Electronic purchasing and spend management software company SciQuest (NASDAQ:SQI) reported a third quarter loss of $1.8 million, which the company attributed to the expected impact of its recent acquisitions.
A year ago, SciQuest reported a loss of $100,000. But Cary-based SciQuest is a bigger company now; in August the SciQuest completed its $43 million acquisition of CombineNet, a company that provides sourcing software to large companies with complex procurement needs. CombineNet serves customers with specialized needs and SciQuest CEO says CombineNet’s software and customer base complements rather than competes against SciQuest.
Under generally accepted accounting principles, third quarter revenue was $22.5 million compared to $17.2 million in the third quarter of 2012.
For the fourth quarter, SciQuest expects GAAP revenue to be between $24.4 million and $24.7 million with a GAAP basic net loss of between 4 cents and 5 cents a share. SciQuest updated its guidance for the year, projecting GAAP revenue between $88.8 million and $89.1 million and a GAAP basic net loss per share between 19 cents and 20 cents per share.
SciQuest shares closed Tuesday at $22.14, down 13 cents from Monday’s closing price.
