Business
Certara Reports First Quarter 2023 Financial Results
Reiterates 2023 Financial Guidance PRINCETON, N.J., May 08, 2023 (GLOBE NEWSWIRE) -- Certara, Inc. (Nasdaq: CERT), a global leader in biosimulation, today
About this update from Certara, Inc.
[{"type":"text","content":"Reiterates 2023 Financial Guidance\nPRINCETON, N.J., May 08, 2023 (GLOBE NEWSWIRE) -- Certara, Inc. (Nasdaq: CERT), a global leader in biosimulation, today reported its financial results for the first quarter of fiscal year 2023. First Quarter Highlights: Revenue was $90.3 million, compared to $81.6 million in the first quarter of 2022, representing growth of 11% over the first quarter of 2022 on a reported basis and 13% at constant currency.Net income was $1.4 million, compared to $2.2 million in the first quarter of 2022, representing a decrease of 39% over the first quarter of 2022.Adjusted EBITDA was $32.3 million, compared to $27.7million in the first quarter of 2022, representing growth of 17% over the first quarter of 2022.Certara was added to the S&P SmallCap 600 Index effective March 22, 2023. “We are pleased with our first quarter financial results and performance in software and biosimulation services” said William F. Feehery, chief executive officer. “We continue to innovate and maintain strong relationships with our customers in support of our long-term initiatives and execution on our growth targets for software and services.” First Quarter 2023 Results “We saw solid business momentum and executed commercially in the first quarter of 2023. Our bookings remain healthy, and we have a strong balance sheet. We remain well positioned to achieve our financial and strategic objectives and look forward to continued success in 2023,” said John Gallagher, Chief Financial Officer. Total revenue for the first quarter of 2023 was $90.3 million, representing growth of 11% over the first quarter of 2022. The overall increase in revenue was primarily due to growth in our technology-driven services and software product offerings from client expansion and new customer acquisitions. The increase was partially offset by the negative impact on our revenues from fluctuations foreign currency exchange rates. On a constant currency basis, total revenue for the first quarter of 2023 was $91.9 million, representing growth of 13% over the first quarter of 2022. Please see note (1) in the section A Note on Non-GAAP Financial Measures below for more information on constant currency revenue. Total cost of revenue for the first quarter of 2023 was $34.9 million, an increase of $2.1 million from $32.8 million in the first quarter of 2022, primari...