Austin, TX 3/6/12 (StreetBeat) – Medidata Solutions (Nasdaq: MDSO), a provider of software to drug makers for clinical analysis, raised its full-year revenue forecast on higher demand for its professional services.Shares of the company, which posted fourth-quarter earnings in line with analysts' estimates, jumped 18 percent to an eight-month high of $24.50 in early trade on the Nasdaq.
Medidata now expects full-year revenue to grow in the mid- to high-teens, or to $210 million to $215 million, compared with the low- to mid-teens forecast last quarter.
"We expect professional services revenues to be in the low- to mid-$40 millions as demand for professional services have ticked up somewhat versus our historic trend," Chief Financial Officer Cory Douglas said on a call with analysts.
The company's products include hosted software for administering and managing clinical trials, electronic data capture applications and study management applications.
For the first quarter, the company sees revenue between $48.5 million and $49.5 million, above analysts' estimates of $47.9 million, according to Thomson Reuters I/B/E/S.
For the fourth quarter, Medidata's net income rose to $18.7 million, or 76 cents per share, from $13.3 million, or 55 cents per share, a year ago.
Excluding items, the company earned 37 cents per share.
Revenue for the quarter dropped slightly to $47.2 million.
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