According to a recent report, the Global Healthcare Cloud Computing market is estimated to grow to $15.8 billion by the year 2025 from $4.5 billion in 2016. Pleasanton, California-based Veeva (NYSE: VEEV), a leading player in the industry, recently announced stellar quarterly results.

Veeva’s Financials

Veeva was initially founded as a cloud-based customer relationship management and regulated content management solutions vendor for the biotechnology industry. While remaining focused on the industry, Veeva has expanded to help healthcare providers with access to payroll management, expense management, and customer relationship management services over the cloud. For its recently reported fourth-quarter results, Veeva saw revenues grow 23% over the year to $184.9 million, ahead of the Street’s forecast of $180.1 million. Adjusted EPS of $0.23 was also ahead of the market’s forecast of $0.21 for the quarter.

By segment, revenues from subscription services grew 26% to $150.9 million. Revenues from professional services grew 11% over the year to $34.03 million.

Veeva ended the year with revenues of $685.57 million, compared with $544.04 million reported a year ago. Net income for the year nearly doubled over the year to $1.01.

For the current quarter, Veeva forecast revenues of $188-$189 million compared with the market’s forecast of $187 million. It expects to earn $0.30-$0.31 per share, which is significantly ahead of the Street’s forecast of $0.23 per share for the quarter. Veeva expects to end the current year with revenues of $815-$820 million with an EPS of $1.30-$1.33. The market was looking for revenues of $807 million and an adjusted profit of $1.01 per share.

Veeva’s Product Expansion

During the quarter, Veeva continued to upgrade its product offering. It recently announced the release of a new digital asset management capability, Veeva Vault PromoMats. The enhancement simplifies the process of creating portals and organizing and showcasing content within these portals for brand managers. With Veeva Vault PromoMats Brand Portal, marketing teams will now be able to share digital assets and campaigns in one place to help employees, affiliates, and agencies easily find and leverage existing content. This is its first application that integrates digital asset management with medical, legal, regulatory review capabilities in a single solution for the life sciences industry. The solution helps eliminate the need for duplication of content that leads to wastage of time and money.