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Thursday, Jun 8, 2023

Simulations Plus Reports Record Quarter

Lancaster software development company Simulations Plus Inc. released preliminary earnings for its fiscal second quarter Wednesday, and the company said it is predicting record revenue. Revenue hit $3.2 million in the quarter ended Feb. 28, an increase of 12 percent over the same period a year earlier. The company also said it expects its 22nd consecutive profitable quarter, though it did not release net income. The company, which designs and licenses software used in pharmaceutical drug research, said 18 percent of revenue came from new licenses and 6.4 percent from consulting studies and collaborations. “New software license sales were strong, and our funded consulting contracts and collaborations have progressed smoothly,” said Chairman and Chief Executive Walt Woltosz in a statement. The company experienced difficulty in its first fiscal quarter, as profits fell 22 percent due to continued restructuring following the 2011 sale of its Words+ subsidiary, which designs communications products for the disabled. Its current focus is on the development of a new software program that will simulate molecules used in malaria treatment drugs. Shares of Simulations Plus were up 10 cents or 2 percent to close at $4.23 on the Nasdaq.

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