Medidata Solutions Inc (NASDAQ: MDSO) stock fell over 0.08% on 24th July, 2019 (As of 9:46 am GMT-4; Source: Google finance) as the company posted better than expected results for the second quarter of FY 19. Non-GAAP net income, which excludes the aforementioned merger-related expenses, was $30.1 million compared with $26.4 million, in the second quarter of 2018. Total cash and marketable securities were $206.0 million at the end of the quarter, compared with $240.5 million on December 31, 2018
MDSO in the second quarter of FY 19 has reported the adjusted earnings per share of 48 cents, beating the analysts’ estimates for the adjusted earnings per share of 39 cents, as per the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 16 percent to $180.5 million in the second quarter of FY 19, beating the analysts’ estimates for revenue of $180 million. ubscription revenue was $150.0 million, an increase of 15% compared with the second quarter of 2018. Professional services revenue was $30.5 million, an increase of 20% compared with the second quarter of 2018. GAAP operating income was $1.9 million and non-GAAP operating income1, which excludes $5.1 million of merger-related expenses incurred during the quarter, was $41.3 million, representing GAAP and non-GAAP operating margins of 1.1% and 22.9%, respectively.
Moreover, the remaining 2019 adjusted subscription backlog as of June 30, 2019 was $301 million, an increase of $38 million, or 14%, compared with a year ago. Total multi-year unadjusted subscription backlog was $1.1B, an increase of 6% from a year ago. Operating cash flow for the trailing 12 months was $96 million, up 13% from a year ago. Total customers grew to 1,330, an increase of 23% from a year ago.
Meanwhile, Medidata Institute was launched to collaborate with industry thought leaders, redefining technology’s role in advancing science and healthcare. Medidata received a Gold Stevie at the 2019 American Business Awards for the company’s corporate social responsibility program. Everest Group’s 2019 Life Sciences Clinical Trials Products PEAK Matrix recognized Medidata as both a leader and star performer
Additionally, MDSO has announced that Catalyst Clinical Research chose the Medidata Rave Clinical Cloud for its one-platform approach to clinical trials. By adopting Medidata Rave CTMS combined with Rave EDC and Rave eTMF, Catalyst immediately offers a data-driven, state-of-the-art unified clinical platform as it launches its new CRO full-service managed solutions business in addition to its flagship resourcing and FSP businesses.