Business
Certara Reports Fourth Quarter and Full Year 2022 Financial Results
Annual Revenue Grows 17% on a Reported Basis and 20% at Constant Currency PRINCETON, N.J., March 01, 2023 (GLOBE NEWSWIRE) -- Certara, Inc. (Nasdaq: CERT), a
About this update from Certara, Inc.
[{"type":"text","content":"Annual Revenue Grows 17% on a Reported Basis and 20% at Constant Currency\nPRINCETON, N.J., March 01, 2023 (GLOBE NEWSWIRE) -- Certara, Inc. (Nasdaq: CERT), a global leader in biosimulation, today reported its financial results for the fourth quarter and full year of 2022 and issued guidance for 2023. Fourth Quarter Highlights: Revenue was $86.6 million, compared to $75.3 million in the fourth quarter of 2021, representing growth of 15% over the fourth quarter of 2021 on a reported basis and 18% at constant currency.Net income was $9.2 million, compared to net loss of $9.7 million in the fourth quarter of 2021, an increase of $18.9 million in income over the fourth quarter of 2021.Adjusted EBITDA was $31.9 million, compared to $28.2 million in the fourth quarter of 2021, representing growth of 13% over the fourth quarter of 2021. Full Year Highlights: Revenue was $335.6 million, compared to $286.1 million in 2021, representing growth of 17% over 2021. on a reported basis and 20% at constant currency.Net income was $14.7 million, compared to net loss of $13.3 million in 2021, representing an increase of $28.0 million over 2021.Adjusted EBITDA was $120.2 million, compared to $103.7 million in 2021, representing growth of 16% over 2021.Acquired Vyasa Analytics, LLC, an artificial intelligence company with scalable deep-learning software. “We are pleased with our strong finish to 2022, and the significant progress we made across our strategic initiatives throughout the year” said William F. Feehery, chief executive officer. “The prospects for Certara remain very bright and we are well positioned to deliver on our 2023 financial and strategic objectives. We enter 2023 encouraged by the pace of market adoption and expanding awareness of Certara’s biosimulation platform worldwide.” Fourth Quarter 2022 Results “We enter 2023 following a strong second half of 2022 and are well positioned to execute on our full year 2023 revenue and profitability guidance given strong business momentum and bookings growth on a trailing twelve-month basis. We are focused on our long-term growth objectives and finished 2022 with a strong balance sheet,” said Andrew Schemick, chief financial officer. Total revenue for the fourth quarter of 2022 was $86.6 million, representing growth of 15% over the fourth quarter of 2021. The overall increase in revenue was ...