Model N Announces Third Quarter of Fiscal Year 2018 Financial Results

SAN MATEO, Calif. — (BUSINESS WIRE) — August 7, 2018 — Model N, Inc., (NYSE: MODN), the leading provider of revenue management cloud solutions for the pharmaceutical, medical device, high tech, manufacturing and semiconductor industries, today announced financial results for the third quarter, which ended June 30, 2018.

“Model N exceeded its revenue and profitability guidance for the third quarter of fiscal 2018. The strong Q3 performance puts us on track to deliver record revenue, profitability and cash flow for the full year,” said Jason Blessing, Chief Executive Officer of Model N. “Over the last 90 days, I’ve enjoyed meeting with our customers, employees and investors and thank them all for their warm welcome. I’m also very proud of our blue-chip customer portfolio and the mission critical role our cloud solutions play in their businesses. My discussions also reinforce my belief that Model N has a great opportunity ahead of us.”

Third Quarter 2018 Financial Highlights:

  • Revenues: SaaS and maintenance revenues were $35.6 million compared to $28.5 million for the third quarter of fiscal 2017. Total revenues were $39.6 million compared to $34.2 million for the third quarter of fiscal 2017.
  • Gross Profit: Gross profit was $23.2 million compared to $18.5 million for the third quarter of fiscal 2017. Gross margins were 58% compared to 54% for the third quarter of fiscal 2017. Non-GAAP gross profit was $24.3 million compared to $21.4 million for the third quarter of fiscal 2017. Non-GAAP gross margins were 62% compared to 60% for the third quarter of fiscal 2017.
  • (Loss) income from operations: GAAP loss from operations was $(11.0) million compared to a GAAP loss from operations of $(8.8) million for the third quarter of fiscal 2017. Non-GAAP income from operations was $2.5 million compared to a Non-GAAP loss from operations of $(2.4) million for the third quarter of fiscal 2017.
  • Net loss: GAAP net loss was $(15.4) million, which includes $8.5 million of stock-based compensation expense related to the resignation of our former CEO and Chairman of the Board and $3.1 million of cash and non-cash expense related to the debt re-financing, compared to a net loss of $(10.4) million for the third quarter of fiscal 2017. GAAP basic and diluted net loss per share attributable to common stockholders was $(0.50) based upon weighted average shares outstanding of 30.7 million, as compared to net loss per share of $(0.36) for the third quarter of fiscal 2017 based upon weighted average shares outstanding of 28.9 million.
  • Non-GAAP net income (loss): Non-GAAP net loss was $(2.0) million, which includes $3.1 million of cash and non-cash expense related to the debt re-financing, as compared to a Non-GAAP net loss of $(4.1) million for the third quarter of fiscal 2017. Non-GAAP net loss per share was $(0.07) based upon weighted average shares outstanding of 30.7 million, as compared to Non-GAAP net loss per share of $(0.14) for the third quarter of fiscal 2017 based upon weighted average shares outstanding of 28.9 million.
  • Adjusted EBITDA: Adjusted EBITDA was $3.1 million compared to $(1.5) million for the third quarter of fiscal 2017.

Use of Non-GAAP Financial Measures

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial tables included in this press release.

Business Highlights:

  • Nevro Corp, a high growth medical device company with a treatment for chronic back and leg pain, subscribed to Model N’s Provider Management, part of the Model N Revenue Cloud for MedTech. This customer win highlights that Model N Revenue Cloud is a very effective platform for both large companies as well as emerging companies, enabling Model N to serve all segments across life sciences.
  • BioMarin, Diodes, Eli Lilly, CSL Behring, Fresenius Kabi, ICU Canada, Johnson & Johnson, EMD Serono and Mallinckrodt, among others, recently completed implementation projects and went live with Revenue Cloud.
  • Model N hosted a successful Life Sciences Commercial and Pricing Innovation Forum which focused on understanding how global pricing trends are affecting the life sciences industry. The conference covered a variety of topics including global tender management, country variations in pricing, outcome-based agreements, rebates and compliance.
  • Model N delivered the summer release of Revenue Cloud. Our SaaS customers will immediately benefit from new innovation to manage complex use cases for pricing, quoting, and rebates including increasingly complex global price management, updates to support new government regulations, as well as several user experience enhancements.

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