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According to a recent report, the global healthcare cloud computing market is expected to grow 21% annually to $62.47 billion by 2030. Veeva (NYSE: VEEV) recently announced its quarterly results that continued to impress the market.

Veeva’s Financials

Veeva’s Q3 revenues grew 12% to $616.5 million, ahead of the Street’s forecast of $615.8 million. Non GAAP EPS was $1.34, also ahead of the Street’s estimates of $1.29.

By segment, revenues from subscription services grew 12% to $494.9 million. Professional services revenues grew 10% to $121.6 million.

For the fourth quarter, Veeva forecast revenues of $620-$622 million and an adjusted EPS of $1.30. The market was looking for revenues of $623.04 million for the quarter and an EPS of $1.26.

Veeva expects to end the current year with revenues of $2.353-$2.355 billion and an EPS of $4.76. The market was looking for revenues of $2.36 billion and an adjusted EPS of $4.68. Veeva expects to record revenues of $2.75 billion in 2025 with an adjusted operating income of at least $1 billion.

Veeva’s Increasing Adoption

During the quarter, Veeva announced the release of Veeva Study Portal, a free cloud application aimed at simplifying research site access to sponsor technologies. Study Portal will make it easier for clinical researchers to create and share study profiles containing links to all the relevant sponsor technology systems used for a clinical trial. They will be able to securely store individual usernames and passwords with the study profile instead of being expected to manage multiple links, usernames, and passwords. Study Portal will work with all sponsor technology systems.

Additionally, Veeva also announced the launch of VeevaID to provide single sign-on for clinical researchers across all sponsor systems. By enabling VeevaID, sponsors will be able to access the gamut of tools including Veeva Vault EDC, Veeva Vault Study Training, and Veeva RTSM, along with Study Portal to go directly to the relevant study screen. VeevaID will be open to Veeva partners who join the VeevaID partner program, and Veeva will also allow third-party vendors to authenticate using VeevaID for direct system entry through the Study Portal.

Meanwhile, Veeva continued to see increasing customer adoption and announced that two top 20 biopharmas committed to Vault CRM globally and that it had its first customer live on Vault CRM. Within Veeva Data Cloud, in the quarter it added 13 new brands for Compass and two top 20 biopharma wins for Link. Momentum continued in the Veeva Development Cloud as it saw 24 customer wins across clinical, 23 for quality, and 15 in regulatory.

Veeva’s stock is currently trading at $172.95 with a market capitalization of $27.8 billion. It hit a 52-week high of $225.49 in September but has recovered from the 52-week low of $157 that it was trading at in January this year.

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