Veeva Systems' (VEEV) Vault EDC Witnesses Increasing Adoption
Veeva Systems Inc. VEEV recently announced that Veeva Vault EDC has powered more than 1,000 study starts. Per management, this reflects increased adoption of Vault EDC, which is enabling companies to establish a foundation for modern electronic data capture (EDC). This includes eight biopharmas and two contract research organizations (CROs) standardizing on Vault EDC.
Vault EDC, a part of Veeva Vault Clinical Data Management, brings together EDC and Veeva Clinical Database for next-generation clinical data management.
The latest announcement of Veeva Vault EDC powering a significant number of study starts is likely to provide a boost to the Veeva Vault Clinical Data Management business.
Significance of the Adoption
Management believes that the increased adoption of Vault EDC underscores the ongoing shift to advanced clinical data management. Per the company, a renowned biopharma recently migrated 25 studies, while more organizations are switching to Vault EDC for greater efficiency and speed.
Per management, Veeva Vault EDC will likely simplify complex data management for faster study builds and streamlined processes. This has already enabled research sites, sponsors and CROs to reduce effort by half (50%) and execute significantly faster (50%) with Vault EDC.
Per PT&R’s management, Veeva Vault EDC delivers a better user experience for sites, streamlining critical processes so that patient care can be focused on. Management also commented that with Vault EDC, sponsors can generate documents upon closing the trial and seamlessly share with site staff to accept and acknowledge, thus accelerating study close-out.
Industry Prospects
Per a report by Introspective Market Research, the global clinical data management system market is expected to grow from $2.3 billion in 2022 to $5.42 billion by 2030 at a CAGR of 11.3%. Factors like the rising number of clinical trials and the integration with other healthcare technologies are expected to drive the market.
Given the market potential, the latest product adoption is expected to boost Veeva Systems’ business globally.
Notable Developments
Last month, Veeva Systems announced its fourth-quarter fiscal 2024 results, wherein it registered an uptick in the overall top line and adjusted earnings per share. Robust performances by both segments were also seen.
The same month, Veeva Systems announced that Boehringer Ingelheim selected Veeva Vault Clinical and Veeva Vault RIM applications as its technology foundation for clinical and regulatory management in its animal health business unit.
Price Performance
Shares of the company have gained 29.2% in the past year compared with the industry’s 66.4% rise and the S&P 500's 31.4% growth.
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Zacks Rank & Other Key Picks
Currently, Veeva Systems sports a Zacks Rank #1 (Strong Buy).
A few other top-ranked stocks in the broader medical space are DaVita Inc. DVA, Cardinal Health, Inc. CAH and Cencora, Inc. COR.
DaVita, flaunting a Zacks Rank #1 at present, has an estimated long-term growth rate of 12.1%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 35.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have gained 74.7% compared with the industry’s 21.8% rise in the past year.
Cardinal Health, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 14.2%. CAH’s earnings surpassed estimates in each of the trailing four quarters, with the average being 15.6%.
Cardinal Health has gained 55.8% compared with the industry’s 15.2% rise in the past year.
Cencora, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 9.8%. COR’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 6.7%.
Cencora’s shares have rallied 54.5% compared with the industry’s 5.2% rise in the past year.
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