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Veeva Systems sees 43% YOY growth in fiscal Q2 profit

Veeva Systems Inc.'s non-GAAP EPS for the second fiscal quarter ended July 31 was 55 cents, compared with the S&P Global Market Intelligence consensus normalized EPS estimate of 49 cents.

The Pleasanton, Calif.-based healthcare technology company's EPS rose year over year from 39 cents.

Non-GAAP net income for the quarter was $87.7 million, compared to $61.5 million a year ago, an increase of 43% year over year. GAAP net income climbed 58% on a yearly basis to $79.2 million, or 50 cents per share, from $50.3 million, or 32 cents per share.

Veeva's revenue grew 27% year over year to $266.9 million from $209.6 million.

For the third fiscal quarter ending Oct. 31, the company forecasts non-GAAP operating income between $103 million and $104 million, with non-GAAP EPS of between 54 cents and 55 cents. Revenue for the quarter is expected to fall between $274 million and $275 million.

The S&P Global Market Intelligence consensus normalized EPS estimate for the third fiscal quarter is 51 cents.

Veeva raised its outlook for the fiscal year ending Jan. 31, 2020, and now expects non-GAAP EPS to range between $2.11 and $2.13, while non-GAAP operating income is expected between $401 million and $404 million. It previously expected non-GAAP EPS between $2.01 and $2.03, while non-GAAP operating income was expected between $385 million and $390 million.

The S&P Global Market Intelligence consensus normalized EPS estimate for the fiscal year 2020 is $2.03.

Veeva expects total revenue for the fiscal year to be in the range of $1.06 billion to $1.07 billion.