The Lancaster-based company, which makes a platform used by the pharmaceutical industry for drug research and development, reported late Monday adjusted net income of $2.19 million (11 cents a share) for the fiscal fourth quarter, compared to adjusted net income of $2.06 million (11 cents) for the same quarter a year ago. Revenue increased 18.9 percent year over year to $9.5 million.
Analysts had expected earnings of 9 cents a share on revenue of $9.4 million, according to Yahoo Finance.
For the full fiscal year, revenue increased 22 percent to $41.6 million with net income of $9.3 million, or 50 cents a share.
Shawn O’Connor, chief executive of Simulations Plus, pointed to the acquisition of French company Lixoft in April, and a registered public offering of 2.1 million shares four months later, as catalysts for the company’s performance.
“We made a significant acquisition to expand our software business and grow our European presence. And we completed a strategic offering, giving the company resources and scale to pursue additional acquisitions to further bolster our growth rates and broaden the value we can deliver to our clients,” O’Connor said in a statement. “This was achieved despite the disruption to our marketplace that came with the COVID pandemic.”
The company announced fourth quarter results after trading hours on Monday. Shares of Simulations Plus (SLP) closed Tuesday down $5.61, or more than 8 percent, to $62.36 on the Nasdaq.