Drug modeling software company Simulations Plus Inc. beat analyst estimates for its second fiscal quarter, with net income increasing a whopping 49 percent.
The Lancaster-based company, which makes a platform used by the pharmaceutical industry for drug research and development, reported an adjusted net income of $3.2 million (15 cents a share) for the quarter ended Feb. 28, compared to adjusted net income of $2.15 million (12 cents) for the same quarter a year ago. Revenue increased 27 percent year over year to $13.1 million.
Analysts had expected earnings of 14 cents a share on revenue of $12.9 million, according to Zacks Consensus Estimate.
“While we expect growth to normalize in the second half of our fiscal year, and are maintaining our full-year growth targets of 15 to 20 percent, this first-half performance underscores the strength and diversification of our business model,” Shawn O’Connor, chief executive at Simulations Plus, said during a conference call on Monday.
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