SciQuest shares rose more than 5 percent Friday after the Morrisville software company reported fourth quarter earnings late Thursday that beat Wall Street estimates.
The company reported revenues of $25.6 million for the quarter, down less than 1 percent from the same period in 2013. The consensus among analysts who cover the company was $25.5 million, according to Bloomberg.
SciQuest reported net income of $200,000 for the quarter, compared to a loss of $1 million in the fourth quarter of 2013. Analysts had forecast a small net loss for the quarter.
SciQuest's procurement technology allows customers to more efficiently buy goods and services online. Its customers include casinos, universities, drug makers and governments.
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The company added 17 new customers during the quarter.
“We also generated a significant number of smaller deals, helping us reduce our reliance on large transactions whose timing can be difficult to predict,” CEO Stephen Wiehe said in a statement.
Investors have punished SciQuest’s stock in recent months, expressing frustration with company executives about the volatility of its quarterly earnings. The company has hired a new sales team within the past 12 months to help improve its ability to land new business.
For the full year, SciQuest reported revenue of 101.9 million, compared to $90.2 million in 2013. The company reported a net loss of $700,000 for the year, compared a loss of $5.1 million in 2013.
SciQuest shares closed Friday at $15.74, up 79 cents. The stock is down 38 percent over the past year.