Technology
Veeva Announces Fiscal 2025 Third Quarter Results
Published
2 years agoon
By
Total Revenues of $699.2M, up 13% Year Over Year
Subscription Services Revenues of $580.9M, up 17% Year Over Year
PLEASANTON, Calif., Dec. 5, 2024 /PRNewswire/ — Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its third quarter ended October 31, 2024.
“It was a great quarter of innovation and excellent execution across the board,” said CEO Peter Gassner. “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 to connect sales, marketing, and medical – a first for the industry.”
Fiscal 2025 Third Quarter Results:
Revenues(1): Total revenues for the third quarter were $699.2 million, up from $616.5 million one year ago, an increase of 13% year over year. Subscription services revenues for the third quarter were $580.9 million, up from $494.9 million one year ago, an increase of 17% year over year.
Operating Income and Non-GAAP Operating Income(1)(2): Third quarter operating income was $181.4 million, compared to $128.5 million one year ago, an increase of 41% year over year. Non-GAAP operating income for the third quarter was $304.0 million, compared to $234.6 million one year ago, an increase of 30% year over year.
Net Income and Non-GAAP Net Income(1)(2): Third quarter net income was $185.8 million, compared to $135.2 million one year ago, an increase of 37% year over year. Non-GAAP net income for the third quarter was $288.3 million, compared to $218.7 million one year ago, an increase of 32% year over year.
Net Income per Share and Non-GAAP Net Income per Share(1)(2): For the third quarter, fully diluted net income per share was $1.13, compared to $0.83 one year ago, while non-GAAP fully diluted net income per share was $1.75, compared to $1.34 one year ago.
“We delivered results ahead of guidance on all metrics, reflecting our operational discipline and the durability of our model,” said CFO Brian Van Wagener. “With a clear product strategy, focused execution, and large market opportunity we are well positioned for strong growth and profitability for many years to come.”
Recent Highlights:
Leading in CRM with Innovation, Execution, and Customer Success Focus – Leadership in CRM continued with a focus on customer success and product excellence. More than 30 customers are now live on Vault CRM and the seven migrations from Veeva CRM to Vault CRM are on track for completion by year end. In November, the fourth top 20 biopharma committed to Vault CRM as its commercial foundation. And as planned, this month the latest release of Vault CRM will include the full functionality of Veeva CRM and additional new capabilities, marking the availability of the next generation of CRM for the industry.
New AI Capabilities Coming to Commercial – Veeva announced three new AI innovations planned for availability in late 2025. Coming in Vault CRM is CRM Bot, a GenAI assistant, and Voice Control, a voice interface leveraging Apple Intelligence. The company also announced MLR Bot for Vault PromoMats, which uses a Veeva-hosted large language model to speed review and approval by checking quality and content of promotional materials.
Long-term Focus on the Major Quality Opportunity – With the addition of more than 25 customers in the quarter, now more than 600 customers have selected at least one of the seven Vault Quality Suite applications available today. This milestone, along with the continued expansion of current customers with additional Quality applications, is the result of Veeva’s long-term view to building clear leadership in large markets through product excellence and customer success.
Financial Outlook:
Veeva is providing guidance for its fiscal fourth quarter ending January 31, 2025 as follows:
Total revenues between $696 and $699 million.
Non-GAAP operating income of about $275 million(3).
Non-GAAP fully diluted net income per share of approximately $1.57(3).
Veeva is providing updated guidance for its fiscal year ending January 31, 2025 as follows:
Total revenues between $2,722 and $2,725 million.
Non-GAAP operating income of about $1,120 million(3).
Non-GAAP fully diluted net income per share of approximately $6.44(3).
Conference Call Information
Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva’s investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, December 5, 2024, and a replay of the call will be available on Veeva’s investor relations website.
What:
Veeva Systems Fiscal 2025 Third Quarter Results Conference Call
When:
Thursday, December 5, 2024
Time:
2:00 p.m. PT (5:00 p.m. ET)
Online Registration:
https://registrations.events/direct/Q4I86021395
Webcast:
ir.veeva.com
___________
(1) The customer contracting change that standardized termination for convenience (TFC) rights in our master subscription agreements resulted in a change in the timing of revenue for certain customer contracts and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in the third quarter of fiscal 2024.
(2) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled “Non-GAAP Financial Measures” and the tables entitled “Reconciliation of GAAP to Non-GAAP Financial Measures” below for details.
(3) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the fourth fiscal quarter ending January 31, 2025 or the fiscal year ending January 31, 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.
About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.
Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.
Forward-looking Statements
This release contains forward-looking statements regarding Veeva’s expected future performance and, in particular, includes quotes from management and guidance, provided as of December 5, 2024, about Veeva’s expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, events that impact the life sciences industry, general macroeconomic and geopolitical events (including inflationary pressures, changes in interest rates, currency exchange fluctuations and impacts related to Russia’s invasion of Ukraine and the Israel-Hamas conflict), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled “Summary of Risk Factors” on pages 36 and 37 in our filing on Form 10-Q for the period ended July 31, 2024 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.
Investor Relations Contact:
Media Contact:
Gunnar Hansen
Maria Scurry
Veeva Systems Inc.
Veeva Systems Inc.
