Medidata was founded in 1999 and is headquartered in New York, US

Medidata has offices in New York, Woodbridge Township, Conshohocken, Houston and in 6 other locations

New York, US (HQ)

350 Hudson St

London, GB

Hammersmith Flyover

Singapore, SG

8 Jurong Town Hall Rd

Beijing, CN

Room 21, 5th Floor, China Life Tower 16 Chaoyangmen Wai Da

Chiyoda-ku, JP

MARUNOUCHI TRUST TOWER NORTH

San Francisco, US

343 Sansome St

Medidata's revenue was reported to be $126.8 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 126.8 m |

## Gross profit (Q1, 2017) | 126.8 m |

## Gross profit margin (Q1, 2017), % | 100% |

## Net income (Q1, 2017) | 9.5 m |

## EBIT (Q1, 2017) | 12.2 m |

## Market capitalization (15-Aug-2017) | 4.4 b |

## Cash (31-Mar-2017) | 90.4 m |

Medidata's current market capitalization is $4.4 b.

- Source: SEC Filings

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 276.8 m | 335.1 m | 392.5 m | 463.4 m |

## Revenue growth, % | 21% | 17% | 18% | |

## Cost of goods sold | 69.9 m | 84.9 m | 89.8 m | 112.6 m |

## Gross profit | 206.9 m | 250.2 m | 302.7 m | 350.8 m |

## Gross profit Margin, % | 75% | 75% | 77% | 76% |

## Sales and marketing expense | 66.3 m | 83.4 m | 103.2 m | 109.3 m |

## R&D expense | 51.2 m | 71.8 m | 92.3 m | 112.6 m |

## General and administrative expense | 65.5 m | 69.1 m | 78 m | 78.7 m |

## Operating expense total | 183.1 m | 230.1 m | 273.5 m | 300.6 m |

## EBIT | 23.9 m | 20.1 m | 29.2 m | 50.2 m |

## EBIT margin, % | 9% | 6% | 7% | 11% |

## Interest expense | 5.9 m | 15.4 m | 16.2 m | 17.3 m |

## Interest income | 555 k | 1.8 m | 2.8 m | 4.4 m |

## Pre tax profit | 18.4 m | 6.5 m | 15.8 m | 37.3 m |

## Income tax expense | 1.7 m | 422 k | 2.6 m | 8.3 m |

## Net Income | 16.7 m | 6.1 m | 13.2 m | 29 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 83.2 m | 86 m | 92.4 m | 98.1 m | 103.1 m | 104.2 m | 114.6 m | 120.1 m | 126.8 m |

## Cost of goods sold | 21 m | 21 m | 22.2 m | ||||||

## Gross profit | 62.2 m | 65 m | 70.3 m | 98.1 m | 103.1 m | 104.2 m | 114.6 m | 120.1 m | 126.8 m |

## Gross profit Margin, % | 75% | 76% | 76% | 100% | 100% | 100% | 100% | 100% | 100% |

## Sales and marketing expense | 20.4 m | 21 m | 24.3 m | ||||||

## R&D expense | 17.3 m | 17.7 m | 21.9 m | 22.5 m | 24.2 m | 28.2 m | 28.3 m | 28 m | 29.9 m |

## General and administrative expense | 17.4 m | 17.9 m | 20.6 m | 21.9 m | 19.1 m | 19.2 m | 18.5 m | 20.1 m | 24 m |

## Operating expense total | 55.1 m | 56.5 m | 66.8 m | 44.5 m | 43.3 m | 47.5 m | 46.8 m | 48.1 m | 53.9 m |

## EBIT | 7.1 m | 3.6 m | 3.5 m | 5 m | 11.1 m | 6.6 m | 11.1 m | 14.9 m | 12.2 m |

## EBIT margin, % | 9% | 4% | 4% | 5% | 11% | 6% | 10% | 12% | 10% |

## Interest expense | (3.8 m) | (3.8 m) | (4 m) | (4 m) | (4 m) | (4.1 m) | (4.2 m) | (4.2 m) | (4.3 m) |

## Interest income | 420 k | 465 k | 534 k | 612 k | 739 k | 872 k | 932 k | 1 m | 1.2 m |

## Pre tax profit | 3.7 m | 191 k | 8 k | 1.6 m | 7.8 m | 3.4 m | 7.9 m | 11.7 m | 9 m |

## Income tax expense | 1.4 m | 30 k | (149 k) | 55 k | 3.1 m | (2.5 m) | 3 m | 4.3 m | (501 k) |

## Net Income | 2.3 m | 161 k | 157 k | 1.5 m | 4.7 m | 5.8 m | 4.9 m | 7.4 m | 9.5 m |

- Source: SEC Filings

USD | Y, 2009^{} | Y, 2010^{} | Y, 2011^{} | Y, 2012^{} | Y, 2013^{} | Y, 2014^{} | Y, 2015^{} | FY, 2016^{} |
---|---|---|---|---|---|---|---|---|

