Business
Certara Reports Third Quarter 2021 Financial Results
Raises full year 2021 guidance, reflecting strong revenue growth and the acquisition of Pinnacle 21 PRINCETON, N.J., Nov. 09, 2021 (GLOBE NEWSWIRE) --
About this update from Certara, Inc.
[{"type":"text","content":"Raises full year 2021 guidance, reflecting strong revenue growth and the acquisition of Pinnacle 21\nPRINCETON, N.J., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Certara, Inc. (Nasdaq: CERT), a global leader in biosimulation, today reported its financial results for the third quarter of fiscal year 2021. Highlights: Revenue was $73.9 million, compared to $60.3 million in the third quarter of 2020, representing growth of 23% over the third quarter of 2020. Net loss was $1.8 million, compared to net income of $1.2 million in the third quarter of 2020, representing a decrease of $3.0 million over the third quarter of 2020. Adjusted EBITDA was $26.1 million, compared to $20.5 million in the third quarter of 2020, representing growth of 28% over the third quarter of 2020. Completed the acquisition of Pinnacle 21, LLC (“Pinnacle”) on October 1, 2021, for total consideration of $250 million cash and 2,239,717 shares of restricted common stock of the Company. Raised 2021 guidance to between $288 million and $291 million of GAAP revenue, $292 million and $295 million of adjusted revenue, $106 million and $108 million of adjusted EBITDA and $0.22 and $0.26 of adjusted diluted earnings per share. “Certara’s strong third quarter results reflect ongoing global demand for our software and solutions and solid execution by our team. To that end, we achieved double-digit growth in all regions, with a record number of new customers,” said William F. Feehery, chief executive officer. “We also closed the Pinnacle 21 acquisition, and the integration is going smoothly. Our financial and operational performance gives us continued confidence in our growth momentum heading into year-end.” Third Quarter 2021 Results “Following the successful primary offering in September, which raised $133 million for the company, Certara remains well capitalized. We are focused on investing to support organic mid-teens revenue growth while evaluating acquisition opportunities that meet our strategic and financial criteria,” said Andrew Schemick, chief financial officer. Total revenue for the third quarter of 2021 was $73.9 million, representing growth of 23% over the third quarter of 2020. The revenue growth was driven by both technology-driven services and software licenses and subscriptions. Total cost of revenue for the third quarter of 2021 was $28.8 million, an increase from...