267-460-5839
781-366-7617
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
October 31,
2024
January 31,
2024
Assets
Current assets:
Cash and cash equivalents
$ 1,044,511
$ 703,487
Short-term investments
4,018,475
3,324,269
Accounts receivable, net
255,817
852,172
Unbilled accounts receivable
45,472
36,365
Prepaid expenses and other current assets
82,885
86,918
Total current assets
5,447,160
5,003,211
Property and equipment, net
55,695
58,532
Deferred costs, net
22,515
23,916
Lease right-of-use assets
60,325
45,602
Goodwill
439,877
439,877
Intangible assets, net
48,527
63,017
Deferred income taxes
322,652
233,463
Other long-term assets
56,102
43,302
Total assets
$ 6,452,853
$ 5,910,920
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 31,845
$ 31,513
Accrued compensation and benefits
34,634
43,433
Accrued expenses and other current liabilities
30,906
32,980
Income tax payable
10,803
11,862
Deferred revenue
739,657
1,049,761
Lease liabilities
9,156
9,334
Total current liabilities
857,001
1,178,883
Deferred income taxes
475
2,052
Lease liabilities, noncurrent
62,545
46,441
Other long-term liabilities
31,429
38,720
Total liabilities
951,450
1,266,096
Stockholders’ equity:
Common stock
2
2
Additional paid-in capital
2,248,890
1,915,002
Accumulated other comprehensive loss
(6,459)
(10,637)
Retained earnings
3,258,970
2,740,457
Total stockholders’ equity
5,501,403
4,644,824
Total liabilities and stockholders’ equity
$ 6,452,853
$ 5,910,920
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended
October 31,
Nine months ended
October 31,
2024
2023
2024
2023
Revenues:
Subscription services(4)
$ 580,850
$ 494,912
$ 1,676,082
$ 1,380,095
Professional services and other(5)
118,357
121,593
349,651
352,960
Total revenues
699,207
616,505
2,025,733
1,733,055
Cost of revenues(6):
Cost of subscription services
82,638
74,435
239,577
213,179
Cost of professional services and other
91,751
93,247
279,068
290,184
Total cost of revenues
174,389
167,682
518,645
503,363
Gross profit
524,818
448,823
1,507,088
1,229,692
Operating expenses(6):
Research and development
172,411
161,278
511,551
465,466
Sales and marketing
98,695
96,773
297,524
282,269
General and administrative
72,359
62,283
195,001
187,887
Total operating expenses
343,465
320,334
1,004,076
935,622
Operating income
181,353
128,489
503,012
294,070
Other income, net
60,937
42,187
171,239
111,260
Income before income taxes
242,290
170,676
674,251
405,330
Income tax provision
56,482
35,518
155,738
27,023
Net income
$ 185,808
$ 135,158
$ 518,513
$ 378,307
Net income per share:
Basic
$ 1.15
$ 0.84
$ 3.21
$ 2.36
Diluted
$ 1.13
$ 0.83
$ 3.15
$ 2.32
Weighted-average shares used to compute net income per share:
Basic
161,987
160,768
161,707
160,344
Diluted
164,979
163,761
164,838
163,129
Other comprehensive income:
Net change in unrealized (loss) gain on available-for-sale investments
$ (738)
$ (2,637)
$ 5,576
$ (6,100)
Net change in cumulative foreign currency translation loss
(146)
(518)
(1,398)
(309)
Comprehensive income
$ 184,924
$ 132,003
$ 522,691
$ 371,898
(4) Includes subscription services revenues from the following product areas:
Veeva Commercial Solutions
$ 278,377
$ 251,167
$ 811,503
$ 733,921
Veeva R&D Solutions
302,473
243,745
864,579
646,174
Total subscription services
$ 580,850
$ 494,912
$ 1,676,082
$ 1,380,095
(5) Includes professional services and other revenues from the following product areas:
Veeva Commercial Solutions
$ 45,855
$ 47,899
$ 139,695
$ 140,082
Veeva R&D Solutions
72,502
73,694
209,956
212,878
Total professional services and other
$ 118,357
$ 121,593
$ 349,651
$ 352,960
(6) Includes stock-based compensation as follows:
Cost of revenues:
Cost of subscription services
$ 1,696
$ 1,604
$ 4,892
$ 4,857
Cost of professional services and other
12,929
12,943
38,640
39,881
Research and development
48,014
45,711
138,741
129,909
Sales and marketing
21,214
23,460
67,928
67,084
General and administrative
34,006
17,508
71,945
53,109
Total stock-based compensation
$ 117,859
$ 101,226
$ 322,146
$ 294,840
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine months ended
October 31,
2024
2023
Cash flows from operating activities
Net income
$ 518,513
$ 378,307
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
29,451
24,000
Reduction of operating lease right-of-use assets
8,348
8,885
Accretion of discount on short-term investments
(20,442)
(19,298)
Stock-based compensation
322,146
294,840
Amortization of deferred costs
11,507
12,843
Deferred income taxes
(91,231)
(80,132)
(Gain) loss on foreign currency from mark-to-market derivative
(880)
841
Bad debt expense
415
630
Changes in operating assets and liabilities:
Accounts receivable
595,940
446,921
Unbilled accounts receivable
(9,107)
37,337
Deferred costs
(10,106)
(751)
Prepaid expenses and other current and long-term assets
1,354
(6,806)
Accounts payable
424
(5,502)
Accrued expenses and other current liabilities
(10,240)
(9,572)
Income taxes payable
(1,059)
1,614
Deferred revenue
(321,090)
(228,120)
Operating lease liabilities
(7,131)
(4,263)
Other long-term liabilities
3,695
1,796
Net cash provided by operating activities
1,020,507
853,570
Cash flows from investing activities
Purchases of short-term investments
(2,206,521)
(2,142,068)
Maturities and sales of short-term investments
1,537,874
1,170,881
Long-term assets
(15,799)
(18,461)
Net cash used in investing activities
(684,446)
(989,648)
Cash flows from financing activities
Proceeds from exercise of common stock options
65,104
52,184
Taxes paid related to net share settlement of equity awards
(59,800)
(57,888)
Net cash provided by (used in) financing activities
5,304
(5,704)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(1,346)
(973)
Net change in cash, cash equivalents, and restricted cash
340,019
(142,755)
Cash, cash equivalents, and restricted cash at beginning of period
706,670
889,650
Cash, cash equivalents, and restricted cash at end of period
$ 1,046,689
$ 746,895
Supplemental disclosures of other cash flow information:
Excess tax benefits from employee stock plans
$ 5,160
$ 68,575
Non-GAAP Financial Measures
In Veeva’s public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.
