Veeva (NYSE: VEEV) recently reported its first-quarter results that continued to surpass all market expectations. The market was pleased with its performance, and the stock rallied 7% in the after-hours trading session.

Veeva’s Financials

Veeva’s Q1 revenues grew 4% to $526.3 million, ahead of the Street’s forecast by 2.1%. On an adjusted basis, EPS was $0.91, surpassing the Street’s estimates of $0.79.

By segment, revenues from subscription services grew 3% to $414.5 million. Professional services revenues grew 9% to $111.78 million.

For the second quarter, Veeva forecast revenues of $580-$582 million and an adjusted EPS of $1.12-$1.13. The market was looking for revenues of $577.71 million and an EPS of $1.05. Veeva expects to end the current year with revenues of $2.36-$2.37 billion and an EPS of $4.59. The market was looking for revenues of $2.35 billion and an adjusted EPS of $4.32.

Veeva’s Product Growth

Recently, Veeva announced its partnership with UCB which will focus on technology-driven solutions targeted at improving the patient experience and trial efficiency. UCB will be using Veeva ePRO and Veeva eConsent to create a patient-centric, digital experience to study participants and actively influence the strategic direction of applications based on learnings. The partnership will allow Veeva to approach solutions that make digital trials work better for sponsors, sites, and patients.

It also announced the expansion of its partnership with Lotus Clinical Research, broadening the company’s adoption of Veeva Vault Clinical Suite. The expansion builds on Lotus’ current use of Vault Clinical Suite to establish swifter and more connected studies.

Veeva is also expanding its reach through R&D Business Consulting offerings. The business consulting offering will now work more closely with customers to apply unique industry data, develop new digital operating models, and optimize the use of technology across clinical, regulatory, and safety areas. Veeva R&D Business Consulting will provide process and operating model design, data governance and change management services, and Veeva Development Cloud optimization.

Veeva already has the benefit of a wide array of product knowledge, unique data, and industry best practices. It will help customers increase operational efficiencies to accelerate the development of new treatments by building on its existing knowledge base. These offerings are expected to complement customer investments in software and will enhance engagements with other service providers for planning and executing critical transformation efforts.

Veeva’s stock is currently trading at $201.32 with a market capitalization of $32.3 billion. It had peaked to a record high of $232.26 in August last year. It hit a 52-week low of $151.02 in October last year.

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