Medidata Solutions Inc., which makes software and services for clinical development of drugs and medical devices, said Friday that its first-quarter profit grew 10 percent as application service revenue rose.
The company said its profit rose to $1.9 million from $1.7 million.
Medidata, which completed its initial public offering in June, had an average of 23.6 million shares on the market during the first quarter, compared with 17.4 million a year earlier. On a per-share basis, its profit fell to 8 cents from 10 cents.
Medidata's revenue rose 12 percent to $37.6 million from $33.6 million.
Application service revenue grew 26 percent to $29.7 million, and professional service revenue fell 20 percent to $7.9 million, the company said.
Medidata shares were unchanged at $15.26 in aftermarket trading.