Excess tax benefits. Excess tax benefits from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva excludes excess tax benefits for its internal management reporting processes. Veeva management also finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits, Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.
Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.
Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva’s revenues earned during the periods presented and will contribute to Veeva’s future period revenues as well.
Litigation settlement. We exclude costs related to the settlement of certain litigation matters because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.
Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP measures.
There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva’s management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.
VEEVA SYSTEMS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
(Unaudited)
The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:
Reconciliation of Net Cash Provided by Operating Activities (GAAP basis to non-GAAP basis)
Three months ended
October 31,
Nine months ended
October 31,
2024
2023
2024
2023
Net cash provided by operating activities on a GAAP basis
$ 164,117
$ 82,598
$ 1,020,507
$ 853,570
Excess tax benefits from employee stock plans
(898)
(3,275)
(5,160)
(68,575)
Net cash provided by operating activities on a non-GAAP basis
$ 163,219
$ 79,323
$ 1,015,347
$ 784,995
Net cash used in investing activities on a GAAP basis
$ (298,226)
$ (73,324)
$ (684,446)
$ (989,648)
Net cash provided by (used in) financing activities on a GAAP basis
$ 12,960
$ (6,889)
$ 5,304
$ (5,704)
Reconciliation of Financial Measures (GAAP basis to non-GAAP basis)
Three months ended
October 31,
Nine months ended
October 31,
2024
2023
2024
2023
Cost of subscription services revenues on a GAAP basis
$ 82,638
$ 74,435
$ 239,577
$ 213,179
Stock-based compensation expense
(1,696)
(1,604)
(4,892)
(4,857)
Amortization of purchased intangibles
(1,043)
(1,126)
(3,265)
(3,343)
Cost of subscription services revenues on a non-GAAP basis
$ 79,899
$ 71,705
$ 231,420
$ 204,979
Gross margin on subscription services revenues on a GAAP basis
85.8 %
85.0 %
85.7 %
84.6 %
Stock-based compensation expense
0.3
0.3
0.3
0.3
Amortization of purchased intangibles
0.1
0.2
0.2
0.2
Gross margin on subscription services revenues on a non-GAAP basis
86.2 %
85.5 %
86.2 %
85.1 %
Cost of professional services and other revenues on a GAAP basis
$ 91,751
$ 93,247
$ 279,068
$ 290,184
Stock-based compensation expense
(12,929)
(12,943)
(38,640)
(39,881)
Amortization of purchased intangibles
(139)
(139)
(412)
(411)
Cost of professional services and other revenues on a non-GAAP basis
$ 78,683
$ 80,165
$ 240,016
$ 249,892
Gross margin on professional services and other revenues on a GAAP basis
22.5 %
23.3 %
20.2 %
17.8 %
Stock-based compensation expense
10.9
10.6
11.1
11.3
Amortization of purchased intangibles
0.1
0.2
0.1
0.1
Gross margin on professional services and other revenues on a non-GAAP basis
33.5 %
34.1 %
31.4 %
29.2 %
Gross profit on a GAAP basis
$ 524,818
$ 448,823
$ 1,507,088
$ 1,229,692
Stock-based compensation expense
14,625
14,547
43,532
44,738
Amortization of purchased intangibles
1,182
1,265
3,677
3,754
Gross profit on a non-GAAP basis
$ 540,625
$ 464,635
$ 1,554,297
$ 1,278,184
Gross margin on total revenues on a GAAP basis
75.1 %
72.8 %
74.4 %
71.0 %
Stock-based compensation expense
2.1
2.4
2.1
2.6
Amortization of purchased intangibles
0.1
0.2
0.2
0.2
Gross margin on total revenues on a non-GAAP basis
77.3 %
75.4 %
76.7 %
73.8 %
Research and development expense on a GAAP basis
$ 172,411
$ 161,278
$ 511,551
$ 465,466
Stock-based compensation expense
(48,014)
(45,711)
(138,741)
(129,909)
Amortization of purchased intangibles
(29)
(29)
(85)
(85)
Research and development expense on a non-GAAP basis
$ 124,368
$ 115,538
$ 372,725
$ 335,472
Three months ended
October 31,
Nine months ended
October 31,
2024
2023
2024
2023
Sales and marketing expense on a GAAP basis
$ 98,695
$ 96,773
$ 297,524
$ 282,269
Stock-based compensation expense
(21,214)
(23,460)
(67,928)
(67,084)
Amortization of purchased intangibles
(3,544)
(3,555)
(10,558)
(10,550)
Sales and marketing expense on a non-GAAP basis
$ 73,937
$ 69,758
$ 219,038
$ 204,635
General and administrative expense on a GAAP basis
$ 72,359
$ 62,283
$ 195,001
$ 187,887
Stock-based compensation expense
(34,006)
(17,508)
(71,945)
(53,109)
Amortization of purchased intangibles
(57)
(57)
(170)
(169)
Litigation settlement
—
—
(5,000)
—
General and administrative expense on a non-GAAP basis
$ 38,296
$ 44,718
$ 117,886
$ 134,609
Operating expense on a GAAP basis
$ 343,465
$ 320,334
$ 1,004,076
