Veeva Systems Inc. VEEV shares are trading lower after it reported first-quarter FY25 results.
Revenue rose 24% Y/Y to $650.3 million, beating the consensus of $642.02 million. Subscription services revenues increased 29% Y/Y to $534.0 million.
Adjusted operating income grew 66% Y/Y to $260.9 million in the quarter. Adjusted EPS of $1.50, beating the consensus of $1.43.
As of April-end, cash and equivalents stood at $1.20 billion and short-term investments of $3.6 billion.
Outlook: For the second quarter, Veeva Systems expects revenue of $666 million-$669 million vs. consensus of $675.29 million and adjusted EPS of $1.53-$1.54 vs. consensus of $1.52.
For FY25, the company reiterated adjusted EPS of $6.16 (vs. $6.15 estimate) and adjusted operating income of $1.070 billion.
However, Veeva Systems lowered its outlook for revenue to $2.7 billion-$2.71 billion (from $2.725 billion-$2.740 billion) vs. a $2.73 billion estimate.
Also Read: Veeva Systems Analysts Lower Their Forecasts Following Q1 Results
Investors can gain exposure to the stock via First Trust Nasdaq Lux Digital Health Solutions ETF EKG and Sterling Capital Focus Equity ETF LCG.
Price Action: VEEV shares are down 9.21% at $176.02 at the last check Friday.
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