$VEEV (+0.84%) Veeva Systems reported earnings

Q3 FY2025 results ended on October 31st 2024

- Total revenue: $699.2M, +13% YoY

- Net income: $185.8M, +37% YoY

- Subscription services revenue: $580.9M, +17% YoY

- Non-GAAP operating income: $304.0M, +30% YoY

CEO Peter Gassner: "It was a great quarter of innovation and excellent execution across the board. Especially significant was the hard work for the long term. We deepened a number of large, highly strategic relationships and are set to deliver the next generation of CRM this month with Vault CRM Suite."

🌱Revenue & Growth

- Commercial Solutions subscription revenue: $278.4M, +11% YoY

- R&D Solutions subscription revenue: $302.5M, +24% YoY

- Professional services revenue: $118.4M, -3% YoY

- Non-GAAP gross margin: 77.3% vs 75.4% last year

💰Profits & Financials

- Operating income: $181.4M, +41% YoY

- Operating margin: 25.9% vs 20.8% last year

- Diluted EPS: $1.13 vs $0.83 last year

- Cash and investments: $5.06B as of October 31, 2024

📌Business Highlights

- Over 30 customers now live on Vault CRM

- Seven migrations from Veeva CRM to Vault CRM on track for completion

- Fourth top 20 biopharma committed to Vault CRM in November

- Added 25+ new Quality Suite customers, total now over 600

- Announced three new AI innovations for late 2025 release

🔮Future Outlook

- Q4 revenue guidance: $696M-$699M

- Q4 non-GAAP operating income: ~$275M

- FY2025 revenue guidance: $2,722M-$2,725M

- FY2025 non-GAAP operating income: ~$1,120M