Apr 19, 2018 • 08:00 am ET

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Medidata First Quarter 2018 Conference Call and webcast. At this time, all participants are in a listen-only mode. Later, there will be a question-and-answer session and instructions will follow at that time.

(Operator Instructions) As a reminder, this conference call is being recorded.

I would now like to turn the conference over to Betsy Frank, Head of Investor Relations. Ma'am you may begin.

Executive
Betsy Frank

Thank you, Shannon. Good morning, everyone, and thank you for joining Medidata's First Quarter 2018 Earnings Call. I am here today with our Chairman and Chief Executive Officer, Tarek Sherif; our President, Glen de Vries; and our Chief Financial Officer, Rouven Bergmann. We will begin with some prepared remarks, which we have streamlined this quarter in order to ensure plenty of time for an interactive dialogue in the Q&A portion.

But first, I would like to remind you that elements of this discussion are forward-looking and based on our best view of the business as we see it today. I'll refer you to our detailed disclaimer set forth in the press release and our filings with the SEC.

Forward-looking statements are subject to risks that could cause actual results to differ from our expectations. We disclaim any obligation to update or revise these. We will also discuss some non-GAAP financial measures that we think help to explain our underlying performance. Today's press release provides a reconciliation of US GAAP to these measures.

And with that, I will turn the call over to Tarek.

Executive
Tarek Sherif

Thanks, Betsy, and thank you all for joining us on today's call. We had a good start to the year, setting a solid foundation for 2018. We're pleased with our execution across the Company, including product development, sales, marketing and services. As our customers plan for the future, our platform is increasingly a part of their strategy for developing their highest priority therapies and improving returns.

Momentum in platform adoption reflects strength in our core Rave product and growing adoption of our newer solutions. We're deepening our relationships as a strategic partner and our renewal performance demonstrates that. Revenue growth was at a healthy 17%, while profitability growth was driven by expanded operating leverage, and we continue to invest in our highest growth initiative, most notably data and analytics.

I'll let Rouven provide more color on our financials shortly. Now, let me give you an update on our business. We are seeing accelerating adoption in several of our newer-to-market solutions. Across our customer base, of more than 1,000 customers we are gaining momentum in areas like payments, eTMF, imaging and mHealth.

Let me highlight a few of these for you. In payments, over the past three quarters, we more than doubled our customer base, including adding two significant enterprise agreements in this quarter. The first is notable for its scale and with one of our largest and most strategic customers; and the second is our largest payments deal in EMEA, highlighting our global reach.

In eTMF,