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Model N introduces a new rebate enhancement to help pharma manufacturers comply with the Inflation Reduction Act. The enhancement ensures compliance with impending IRA regulations and prevents revenue loss. Model N's latest product innovation addresses the market's need for calculating and processing Medicare Part D inflation rebates, important for pharma executives preparing for revenue impacts from the IRA.
Model N, Inc. (NYSE: MODN) announced its financial results for the second quarter of fiscal year 2024, showing positive revenue growth. Total revenues reached $65.1 million, a 4% increase from the same quarter last year. Subscription revenues were $49.2 million, up by 9%. The company reported a gross profit of $37.2 million, a 6% increase, with a gross margin of 57%. Non-GAAP gross profit was $39.8 million, up by 5%. The company reported a GAAP loss from operations of $2.6 million and a net loss of $1.4 million. Non-GAAP net income was $9.4 million, a 38% increase. Adjusted EBITDA was $10.9 million, up by 18%. SaaS ARR grew by 11% year-over-year, reaching $139.1 million. Total RPO balance was $367.9 million, up by 9% year-over-year. The company's acquisition by Vista Equity Partners was announced, leading to the suspension of financial guidance for the third quarter and full fiscal year 2024.
Model N, Inc. (NYSE: MODN) to announce Q2 fiscal year 2024 financial results on May 6, 2024, without a conference call due to pending acquisition by Vista Equity Partners. Model N specializes in revenue optimization and compliance for industries like pharmaceutical, medtech, and high-tech. The company offers an integrated platform for pricing, incentive, and contract automation, trusted by industry giants globally.