SciQuest, the Cary company that helps drug makers, universities and others buy goods more cheaply online, reported stronger quarterly sales.
The company held an initial public offering of stock in September, and remains the only Triangle technology company to make a successful Wall Street debut during the recent stock-market rally.
SciQuest ended the year with 195 customers, up from 156 at the end of 2009. One addition was the State University of New York at Stony Brook, one of the largest ever for SciQuest. CEO Stephen Wiehe expects that winning that school will help SciQuest win others in the state of New York system.
"SciQuest ended 2010 on a high note," Wiehe told analysts on a conference call. "We believe we are entering 2011 in a very strong position to continue our profitable growth."
For the fourth quarter, SciQuest sold $11 million worth of e-procurement software and services, up 13 percent from the same period a year earlier.
Net income was $1.3 million, or 6 cents a share. That was a bit less than the previous year, but exceeded Wall Street analysts' expectations.
SciQuest saw higher expenses as it added employees and had additional costs related to being a publicly traded company.
The company released its earnings after the close of regular stock market trading.
SciQuest shares fell 5 cents today to close at $13.80. The shares began trading in September at $9.50 each.
It was actually the second IPO for SciQuest. The company went public during the dot-com boom but was taken private a few years later.
For the full year, SciQuest expects revenue of $53.5 million to $54.5 million. SciQuest reported 2010 revenue of $42.5 million.
This year's revenue will include up to $5 million from AECsoft, a Houston, Texas-based company that SciQuest bought in December.
That deal added about 30 employees. SciQuest now employs about 220 people and continues to hire.