Business
Certara Reports Third Quarter 2022 Financial Results
Biosimulation software and services fuel third quarter growth PRINCETON, N.J., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Certara, Inc. (Nasdaq: CERT), a global leader
About this update from Certara, Inc.
[{"type":"text","content":"Biosimulation software and services fuel third quarter growth\nPRINCETON, N.J., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Certara, Inc. (Nasdaq: CERT), a global leader in biosimulation, today reported its financial results for the third quarter of fiscal year 2022 and reiterated its full year guidance. Third Quarter Highlights: Revenue was $84.7 million, compared to $73.9 million in the third quarter of 2021, representing growth of 15% over the third quarter of 2021 on a reported basis and 18% at constant currency.Net income was $3.9 million, compared to net loss of $1.8 million in the third quarter of 2021, an increase of $5.7 million in income over the third quarter of 2021.Adjusted EBITDA was $32.7 million, compared to $26.1 million in the third quarter of 2021, representing growth of 25% over the third quarter of 2021.Reiterated full year guidance. “Certara delivered another strong quarter with continued strength in biosimulation revenue,” said William F. Feehery, chief executive officer. “We are pleased to reiterate our full year guidance for 2022. Overall, we continue to see industry trends moving in the right direction to drive growth in the adoption of biosimulation globally, and I am confident our ability to deliver on our mission to accelerate medicines to patients.” “We also separately announced today that long-term shareholder Arsenal Investment Partners has signed an agreement to acquire EQT’s remaining 30 million shares in the Company at $15 per share. Arsenal has agreed to a two-year lock-up on transacting in any shares acquired from EQT without the Company’s consent, and will be granted the right to designate up to two board members, subject to certain ownership conditions. We expect the transaction to close in early December following the expiration of the HSR waiting period.” Third Quarter 2022 Results “We finished the third quarter with a healthy balance sheet and operating cash flow growth, which leaves us well positioned to execute our business strategy for the remainder of 2022 and into 2023. We are confident in our ability to execute our 2022 full year guidance,” said Andrew Schemick, chief financial officer. Total revenue for the third quarter of 2022 was $84.7 million, representing growth of 15% over the third quarter of 2021. Excluding $7.7 million revenue from Pinnacle 21, which was acquired in late 2021, reve...