SciQuest reports wider loss in third quarter after acquisitions

Posted by David Bracken on November 5, 2013 

SciQuest reported late Tuesday a wider net loss in the third quarter, which the company attributed largely to recent acquisitions.

On a GAAP basis, SciQuest reported a net loss of $2.4 million, compared with a loss of $700,000 during the same period last year. GAAP revenues were $22.5 million, compared with $17.5 million in the third quarter of 2012. GAAP refers to generally accepted accounting principles.

On a non-GAAP basis, the Cary company had revenue of $23.5 million, up 33 percent from the same period a year ago. Net income was $2.2 million, up from $1.4 million in the same period last year. Net income per diluted share was 9 cents, compared with 6 cents per share during the same period last year.

That equaled the consensus of Wall Street analysts, which forecast adjusted earnings per share of 8 cents and adjusted net income of $2 million.

“The third quarter was characterized by good execution, strong results and advancement of our strategic priorities,” CEO Stephen Wiehe said in a statement.

SciQuest shares closed Wednesday at $24.50, up $2.36.

SciQuest’s technology allows customers to more efficiently buy goods and services online. The company’s shares tumbled 16 percent in a single day in September after the company lowered revenue and cash-flow projections for the second half of the year.

Wiehe said Tuesday that the company’s acquisition in September of CombineNet, a Pittsburgh-based software company, was expected to boost fourth quarter results.

For the year, SciQuest expects non-GAAP revenues to be between $92.1 million and $92.4 million.

Staff writer David Bracken

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