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.
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.