Page 1

EX - 99.1 2 modnq321ex991.htm EX - 99.1 MODEL N ANNOUNCES THIRD QUARTER FISCAL YEAR 2021 FINANCIAL RESULTS Surpasses $ 50 Million of Quarterly Total Revenue Milestone - SAN MATEO , Calif . – August 9 , 2021 - Model N , Inc. ( NYSE : MODN ) , the leader in cloud revenue management solutions , today announced financial results for the third quarter of fiscal year 2021 ended June 30 , 2021 . ● " Our results for the third quarter outperformed across the board , with total revenue , subscription revenue , professional services revenue , and adjusted EBITDA all exceeding expectations . These results clearly demonstrate the success of our strategic focus on the Life Sciences and High Tech verticals and our customers ' need for our mission - critical products . The strategic decisions that we have made over the last three years resulted in achieving the milestone of surpassing $ 50 million in quarterly total revenue , " said Jason Blessing , president and chief executive officer of Model N. " Our focus on our go - to - market programs and customer success , including SaaS transitions , new logos , and professional services , all meaningfully contributed to our third quarter financial results . As a result of our solid execution , we are raising our full year outlook on both the top and bottom line . " Recent Highlights Strong performance in Life Sciences Vertical Powered by the Addition of New Customers and SaaS Transition Commitments - Model N continued to bolster its stronghold in the Life Sciences vertical , adding both new customers and securing additional commitments for SaaS transitions . During the quarter , the Company signed agreements with new customers Viatris , Mayne Pharma and MorphoSys . Also in the quarter , three long - time Model N customers committed to SaaS transitions , including Grifols , a global healthcare company and industry leader in producing plasma - derived medicines and transfusion medicine , as well as Akorn , a leading specialty pharmaceutical company , deepening their relationships with the Company and continuing Model N's success in moving its customers to its cloud platform . Exhibit 99.1 High Tech Vertical Adds New Customers and Transitions Long - Time Customer to Model N Revenue Cloud - In the third quarter , the Company demonstrated growing momentum in the High Tech vertical . California Eastern Labs , a twenty - year Model N customer , agreed to transition to Model N Revenue Cloud for High Tech to take advantage of enhanced Deal Management and Channel Management capabilities . Also during the quarter , Model N added two new High Tech customers , including Creston , a $ 2 billion workplace technologies manufacturer . Model N Professional Services Delivers on the Model N Value Proposition for a Record Number of Customers - The Model N Professional Services team continued its track record of successful implementations , going live with a record number of projects this quarter . As customer demand for quicker time to value increases , the Professional Services team continues to consistently deliver projects on - time and on - budget . While working remotely , recent project go - lives have successfully been completed across the globe . New Deal Management for Life Sciences Product Solves Customers ' Real - World Challenges – During the quarter , Model N released a new solution that supports customers ' sales processes by addressing critically important pricing pressures and streamlining their order - to - cash processes . Utilizing quoting and pre - deal analysis , the product solves real - world problems that slow contracting processes and allow for pricing discrepancies . By streamlining the sales process , customers benefit from increased efficiency between field sales and operations , leading to improved customer relationships and increased sales velocity . Third Quarter 2021 Financial Highlights Revenues : Total revenues were $ 51.0 million , an increase of 24 % from the third quarter of fiscal year 2020. Subscription revenues were $ 36.9 million , an increase of 26 % from the third quarter of fiscal year 2020. Business Services , which we acquired from Deloitte , contributed $ 6.0 million in total revenues for the third quarter of fiscal year 2021 . 1