Q2 2024 Certara Inc Earnings Call Transcript
Key Points
- Certara Inc (CERT) reported a 3% year-over-year increase in total revenue for Q2 2024, reaching $93.3 million.
- The software segment saw a robust 13% growth, driven by biosimulation software and Pinnacle 21.
- Certara Inc (CERT) achieved a 15% year-over-year growth in total bookings, amounting to $98.9 million.
- The company successfully launched new software products, including the 23rd version of Simcyp and the CoAuthor regulatory writing software.
- Certara Inc (CERT) announced the acquisition of Chemaxon, expected to enhance its biosimulation capabilities in the drug discovery phase.
- Services revenue declined by 3% year-over-year, reflecting cautious spending among Tier 1 customers.
- Adjusted EBITDA for Q2 2024 decreased to $26.3 million from $32.4 million in the same period last year.
- The company reported a net loss of $12.6 million for Q2 2024, compared to a net income of $44.7 million in Q2 2023.
- Certara Inc (CERT) is tracking towards the lower half of its full-year revenue guidance range due to underperformance in Tier 1 services customers.
- Operating expenses increased significantly to $62.5 million in Q2 2024, up from $41.2 million in Q2 2023, driven by higher employee-related expenses and stock-based compensation.
Good day, and thank you for standing by, and welcome to the Certara second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, David Deuchler, Head of Investor Relations. Go ahead.
Good afternoon, everyone. Thank you all for participating in today's conference call. On the call from Certara, we have William Feehery, Chief Executive Officer; John Gallagher, Chief Financial Officer. Earlier today, Certara released its financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website.
Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements, and actual results may differ materially from those expressed or implied in the forward-looking statements. Please refer to slide 2 in the accompanying materials for additional
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