$ 935,622
Stock-based compensation expense
(103,234)
(86,679)
(278,614)
(250,102)
Amortization of purchased intangibles
(3,630)
(3,641)
(10,813)
(10,804)
Litigation settlement
—
—
(5,000)
—
Operating expense on a non-GAAP basis
$ 236,601
$ 230,014
$ 709,649
$ 674,716
Operating income on a GAAP basis
$ 181,353
$ 128,489
$ 503,012
$ 294,070
Stock-based compensation expense
117,859
101,226
322,146
294,840
Amortization of purchased intangibles
4,812
4,906
14,490
14,558
Litigation settlement
—
—
5,000
—
Operating income on a non-GAAP basis
$ 304,024
$ 234,621
$ 844,648
$ 603,468
Operating margin on a GAAP basis
25.9 %
20.8 %
24.8 %
17.0 %
Stock-based compensation expense
16.9
16.4
15.9
17.0
Amortization of purchased intangibles
0.7
0.9
0.8
0.8
Litigation settlement
—
—
0.2
—
Operating margin on a non-GAAP basis
43.5 %
38.1 %
41.7 %
34.8 %
Net income on a GAAP basis
$ 185,808
$ 135,158
$ 518,513
$ 378,307
Stock-based compensation expense
117,859
101,226
322,146
294,840
Amortization of purchased intangibles
4,812
4,906
14,490
14,558
Litigation settlement
—
—
5,000
—
Income tax effect on non-GAAP adjustments(7)
(20,160)
(22,612)
(57,598)
(123,070)
Net income on a non-GAAP basis
$ 288,319
$ 218,678
$ 802,551
$ 564,635
Diluted net income per share on a GAAP basis
$ 1.13
$ 0.83
$ 3.15
$ 2.32
Stock-based compensation expense
0.71
0.62
1.95
1.81
Amortization of purchased intangibles
0.03
0.03
0.09
0.09
Litigation settlement
—
—
0.03
—
Income tax effect on non-GAAP adjustments(7)
(0.12)
(0.14)
(0.35)
(0.76)
Diluted net income per share on a non-GAAP basis
$ 1.75
$ 1.34
$ 4.87
$ 3.46
________________________
(7)
For the three and nine months ended October 31, 2024 and 2023, management used an estimated annual effective non-GAAP tax rate of 21.0%.
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SOURCE Veeva Systems
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In this free webinar, learn how early cell-development decisions can affect cell line stability from cloning through GMP manufacturing. The featured speakers will discuss culture conditions, clone selection, cellular stress, recloning and genetic integrity monitoring, using iPSC development as a key application. Attendees will also explore how image-verified cloning and stronger upstream workflows can support reproducibility, scalable manufacturing and GMP-ready cell banks.
TORONTO, Oct. 21, 2026 /PRNewswire/ — Maintaining cell line stability becomes increasingly important as programs move from early clone development toward scale-up, cell banking and GMP manufacturing. Variability introduced during cloning, culture and expansion can affect genetic integrity, reproducibility and confidence in the cells being carried forward. Using iPSC development as a key application, this webinar will explore how early workflow decisions can help identify and reduce these risks before they impact downstream manufacturing.
The featured panelists will explore how decisions made during clone establishment and early cell development can influence long-term cellular stability. The discussion will examine how culture conditions, media and matrix selection and cellular stress can affect clonal outgrowth and contribute to genetic drift, as well as how stronger clone-selection and monitoring strategies can help reduce these risks.
Using iPSC development as a key application, the speakers will demonstrate how single-cell cloning, image-verified clone selection and automated clonal outgrowth monitoring can provide greater confidence and traceability during cell development. They will also explore when recloning may be appropriate, how genetic integrity can be monitored at key stages and how these approaches can support the creation of robust, well-characterized cell banks.
The session will connect early cell-development decisions with broader goals including reproducibility, scalability, genetic integrity, manufacturing readiness and the development of well-characterized GMP-ready cell banks, giving practical considerations for building more reliable workflows.
Attendees will gain insight into how to recognize sources of clonal variability, strengthen clone-selection strategies, maintain confidence in genetic stability and reduce the risk of carrying early development problems into later stages.
Register for this webinar to learn how cell line stability can be strengthened through clone selection, genetic integrity monitoring and cell-development strategies that support scalable manufacturing.
Join Noud Drummen, Field Application Scientist, Nova Biomedical; and Silvia Rosati, Research Scientist, Process Development Lab, Evotec (Modena), for the live webinar on Thursday, October 29, 2026, at 11am EDT (4pm CET / EU-Central).
