Medidata Solutions , a provider of software to drug makers for clinical analysis, posted better-than-expected quarterly results helped by strong demand for its application services and margin expansion.
During the third quarter, the company added 33 new customers, including 18 from Clinical Force, a clinical trial management systems firm Medidata bought in June.
Third-quarter earnings rose to $7.5 million, or 31 cents a share, from $4.7 million, or 20 cents a share, a year ago.
Excluding special items, it earned 42 cents a share.
Revenue grew 13 percent to $46.3 million.
Analysts on average were looking for earnings of 35 cents a share, on sales of $45.5 million, according to Thomson Reuters I/B/E/S.
Medidata, whose products include hosted software for administering and managing clinical trials, electronic data capture applications and study management applications, expects fourth-quarter revenue of $46-$47.5 million.
Analysts were expecting revenue of $48.7 million.
Medidata shares, which have risen 13 percent over the last one month, closed at $18.01 on Monday on Nasdaq.