Veeva Systems Inc. VEEV recently announced the newest release of Veeva Site Connect. The release adds powerful new capabilities and a streamlined site-centric experience to simplify and standardize sponsor-site collaboration, thus taking a major step forward for clinical trial execution.
Per management, sponsors would be able to reduce the time and effort of site start-up, study conduct and closeout for higher-quality trials at a significantly lower cost with Veeva Site Connect.
Following the release announcement on Sept. 5, Veeva Systems’ shares have gained 0.3% till the last trading.
The latest release of Veeva Site Connect, part of the Veeva Clinical Platform, is likely to provide a boost to the Veeva Development Cloud business.
Significance of the Latest Release by VEEV
Per Veeva Systems, the new capabilities and simple, standard site experience will likely reduce trial time and expense.
A clinical operations expert believes that by standardizing how information is shared across all sites in one application with Veeva Site Connect, the aim to save time and effort that can be focused on treating patients can be achieved. The less time spent on doing administrative work in systems, the more time can likely be available to execute trials and help patients, feels another personnel familiar with the process.
Industry Prospects for Veeva Systems
Per a report by Introspective Market Research, the global clinical data management system market is expected to grow from $2.3 billion in 2022 to $5.42 billion by 2030 at a CAGR of 11.3%. Factors like the rising number of clinical trials and the integration with other healthcare technologies are expected to drive the market.
Given the market potential, the latest release of features is expected to boost Veeva Systems’ business globally.
Notable Developments in VEEV’s Development Cloud
Last month, Veeva Systems announced its second-quarter fiscal 2025 results, wherein it registered a robust uptick in its overall revenues. During the quarter, the company continued to witness broad-based adoption across the Veeva Development Cloud. The company also saw the selection of Veeva CDB, or Veeva Clinical Database, along with Vault EDC by seven biopharmas.
The same month, Veeva Systems announced the Veeva Vault CRM Service Center for inside sales, contact centers, and hybrid reps.
Veeva Systems’ Share Price Performance
Shares of the company have lost 3.1% in the past year against the industry’s 22.8% rise and the S&P 500's 19.9% growth.
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VEEV’s Zacks Rank & Key Picks
Currently, Veeva Systems carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. DVA, Quest Diagnostics Incorporated DGX and Boston Scientific Corporation BSX.
DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 17.5%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 24.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DaVita’s shares have gained 56.1% compared with the industry’s 26.4% rise in the past year.
Quest Diagnostics, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 6.2%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average being 3.3%.
Quest Diagnostics has gained 22.4% compared with the industry’s 26.4% rise in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.6%. BSX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 7.2%.
Boston Scientific’s shares have rallied 50.3% compared with the industry’s 15.6% rise in the past year.
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