Certara, Inc. [CERT], a leading provider of technology-enabled drug development solutions, has released its financial results for the quarter ended September 30, 2023. The company reported a net loss of $42.9 million for the quarter, compared to a net income of $3.9 million in the same period last year. Quarterly revenue reached $85.6 million, reflecting a steady growth in the company's core business.
Despite the net loss, Certara, Inc. remains focused on driving innovation and delivering value to its clients. The company's operating income for the quarter was negative $52.8 million, primarily due to higher operating expenses. Cost of revenues increased to $35.9 million, while sales and marketing, research and development, and general and administrative expenses also rose. Intangible asset amortization and goodwill impairment charges further impacted the company's financial performance.
On the positive side, Certara, Inc. achieved a revenue growth of 1% year-over-year, with total revenue for the first nine months of 2023 reaching $266.3 million. The company continues to see strong demand for its drug development solutions, driven by an increase in research and development activities in the pharmaceutical industry. Certara, Inc. remains well-positioned to capitalize on this trend and expects to see further revenue growth in the coming quarters.
In terms of financial stability, Certara, Inc. maintains a strong balance sheet. As of September 30, 2023, the company had total assets of $1.5 billion, including cash and cash equivalents of $272.3 million. The company also has long-term assets, such as property and equipment, operating lease right-of-use assets, and goodwill. Certara, Inc.'s total liabilities stood at $475.1 million, including current and long-term liabilities.
Certara, Inc.'s earnings per share (EPS) for the quarter were a loss of $0.31 on both a basic and diluted basis. This represents a significant decrease compared to the same period last year when EPS was $0.03 on a basic basis. The decrease in EPS is primarily attributable to the net loss incurred by the company in the current quarter. Certara, Inc. will continue to focus on improving its financial performance and aims to achieve profitability in the upcoming periods.
Looking ahead, Certara, Inc. remains optimistic about its future prospects. The company's leadership is confident in its ability to drive sustainable revenue growth through its innovative drug development solutions. Certara, Inc. will continue to invest in research and development, as well as sales and marketing initiatives to expand its customer base and enhance its competitive position in the market. Additionally, the company will closely manage its operational expenses to improve its financial performance.
In conclusion, Certara, Inc. reported a net loss of $42.9 million for the quarter but achieved a modest revenue growth. The company remains committed to delivering value to its clients and expects to see continued growth in the coming quarters. With a strong balance sheet and a focus on improving financial performance, Certara, Inc. is well-positioned to capitalize on the increasing demand for its technology-enabled drug development solutions.