For more information, or to register for this event, visit Improve Cell Line Stability From Cloning to GMP Manufacturing.
ABOUT XTALKS
Xtalks – The Life Science Community™ empowers professionals across pharma, biotech, medtech, healthcare and research with the trusted knowledge and collaborative insights that move the industry forward. Powered by Honeycomb Worldwide Inc., Xtalks delivers news, feature articles, webinars, podcasts, videos, expert interviews, curated job opportunities and more designed to support informed decision-making in a fast-evolving sector.
Every year, thousands of professionals rely on Xtalks for timely intelligence, peer perspectives and industry thought leadership. Join our life science community to stay informed, connected and ready for what’s next.
To learn more about Xtalks, visit www.xtalks.com
For information about working with Xtalks to host your webinar, visit https://xtalks.com/partner-with-us/
Contact:
Soumya Shashikumar
Tel: +1 (416) 977-6555 x371
Email: skumar@xtalks.com
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SOURCE Xtalks
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Lam Research Corporation Reports Financial Results for the Quarter Ended September 27, 2026
Published
39 minutes agoon
October 21, 2026By
FREMONT, Calif., Oct. 21, 2026 /PRNewswire/ — Lam Research Corporation (the “Company,” “Lam,” “Lam Research”) today announced financial results for the quarter ended September 27, 2026 (the “September 2026 quarter”).
Highlights for the September 2026 quarter were as follows:
Revenue of $8.22 billion.U.S. GAAP gross margin as a percent of revenue of 52.3%, U.S. GAAP operating margin as a percent of revenue of 40.0%, and U.S. GAAP diluted EPS of $2.19.Non-GAAP gross margin as a percent of revenue of 52.4%, non-GAAP operating margin as a percent of revenue of 40.2%, and non-GAAP diluted EPS of $2.20.
Key Financial Data for the Quarters Ended
September 27, 2026 and June 28, 2026
(in thousands, except per share data, percentages, and basis points)
U.S. GAAP
September 2026
June 2026
Change Q/Q
Revenue
$ 8,219,418
$ 6,722,238
+22 %
Gross margin
52.3 %
51.7 %
+ 60 bps
Operating margin
40.0 %
37.4 %
+ 260 bps
Diluted EPS
$ 2.19
$ 1.81
+ 21 %
Non-GAAP
September 2026
June 2026
Change Q/Q
Revenue
$ 8,219,418
$ 6,722,238
+22 %
Gross margin
52.4 %
52.0 %
+ 40 bps
Operating margin
40.2 %
38.4 %
+ 180 bps
Diluted EPS
$ 2.20
$ 1.82
+ 21 %
U.S. GAAP Financial Results
For the September 2026 quarter, revenue was $8.22 billion, gross margin was $4.30 billion, or 52.3% of revenue, operating expenses were $1.02 billion, operating margin was 40.0%, and net income was $2.75 billion, or $2.19 per diluted share on a U.S. GAAP basis. This compares to revenue of $6.72 billion, gross margin of $3.48 billion, or 51.7% of revenue, operating expenses of $965.3 million, operating margin of 37.4%, and net income of $2.28 billion, or $1.81 per diluted share, for the quarter ended June 28, 2026 (the “June 2026 quarter”).
Non-GAAP Financial Results
For the September 2026 quarter, non-GAAP gross margin was $4.31 billion, or 52.4% of revenue, non-GAAP operating expenses were $1.00 billion, non-GAAP operating margin was 40.2%, and non-GAAP net income was $2.77 billion, or $2.20 per diluted share. This compares to non-GAAP gross margin of $3.50 billion, or 52.0% of revenue, non-GAAP operating expenses of $916.4 million, non-GAAP operating margin of 38.4%, and non-GAAP net income of $2.28 billion, or $1.82 per diluted share, for the June 2026 quarter.
“With AI driving higher semiconductor demand and greater device complexity, our focus on operational execution helped Lam deliver record revenue, profit, and earnings per share in the September quarter,” said Tim Archer, Lam Research’s President and Chief Executive Officer. “Our strategic investments in technology inflections and manufacturing capacity are paying off, strengthening our ability to outgrow the wafer fabrication equipment market as the industry expands.”
Balance Sheet and Cash Flow Results
Cash, cash equivalents, and restricted cash balances increased to $7.45 billion at the end of the September 2026 quarter compared to $5.60 billion at the end of the June 2026 quarter. The increase was primarily the result of cash generated from operating activities during the quarter partially offset by cash deployed for capital return activities and capital expenditures.
Deferred revenue at the end of the September 2026 quarter increased to $2.66 billion compared to $2.43 billion as of the end of the June 2026 quarter. Lam’s deferred revenue balance does not include shipments to customers in Japan, to whom control does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $468.3 million as of September 27, 2026 and $490.2 million as of June 28, 2026.
Revenue
The geographic distribution of revenue during the September 2026 quarter is shown in the following table:
Region
Revenue
China
35 %
Korea
20 %
Taiwan
18 %
Japan
9 %
United States
8 %
Southeast Asia
6 %
Europe
4 %
The following table presents revenue disaggregated between systems and customer support-related revenue:
Three Months Ended
September 27,
2026
June 28,
2026
September 28,
2025
(in thousands)
Systems revenue
$ 5,732,907
$ 4,249,848
$ 3,547,565
Customer support-related revenue and other
2,486,511
2,472,390
1,776,608
$ 8,219,418
$ 6,722,238
$ 5,324,173
Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean, and other wafer fabrication markets.
