Medidata Solutions, Inc. MDSO seems to be on a roll. The global provider of cloud-based solutions for clinical research has been receiving quite a few contracts, which we believe, will bode well for its top line.
Medidata Clinical Cloud was recently picked by Boehringer Ingelheim in order to support more than 10,000 clinical studies, 370,000 investigational sites and over 2.7 million trial volunteers.
Boehringer Ingelheim will incorporate Medidata’s study planning, data management, data analytics and risk-based monitoring (RBM) expertise into various stages of its drug development method.
Last month, Medidata announced that its RBM solution has been chosen by Infinity Pharmaceuticals. The solution will be used in an upcoming Phase III oncology study for patients with indolent non-Hodgkin lymphoma.
Infinity Pharmaceuticals has been utilizing Medidata’s solutions such as Medidata Rave and Medidata Coder since 2005 for its pre-clinical and Phase I-III development programs.
Apart from these, research institutes such as Chonbuk National University Hospital, Walvax Biotechnology, JCR Pharmaceuticals, PROMETRIKA, CTI, Peking University, Cancer Research UK, Childhood Arthritis and Rheumatology Research (CARRA), and TWi Biotechnology have also selected Medidata’s cloud-based solutions in recent times.
These contract wins are expected to help Medidata gain better market traction, and eventually boost revenues.
We note that the growing adoption of products has been a key growth catalyst in the third quarter of 2015. Uptake of products such as CTMS, Balance and RBM Solutions increased 38% on a year-over-year basis in the third quarter. Additionally, Medidata added 51 new clients in the quarter reflecting 24% year-over-year growth. These resulted in a revenue increase of almost 20% to $103.1 million.
Zacks Rank & Stocks to Consider
Currently Medidata has a Zacks Rank #3 (Hold). Better-ranked stocks in the medical sector include Masimo MASI, Steris Plc STE and Abiomed ABMD. While Masimo and Steris sport a Zacks Rank #1 (Strong Buy), Abiomed has a Zacks Rank #2 (Buy).
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