Pleasanton, California-based Veeva (NYSE: VEEV) recently reported its first full quarter results under its new status of a Public Benefit Corporation. The company continued to outpace market expectations as it delivered a quarter with one of its highest bookings ever.

Veeva’s Financials

Veeva’s Q1 revenues grew 29% over the year to $433.6 million, ahead of the Street’s forecast by 5.9%. On an adjusted basis, it reported an EPS of $0.91, surpassing the Street’s estimates of $0.78

By segment, revenues from subscription services grew 26.2% to $341.1 million. Professional services revenues grew 38.3% to $92.5 million.

For the second quarter, Veeva forecast revenues of $450-$452 million with an adjusted EPS of $0.85-$0.86. The market was looking for revenues of $427.9 million with an EPS of $0.80. Veeva expects to end the current year with revenues of $1.815-$1.825 billion and an EPS of $3.49. The market was looking for revenues of $1.76 billion with an adjusted EPS of $3.24 for the year.

Veeva’s Growth Momentum

During the quarter, Veeva announced new capabilities in Veeva Vault PromoMats, helping life sciences marketers accelerate content creation, review, and distribution across channels. PromoMats will allow customers to create and store modules directly in their Veeva Vault content library and act as a single source of truth for reusable blocks of text, images, or claims along with associated rules to govern the use of each module. Its content modules are sharable via Veeva’s APIs and, in the coming months, customers will be able to integrate channel-specific authoring tools into Veeva’s modular content solution. Once an asset is ready for approval, marketers will also be able to kick off native compliance workflows in Veeva Vault using PromoMats. Later this year, Veeva plans to add visual highlights to indicate which of the assembled modules are already approved, pending, or being reviewed for the first time. The launch of Veeva PromoMats will help accelerate the digital journey for the pharma companies.

Recently, Veeva also announced a partnership with Parexel that will accelerate clinical trials through technology and process innovation. The partnership will improve study efficiency and get new therapies to patients faster. Parexel will standardize Veeva’s suite of clinical operations and applications to streamline operations. It will also make Veeva Vault CDMS a standard offering to all of Parexel’s customers. Both companies will be able to collaborate to improve both Veeva’s cloud technology and Parexel’s processes for the delivery of clinical trials.

Veeva is currently on track to more than double its headcount and revenue to meet its $3 billion target for 2025. It had another strong quarter in core CRM where it added 18 new customers, saw major expansions within existing customers and continued to gain market share. Within Data, it made good progress with Veeva OpenData, which now has over 230 customers, of which 16 were added in the last quarter. It also saw significant growth for its Vault offering, which delivered a 35% growth over the year. In fact, during the quarter, one of the top five CPG customers signed up for Vault Claims, showing Veeva’s ability to spread outside the core pharma vertical.

Veeva’s stock is currently trading at $290.38 with a market capitalization of $44.4 billion. It had peaked to a record high of $325.54 in February.It hit a 52-week low of $199.00 in June last year.