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Medidata tops 3Q profit forecasts

NEW YORK (AP) _ Medidata Solutions Inc. (MDSO) on Thursday reported third-quarter profit of $12.8 million.

The New York-based company said it had profit of 21 cents per share. Earnings, adjusted for one-time gains and costs, came to 33 cents per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.

The research software maker posted revenue of $140.1 million in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $141 million.

Medidata expects full-year revenue in the range of $538 million to $562 million.

Medidata shares have climbed 64 percent since the beginning of the year. The stock has risen 64 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MDSO at https://www.zacks.com/ap/MDSO