## Cash | 39.4 m | 16 m | 45.2 m | 32.7 m | 22.3 m | 39.5 m | 49.6 m | 93.5 m |

## Accounts Receivable | 128.5 m | |||||||

## Inventories | 13.5 m | 13.7 m | 21.2 m | 20.4 m | ||||

## Current Assets | 304.5 m | 357.9 m | 383.2 m | 518.8 m | ||||

## Goodwill | 15.5 m | 19 m | 18.8 m | 30.8 m | ||||

## Total Assets | 573.4 m | 622.2 m | 687.5 m | 817.9 m | ||||

## Accounts Payable | 7.5 m | 3.7 m | 6.3 m | 6.2 m | ||||

## Current Liabilities | 100.2 m | 94.8 m | 121.1 m | 132.3 m | ||||

## Non-Current Liabilities | 247.4 m | 262.7 m | 282.2 m | 283.6 m | ||||

## Total Liabilities | 347.5 m | 357.5 m | 403.3 m | 415.9 m | ||||

## Common Stock | 594 k | 614 k | ||||||

## Additional Paid-in Capital | 248.3 m | 301.5 m | 365 m | 418.5 m | ||||

## Retained Earnings | 3.5 m | 9.6 m | 22.8 m | 102.4 m | ||||

## Total Equity | 225.8 m | 264.7 m | 284.2 m | 402 m | ||||

## Financial Leverage | 2.5 x | 2.4 x | 2.4 x | 2 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 35.2 m | 26.7 m | 71.5 m | 43.4 m | 63.2 m | 87.7 m | 64.3 m | 65.2 m | 90.4 m |

## Current Assets | 298.8 m | 328.3 m | 394.9 m | 381.6 m | 393.4 m | 423.2 m | 429 m | 470.2 m | 494.5 m |

## Goodwill | 15.7 m | 15.4 m | 18.8 m | 19.1 m | 18.9 m | 18.7 m | 30.3 m | 30.2 m | 39.1 m |

## Total Assets | 571.2 m | 587.3 m | 644.1 m | 672.3 m | 683.8 m | 673.9 m | 712 m | 785.8 m | 827.4 m |

## Accounts Payable | 5.3 m | 3.7 m | 6.3 m | 2.8 m | 2.3 m | 1.9 m | 1.4 m | 1.2 m | 6.7 m |

## Current Liabilities | 83.5 m | 83 m | 107.3 m | 114.9 m | 104.5 m | 100.2 m | 114.5 m | 123.6 m | 126.7 m |

## Non-Current Liabilities | 253.5 m | 255.1 m | 265.4 m | 269 m | 277.2 m | 279.3 m | 282.9 m | 283.1 m | 289.4 m |

## Common Stock | 606 k | 610 k | 612 k | 622 k | |||||

## Additional Paid-in Capital | 273.7 m | 290 m | 317 m | 339.4 m | 350.1 m | 376.7 m | 395.8 m | 403.8 m | 431.5 m |

## Retained Earnings | 4 m | 4.2 m | 9.8 m | 11.3 m | 16 m | 28.6 m | 33.6 m | 91.5 m | 111.9 m |

## Total Equity | 234.2 m | 249.1 m | 271.4 m | 288.5 m | 302.2 m | 294.4 m | 314.7 m | 379.1 m | 411.4 m |

## Financial Leverage | 2.4 x | 2.4 x | 2.4 x | 2.3 x | 2.3 x | 2.3 x | 2.3 x | 2.1 x | 2 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 16.7 m | 6.1 m | 13.2 m | 29 m |

## Depreciation and Amortization | 6.9 m | 10.4 m | 10.8 m | 15.3 m |

## Accounts Receivable | 1.2 m | (31 m) | (35 m) | (25.2 m) |

## Inventories | 2.1 m | (611 k) | (9.1 m) | 185 k |

## Accounts Payable | (457 k) | 1.3 m | (502 k) | 2.8 m |

## Cash From Operating Activities | 69.6 m | 61.6 m | 87 m | 88.8 m |

## Cash From Investing Activities | (362.7 m) | (30.4 m) | (37.5 m) | (41.3 m) |

## Cash From Financing Activities | 282.8 m | (13.9 m) | (39.4 m) | (3.3 m) |

## Interest Paid | 27 k | 2.8 m | 2.9 m | 2.9 m |

## Income Taxes Paid | 1.4 m | 485 k | 1.3 m | 2.1 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 2.3 m | 161 k | 157 k | 1.5 m | 4.7 m | 5.8 m | 4.9 m | 7.4 m | 9.5 m |

## Accounts Payable | 5.3 m | 3.7 m | 6.3 m | 2.8 m | 2.3 m | 1.9 m | 1.4 m | 1.2 m | 6.7 m |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 89.1 k |

## Financial Leverage | 2 x |

Medidata's Customers was reported to be 849 in FY, 2016, which is a 39% increase from the previous period

- Source: Company Filings