SciQuest, Inc. (NASDAQ:SQI) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
SciQuest, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 60% to $0.08 in the quarter versus EPS of $0.05 in the year-earlier quarter.
Revenue: Rose 43.65% to $20.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: SciQuest, Inc. reported adjusted EPS income of $0.08 per share. By that measure, the company beat the mean analyst estimate of $0.07. It missed the average revenue estimate of $20.98 million.
Quoting Management: Stephen Wiehe, President and Chief Executive Officer of SciQuest, said, “We accomplished a great deal in the first quarter while we generated financial results that exceeded the high end of our quarterly guidance ranges. First quarter non-GAAP revenue grew by 48 percent from the prior year and non-GAAP earnings per share increased by over 60 percent compared to the prior year. Sales growth was fueled by the addition of ten new customers and upsells of newer solutions into our existing customer base. We also substantially completed the operational integration of the two acquisitions we made in the second half of 2012. In addition, our technical integration is on track based on enhancements that were included in the latest release of our software suite that went live in late March. Over the remainder of the year, we look forward to continuing to drive sales to new and existing customers, capture financial and operational efficiencies and enhance our solution suite.”
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