Model N cloud services provided a 29% increase in quotations after the report
Model N, Inc. (MODN), a company that develops and sells software for managing finances in the cloud, has released a positive quarterly report for the fiscal year 2022 quarter 3. Was the reason for the growth of MODN quotes by 28.9%, to $ 33.78 at auction on August 10. In the quarter that ended June 30, Model N revenue increased by 10% year-on-year to $56.2 million. Net loss decreased to $6.2 million compared to $7.8 million a year earlier. The loss per share was $0.17. Model N took another vital step towards switching to SaaS for the quarter. Recurring subscription sales have increased by 24%, which will be critical for transitioning to a more profitable sales scheme this year.
The subscription brings the company over 70% of its total revenue. Model N has a large set of tools for the transition to cloud IT and digital transformation of sales, marketing, channels of interaction with customers, financial management, and legal practice. In the spring of 2022, Model N released the Revenue Cloud cloud solution for automating biotech companies’ payments and other business processes. Model N has also updated medical and pharmaceutical companies’ Global Price Management application. Thus, Model N has significantly updated its flagship solutions in the most promising areas.
It should note that the Model N company was one of the first to offer a service to ensure price transparency in such complex industries as medicine. In particular, Revenue Cloud meets the American requirements for transparency of all financial processes in implementing medical and biotechnological research. In particular, Pfizer uses Model N solutions to control costs and prevent costly errors. Two dozen US states have unique laws regulating the transparency of drug prices. Model N solutions are in high demand because of the significant fines that might result from not meeting these criteria.
