Cloud-based software company SciQuest (NASDAQ:SQI) reported revenue of $25.8 million in the fourth quarter, a 30 percent increase revenues in the fourth quarter of 2012.
The Cary company, whose software automates spending and purchasing functions for companies, narrowed its net loss to $1.2 million compared to a $2.4 million net loss in the prior year period. The company said the results were expected and were related to costs associated with acquisitions and stock-based compensation. The acquisitions include SciQuest’s $43 million September purchase of software company CombineNet.
Excluding certain one-time items, SciQuest’s fourth quarter revenue was $26.7 million. Non-GAAP diluted net income per share was 11 cents. Excluding the additional revenue generated by the settlement fee, non-GAAP diluted net income per share in the quarter would have been 10 cents.
Analysts polled by Thomson Reuters estimated on average that SciQuest would report $25.5 million in revenue and earnings of 9 cents per share.
“Success was fueled by a combination of robust customer additions, solid cross-selling and the transformation of our sales organization that enhanced the team’s people, processes and structure,” SciQuest CEO Steve Wiehe said in a statement. “We are particularly encouraged by the strong contribution from the commercial market, which complemented continued growth in other market segments.”
For the year, SciQuest’s GAAP revenues were $90.2 million, a 35.6 percent increase over full-year 2012 results. SciQuest’s GAAP net loss was $4.7 million in 2013 compared to a GAPP net loss of $1.2 million in 2012. Like the fourth quarter results, the company said the expected losses were due to the impact of acquisition-related costs and stock-based compensation.
