Simulations Plus Reports First Quarter FY2018 Financial Results

Keywords: financial results, gross profit, net revenues
Division: Simulations Plus

Simulations Plus, Inc. (NASDAQ: SLP), the premier provider of simulation and modeling software and consulting services for all stages of pharmaceutical discovery and development from the earliest discovery through all phases of clinical trials, today reported financial results for its first quarter of fiscal year 2018, the period ended November 30, 2017 (1QFY18).

1QFY18 highlights compared with 1QFY17:

  • Net revenues increased 30.5%, or $1.7 million, to a new first quarter record $7.1 million vs. $5.4 million
  • Gross profit increased 30.6%, or $1.3 million, to $5.3 million from $4.1 million
  • SG&A was $2.4 million, an increase of 29.2%, or $545,000, from $1.9 million
  • SG&A as a percentage of revenues decreased slightly to 34.1% from 34.4%
  • Income before taxes increased $550,000, or 27.9%, to $2.5 million from $2.0 million
  • Net income increased $354,000, or 26.0%, to $1.7 million from $1.4 million
  • Diluted earnings per share increased 22.8%, or $0.02, to $0.10 from $0.08 per share

John Kneisel, chief financial officer of Simulations Plus, said, “Revenue growth in our core divisions in Lancaster and Buffalo coupled with the new revenues and profits from DILIsym Services acquired in the last quarter of our prior fiscal year produced a 26% growth in net income and a two-cent growth in EPS, resulting in a strong start to the new fiscal year.”

Walt Woltosz, chairman and chief executive officer of Simulations Plus, added, “We’re very pleased to report these first quarter results for fiscal year 2018, which begins the first full fiscal year after our acquisition of DILIsym Services, Inc., in June of last year. This is yet another record quarter, setting an all-time record for revenues for any quarter at over $7 million, and record high earnings for a first fiscal quarter. We continue to push forward the cutting edge of simulation and modeling for pharmaceutical research, and it is clear that the industry continues to adopt simulation and modeling tools at a steady pace in its effort to increase productivity and decrease overall costs of bringing new medicines to market for all of us.”

For complete balance sheets, click here.