Veeva Systems Reports Strong Financial Results for Q2 2024, with Revenue and Net Income Growth

As of July 31, 2024, Veeva Systems Inc. reported total assets of $6.33 billion, an increase from $5.91 billion as of January 31, 2024. Current assets also rose to $5.37 billion, up from $5.00 billion during the same period. The company experienced a decrease in total current liabilities, which fell to $1.07 billion from $1.18 billion. Stockholders' equity increased significantly to $5.18 billion, compared to $4.64 billion at the beginning of the fiscal period.

For the three months ended July 31, 2024, Veeva Systems generated total revenues of $676.18 million, marking a substantial increase from $590.23 million in the same period of 2023. Subscription services revenue was a key driver of this growth, rising to $561.28 million from $470.64 million year-over-year. The company's net income for the quarter was $171.04 million, up from $111.63 million in the prior year. Gross profit also saw an increase, reaching $505.81 million compared to $421.21 million in the same period of 2023. Operating income improved to $166.49 million, up from $104.05 million year-over-year.

For the six months ended July 31, 2024, total revenues amounted to $1.33 billion, an increase from $1.12 billion in the same period of 2023. Net income for this period was $332.71 million, compared to $243.15 million in the previous year. The company’s cash, cash equivalents, and restricted cash at the end of the period totaled $1.17 billion, a significant rise from $706.67 million at the beginning of the fiscal period.

These financial results reflect Veeva Systems' strong performance, driven by growth in subscription services and overall revenue, alongside improved profitability metrics.