Customer support-related revenue includes sales of customer services, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.
Outlook
For the quarter ending December 27, 2026, Lam is providing the following guidance:
U.S. GAAP
Reconciling Items
Non-GAAP
Revenue
$8.60 Billion
+/-
$400 Million
—
$8.60 Billion
+/-
$400 Million
Gross margin
52.5 %
+/-
1 %
$ 2.7
Million
52.5 %
+/-
1 %
Operating margin
40.5 %
+/-
1 %
$ 3.0
Million
40.5 %
+/-
1 %
Net income per diluted share
$2.33
+/-
$0.15
$ 3.3
Million
$2.33
+/-
$0.15
Diluted share count
1.253 Billion
—
1.253 Billion
The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other items that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:
Gross margin – amortization related to intangible assets acquired through certain business combinations, $2.7 million.Operating margin – amortization related to intangible assets acquired through certain business combinations, $3.0 million.Net income per diluted share – amortization related to intangible assets acquired through certain business combinations, $3.0 million; amortization of note discounts, $0.5 million; and associated tax benefit for non-GAAP items ($0.2 million); totaling $3.3 million.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company’s non-GAAP results for both the September 2026 and June 2026 quarters exclude amortization related to intangible assets acquired through certain business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, and the net income tax effect of non-GAAP items. The September 2026 quarter also excludes the net income tax effect of a change in tax law, and the June 2026 quarter excludes workforce optimization charges and the related income tax effect.
Management uses non-GAAP gross margin, operating expense, operating income, operating margin, net income, and net income per diluted share to evaluate the Company’s operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors’ ability to view the Company’s results from management’s perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company’s website at https://investor.lamresearch.com.
Caution Regarding Forward-Looking Statements
Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning: our outlook and guidance for future financial results, including revenue, gross margin, operating margin, net income per diluted share, and diluted share count; AI-driven semiconductor demand and device complexity; our focus on operational execution; the perceived benefits of our strategic investments; our ability to outgrow the wafer fabrication equipment market as the industry expands; and deferred revenue. These statements are not a guarantee of future performance and involve a number of risks, uncertainties, and other factors that could cause our actual results or outcomes, or the timing of our results or outcomes, to differ materially from those expressed or implied in this press release. Such risks, uncertainties, and other factors include: our assumptions related to continued expansion of the wafer fabrication equipment market, growth of deposition and etch intensity, and scaling of our operations may prove invalid; business, economic, political, and/or regulatory conditions in the consumer electronics industry, the semiconductor industry and the overall economy, including wafer fabrication equipment spending or demand related to AI, may deteriorate or change; the actions, performance, or investment levels of our customers and competitors may be inconsistent with our expectations; customer and product mix, including across market segments and geographical regions, may change; we may be unable to realize the value of our products and technology, successfully commercialize new products and technologies, implement pricing initiatives, or execute on perceived opportunities; we may be unable to achieve anticipated operational, manufacturing, supply chain, procurement, and scale efficiencies; customer technology transitions, capacity expansions, and fab construction projects may have different timing or be less successful than we expect; we may be unable to manage operating expenses effectively while continuing to invest in research and development, product innovation, customer support, and future growth opportunities; trade regulations, export controls (including entity listings, end use/user controls, technology controls, and foreign direct product rules), tariffs, trade disputes, and other geopolitical developments may inhibit our ability to sell our products or services; supply chain cost increases, tariffs, and other inflationary pressures may continue to impact our profitability; supply chain disruptions or manufacturing capacity constraints may limit our ability to manufacture and sell our products; natural and human-caused disasters, disease outbreaks, war, terrorism, political or governmental unrest or instability, or other events beyond our control may impact our operations and revenue in affected areas; as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the “Risk Factors” described in our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. You should evaluate all forward-looking statements made in this press release in the context of these risks, uncertainties, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on our current beliefs, expectations, and assumptions about future events. Except as required by law, we undertake no obligation to update the information or statements made in this press release.
Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam’s equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX)
Condensed Consolidated Financial Tables Follow.
