with Healthcare professional customers anytime to deliver timely information on potential treatments. It will be able to provide on-demand content and resources to allow professionals to find or request educational materials and even allow them to schedule in-person or remote meetings directly from the app.

It also announced Veeva Vault LIMS, its cloud application to modernize quality control lab operations. With the application, manufacturing organizations have the ability to seamlessly connect their lab operations with the broader quality ecosystem, streamlining sample management, test execution, and lab investigation processes. It will facilitate information sharing between lab users and partners, as well as deliver real-time data for more informed decision-making. Manufacturers have the ability to leverage industry-standard workflows with built-in practices, automating lab processes and improving test speed, reliability, and accuracy.

Veeva sees a large market opportunity for Data Cloud, and recently announced that it had two early Data Cloud adopters in the quarter. It hopes that the continued investments in its product enhancements will help grow this segment. Veeva’s patient data offering is currently available and it plans to roll out prescriber data in the coming first quarter and sales data in the coming second quarter. It is also targeting the MedTech sector which is seeing significant regulatory change, thus resulting in technological investments.

Veeva’s stock is currently trading at $262.41 with a market capitalization of $40.3 billion. It had peaked to a high of $343.96 in August. It hit a 52-week low of $235.74 in May.