Veeva Systems Inc. (NYSE:VEEV) Q2 2020 Earnings Conference Call - Final Transcript
Aug 27, 2019 • 04:30 pm ET
drive efficiency and cost savings as well.
Okay. Great. Thank you guys for taking my questions and congrats again on the quarter.
Your next question comes from Brad Sills with Bank of America Merrill Lynch. Your line is open.
Great. Thanks guys for taking my question. Just one on CDMS obviously you're seeing traction there in the top 20 segment of the market, I know you've been working on features as you're kind of moving up with reference building there. Are there any features in particular you'd point to, to say well now CDMS is ready for these top 20s, and maybe we're hitting a tipping point?
Good question, Brad. This is Peter. In terms of features, you can always add more features, that's for sure. Software is never done, but we're pretty well feature complete now. I would say of course, features need to be rounded out over the years. So what people would look for now it's just proven success and some are going to want to be more early adopter-ish than others. So I think we're in the normal technology adoption lifecycle and this is a critical area for life sciences, so it's not something that they're going to switch out easily right or without thought. So we're doing well in features and in fact in some cases, we're really getting out ahead of things because we're taking a fresh approach and since you asked about a product, I'm going to give you a detailed product answer, because I like that stuff.
When clinical data management started many years ago Electronic Clinical Data Management started it was about collecting data points of the patient. Now as medicines and therapies have been come more complex is becoming more important to collect qualitative medical assessments from physicians from third parties physicians who are assessing the data points, that's been an afterthought in medical device in CDMS systems for many years and because there is no innovation in the market that just persisted now when Veeva comes out, we actually put excellent features in for that. And so in some cases, in some future areas, we're actually taking a fresh approach and leapfrogging the market, and this medical assessments is one of those areas.
That's great. And then one more if I may please just on commercial, you obviously raised the outlook for this year. Where would you point to in particular on the outperformance, it sounds like you've got a new customer win there, but also you're executing well on some of these add on attaches more company-wide, any color you can provide on that please. Thank you.
Yeah, hi, this is Paul. I'll take that one. So the outperformance and commercial is driven by a couple of factors. First, CRM, we are seeing our enterprise customers expand into their regions faster than expected, so that expansion is continuing to happen and we'll continue to see a bit more of that in the enterprise side.