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data and percentages)
(unaudited)
Three Months Ended
September 27,
2026
June 28,
2026
September 28,
2025
Revenue
$ 8,219,418
$ 6,722,238
$ 5,324,173
Cost of goods sold
3,920,565
3,243,498
2,639,294
Gross margin
4,298,853
3,478,740
2,684,879
Gross margin as a percent of revenue
52.3 %
51.7 %
50.4 %
Research and development
666,398
642,922
576,446
Selling, general and administrative
348,728
322,330
279,345
Total operating expenses
1,015,126
965,252
855,791
Operating income
3,283,727
2,513,488
1,829,088
Operating margin
40.0 %
37.4 %
34.4 %
Other income (expense), net
28,493
41,654
30,074
Income before income taxes
3,312,220
2,555,142
1,859,162
Income tax expense
(559,082)
(277,860)
(290,502)
Net income
$ 2,753,138
$ 2,277,282
$ 1,568,660
Net income per share:
Basic
$ 2.20
$ 1.82
$ 1.24
Diluted
$ 2.19
$ 1.81
$ 1.24
Number of shares used in per share calculations:
Basic
1,250,883
1,251,286
1,264,446
Diluted
1,255,768
1,256,032
1,269,313
Cash dividend declared per common share
$ 0.33
$ 0.26
$ 0.26
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 27,
2026
June 28,
2026
September 28,
2025
(unaudited)
(1)
(unaudited)
ASSETS
Cash and cash equivalents
$ 7,437,384
$ 5,579,171
$ 6,693,046
Accounts receivable, net
5,658,379
5,339,682
3,633,034
Inventories
4,550,544
4,276,111
4,095,054
Prepaid expenses and other current assets
477,805
415,741
385,580
Total current assets
18,124,112
15,610,705
14,806,714
Property and equipment, net
3,126,029
2,956,472
2,510,531
Goodwill and intangible assets
1,911,547
1,895,859
1,826,950
Other assets
3,191,368
3,066,707
2,756,016
Total assets
$ 26,353,056
$ 23,529,743
$ 21,900,211
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt and finance lease obligations
$ 3,486
$ 4,073
$ 754,363
Other current liabilities
7,309,013
5,933,176
5,953,547
Total current liabilities
7,312,499
5,937,249
6,707,910
Long-term debt and finance lease obligations
3,731,958
3,730,490
3,729,580
Income taxes payable
684,273
681,197
646,044
Other long-term liabilities
715,852
709,886
623,925
Total liabilities
12,444,582
11,058,822
11,707,459
Stockholders’ equity (2)
13,908,474
12,470,921
10,192,752
Total liabilities and stockholders’ equity
$ 26,353,056
$ 23,529,743
$ 21,900,211
(1)
Derived from audited financial statements.
(2)
Common shares issued and outstanding were 1,249,145 as of September 27, 2026, 1,251,278 as of June 28, 2026, and 1,259,176 as of September 28, 2025.
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Three Months Ended
September 27,
2026
June 28,
2026
September 28,
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$ 2,753,138
$ 2,277,282
$ 1,568,660
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
122,072
119,642
101,644
Deferred income taxes
(55,300)
(175,752)
(62,875)
Equity-based compensation expense
114,696
103,985
97,241
Other, net
27,633
(8,006)
(1,890)
Changes in operating assets and liabilities
535,413
(859,923)
76,184
Net cash provided by operating activities
3,497,652
1,457,228
1,778,964
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets
(257,697)
(188,801)
(185,121)
Other, net
(9,292)
45,060
(927)
Net cash used for investing activities
(266,989)
(143,741)
(186,048)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on debt, including finance lease obligations and payments for debt issuance costs
(34,489)
(1,355)
(1,417)
Treasury stock purchases, including excise tax payments
(1,024,965)
(246,560)
(975,791)
Dividends paid
(325,402)
(325,318)
(291,981)
Reissuance of treasury stock related to employee stock purchase plan
—
88,780
—
Proceeds from issuance of common stock, net of issuance costs
4,263
4,426
—
Other, net
(1,786)
(282)
(12,449)
Net cash used for financing activities
(1,382,379)
(480,309)
(1,281,638)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
4,663
(2,056)
(7,059)
Net change in cash, cash equivalents, and restricted cash
1,852,947
831,122
304,219
Cash, cash equivalents, and restricted cash at beginning of period (1)
5,597,943
4,766,821
6,407,656
Cash, cash equivalents, and restricted cash at end of period (1)
$ 7,450,890
$ 5,597,943
$ 6,711,875
(1)
Restricted cash is reported within Other assets in the Condensed Consolidated Balance Sheets.
Non-GAAP Financial Summary
(in thousands, except percentages and per share data)
(unaudited)
Three Months Ended
September 27,
2026
June 28,
2026
Revenue
$ 8,219,418
$ 6,722,238
Gross margin
$ 4,305,019
$ 3,497,336
Gross margin as a percent of revenue
52.4 %
52.0 %
Operating expenses
$ 1,004,280
$ 916,420
Operating income
$ 3,300,739
$ 2,580,916
Operating margin
40.2 %
38.4 %
Net income
$ 2,768,417
$ 2,279,968
Net income per diluted share
$ 2.20
$ 1.82
Shares used in per share calculation – diluted
1,255,768
1,256,032
Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands, except per share data)
(unaudited)
Three Months Ended
September 27,
2026
June 28,
2026
U.S. GAAP net income
$ 2,753,138
$ 2,277,282
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations – cost of goods sold
2,668
2,668
Elective deferred compensation (“EDC”) related liability valuation increase – cost of goods sold
3,498
15,379
Workforce optimization charges – cost of goods sold
—
549
EDC related liability valuation increase – research and development
6,299
27,682
Workforce optimization charges – research and development
—
960
Amortization related to intangible assets acquired through certain business combinations – selling, general and administrative
348
348
EDC related liability valuation increase – selling, general and administrative
4,199
18,454
Workforce optimization charges – selling, general and administrative
—
1,388
Amortization of note discounts – other income (expense), net
508
504
Gain on EDC related asset – other income (expense), net
(12,870)
(61,325)
Net income tax benefit on non-GAAP items
(825)
(3,921)
Income tax expense from a change in tax law
11,454
—
Non-GAAP net income
$ 2,768,417
$ 2,279,968
Non-GAAP net income per diluted share
$ 2.20
$ 1.82
U.S. GAAP net income per diluted share
$ 2.19
$ 1.81
U.S. GAAP and non-GAAP number of shares used for per diluted share calculation
1,255,768
1,256,032
Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Non-GAAP Gross Margin,
Operating Expenses and Operating Income
(in thousands, except percentages)
