Simulations Plus Inc. reported a 108 percent increase in net income and record revenue for its first fiscal quarter, which it partially attributed to its acquisition of Cognigen Corp.
The Lancaster company, which makes software used by researchers in the development of new drugs, reported net income of $1.1 million (7 cents a share) for the first quarter ended Nov. 30, compared with net income of $528,904 (3 cents) for the same quarter a year ago. Revenue increased 18 percent to $4.84 million.
Analysts on average had expected earnings of 6 cents a share on revenue of $4.5 million, according to Thomson Financial.
John DiBella, vice president of marketing, said the number of Simulations Plus software licenses increased 29 percent during the quarter, driven by “robust renewal rates and 23 new organizations, or new departments at existing organizations, now utilizing our technology.”
In September 2014, the company acquired Cognigen Corp., a clinical trial data analysis firm in Buffalo, N.Y.
Shares closed up 55 cents, or 5.3 percent, to $10.94 on the Nasdaq.