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Certara Reports Second Quarter 2024 Financial Results
Reiterates Full Year 2024 Financial Guidance RADNOR, Pa., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Certara, Inc. (Nasdaq: CERT), a global leader in model-informed
About this update from Certara, Inc.
[{"type":"text","content":"Reiterates Full Year 2024 Financial Guidance\nRADNOR, Pa., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Certara, Inc. (Nasdaq: CERT), a global leader in model-informed drug development, today reported its financial results for the second quarter of fiscal year 2024. Second Quarter Highlights: Revenue was $93.3 million, compared to $90.5 million in the second quarter of 2023, representing growth of 3%. Software revenue was $38.2 million, compared to $33.7 million in the second quarter of 2023, representing growth of 13%.Services revenue was $55.1 million, compared to $56.7 million in the second quarter of 2023, representing a decline of 3%. Net loss was $12.6 million, compared to a net income of $4.7 million in the second quarter of 2023.Adjusted EBITDA was $26.3 million, compared to $32.4 million in the second quarter of 2023. \"Certara’s financial results were driven by strong performance in software and by improved biotech customer activity, offset by slowing demand in large biopharma customers in services,\" said William F. Feehery, Chief Executive Officer. “We’ve recently announced several exciting developments related to our portfolio, including product updates and new product launches, that strengthen Certara’s offering to customers in discovery, clinical, and regulatory. In July, we announced our intention to acquire Chemaxon, expanding our biosimulation portfolio to serve the drug discovery biosimulation market at scale. We’ve made continued progress in the first half of 2024, strengthening our software and integrating AI, to best position Certara as biosimulation becomes more widely used across the drug development industry.\" \"Our strong financial performance in software continued in the second quarter, while our services business performed slightly below our expectations. Achieving our 2024 financial targets remains the key priority while also focusing investment on our software platforms including integrating AI across our portfolio,\" said John Gallagher, Chief Financial Officer. Second Quarter 2024 Results Total revenue for the second quarter of 2024 was $93.3 million, representing year-over-year growth of 3% on a reported basis and constant currency basis. The overall increase in revenue was primarily due to growth in our biosimulation software portfolio. Please see note (1) in the section A Note on Non-GAAP Financial Measu...