(unaudited)
Three Months Ended
September 27,
2026
June 28,
2026
U.S. GAAP gross margin
$ 4,298,853
$ 3,478,740
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations
2,668
2,668
EDC related liability valuation increase
3,498
15,379
Workforce optimization charges
—
549
Non-GAAP gross margin
$ 4,305,019
$ 3,497,336
U.S. GAAP gross margin as a percent of revenue
52.3 %
51.7 %
Non-GAAP gross margin as a percent of revenue
52.4 %
52.0 %
U.S. GAAP operating expenses
$ 1,015,126
$ 965,252
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations
(348)
(348)
EDC related liability valuation increase
(10,498)
(46,136)
Workforce optimization charges
—
(2,348)
Non-GAAP operating expenses
$ 1,004,280
$ 916,420
U.S. GAAP operating income
$ 3,283,727
$ 2,513,488
Non-GAAP operating income
$ 3,300,739
$ 2,580,916
U.S. GAAP operating margin
40.0 %
37.4 %
Non-GAAP operating margin
40.2 %
38.4 %
Lam Research Corporation Contacts:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com
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SOURCE Lam Research Corporation
Technology
SERA PROGNOSTICS ANNOUNCES CONFERENCE CALL AND WEBCAST OF THIRD QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS ON NOVEMBER 4, 2026
Published
39 minutes agoon
October 21, 2026By
SALT LAKE CITY, Oct. 21, 2026 /PRNewswire/ — Sera Prognostics Inc., The Pregnancy Company® (Nasdaq: SERA), focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients, today announced it will report its third quarter fiscal year 2026 financial results on Wednesday, November 4, 2026, after market close. The Company will host a corresponding conference call and live webcast to discuss operational highlights, financial results and key topics at 5:00 p.m. Eastern Time. A press release outlining the financial results and highlights will be publicly distributed before the call.
Conference Call Details:
US domestic callers: (800) 836-8184
International callers: (646) 357-8785
Webcast Registration Link: https://app.webinar.net/wK8exGQrE0B
Live audio of the webcast will be available on the Investors page of the Company’s website at www.sera.com. The webcast will be archived on the Investors page and will be available for one year.
About Sera Prognostics, Inc.
Sera Prognostics is a leading health diagnostics company dedicated to improving the lives of women and babies through precision pregnancy care. Sera’s mission is to provide early, pivotal pregnancy information to improve the health of mothers and newborns, resulting in reductions in the costs of healthcare delivery. Sera has a robust pipeline of innovative diagnostic tests focused on the early prediction of preterm birth risk and other complications of pregnancy. Sera’s precision medicine PreTRM® Test reports to a physician the individualized risk of spontaneous premature delivery in a pregnancy, enabling earlier proactive interventions in women with higher risk. Sera Prognostics is headquartered in Salt Lake City, Utah.
About Preterm Birth
Preterm birth is defined as any birth before 37 weeks’ gestation and is the leading cause of illness and death in newborns. The 2025 March of Dimes Report Card shows that, for the fourth consecutive year, the United States earned a D+ grade for preterm birth, marking the longest stretch of the lowest grade in Report Card history. Prematurity is associated with a significantly increased risk of major long-term medical complications, including learning disabilities, cerebral palsy, chronic respiratory illness, intellectual disability, seizures, and vision and hearing loss, and can generate significant costs throughout the lives of affected children. The annual health care costs to manage short- and long-term complications of prematurity in the United States were estimated to be approximately $25 billion for 2016.
About the PreTRM® Test
The PreTRM® Test is the only broadly validated, commercially available blood-based biomarker test that provides an early, accurate and individualized risk prediction for spontaneous preterm birth in asymptomatic singleton pregnancies. The PreTRM® Test measures and analyzes proteins in the blood that are highly predictive of preterm birth. The PreTRM® Test permits physicians to identify, during the weeks 18 through 20 of pregnancy, which women are at increased risk for preterm birth and its complications, enabling more informed, personalized clinical decisions based on each woman’s individual risk. The PreTRM® Test is ordered by a medical professional.
Sera, Sera Prognostics, the Sera Prognostics logo, The Pregnancy Company, and PreTRM are trademarks or registered trademarks of Sera Prognostics, Inc. in the United States and/or other countries.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the date, time and content of the Company’s quarterly earnings release and conference call; availability of the live audio of the conference call on the Company’s website; and the Company’s strategic directives under the caption “About Sera Prognostics, Inc.” These “forward-looking statements” are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: net losses, cash generation, and the potential need to raise more capital; revenues from the PreTRM Test representing substantially all Company revenues to date; the need for broad scientific and market acceptance of the PreTRM Test; a concentrated number of material customers; our ability to introduce new products; potential competition; our proprietary biobank; critical suppliers; estimates of total addressable market opportunity and forecasts of market growth; potential third-party payer coverage and reimbursement; new reimbursement methodologies applicable to the PreTRM Test, including new CPT codes and payment rates for those codes; changes in FDA regulation of laboratory-developed tests; the intellectual property rights protecting our tests and market position; and other factors discussed under the heading “Risk Factors” contained in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our periodic and current reports filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.
Investor Contact
Jennifer Zibuda, Head of Investor Relations
jzibuda@sera.com
+1 (801) 396-8043
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SOURCE Sera Prognostics, Inc.
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