RESEARCH TRIANGLE PARK–SciQuest (NASDAQ: SQST) reports a net loss of $3.1 million or 84 cents a share for the fourth quarter 2003, compared with a net loss of $8.8 million or $2.22 a share in the same period in 2002.
For the full year 2003, SciQuest reports a loss of $16.6 million or $4.35 a share on revenue of $6.6 million, compared to a net loss of $70.8 million or $18.03 a share on revenue of $6.5 million in 2002.
Stephen J. Wiehe, SciQuest president and chief executive officer said in a statement that “SciQuest has just recorded its best financial results in the history of the company and momentum continues to grow.”
Wiehe noted that SciQuest secured $7.1 million in new contract bookings and expanded its market reach to six of the top 15 pharmaceutical companies managing their spending with SciQuest software this year.
SciQuest reports revenue of $1.6 million from software licenses and other professional services in the fourth quarter, equal to the $1.6 million revenue in the same quarter 2002.
The company reports a gross profit of $629,000 for the quarter, compared with a loss of $180,000 in the same quarter a year ago. Operating expenses fell to $3.9 million compared with $8.6 million in 2002.
The company says that 2003 decreases in expenses reflect its efforts to control and reallocated resources.
Cash and investments at September 30, 2003 equaled $19.3 million.
During the fourth quarter of 2003, customer contracts signed (i.e. new contract bookings) was equal to $7.1 million.
Since September, SciQuest says it has:
- Secured new client relationships with Schering-Plough, Amgen, Roche, Aventis and Array Biopharma. These engagements range from 5 to 8 years in length, contributing to the strength of our recurring revenue stream.
- Extended and expanded relationships with a number of higher education and life sciences customers, which include additional commitments from Notre Dame, Indiana University, University of Nottingham, University of Edinburgh, GlaxoSmithKline, Biogen Idec and Pfizer.
- Launched University of Pennsylvania, a customer since Q3 2003, with over 75 preferred suppliers representing approximately 68% of the University’s purchase order transactions – all within 120 days.
- Launched two new materials management modules — Chemical Manager and Supplies Manager.
- Ranked 230 in North America’s Fastest-Growing Technology Companies in Deloitte & Touche Technology Fast 500 Program.