SciQuest reported first quarter earnings late Thursday that narrowly beat Wall Street estimates.
The Cary company had revenues of $14.4 million in the quarter, up 15 percent from the first quarter of 2011 and slightly above the $14.3 million analysts anticipated.
Net income was $1.1 million, or 5 cents per share, compared to 6 cents per share in the same period in 2011.
SciQuest's technology allows customers to buy goods and services more efficiently online. Its customers include casinos, universities and drug makers.
CEO Stephen Wiehe said in a statement the company continues to add new customers and expand its relationship with existing customers.
“We made significant headway toward new product initiatives and broadening our market reach in the eProcurement market, which we expect to drive even faster growth in 2013 and beyond,” he said.
SciQuest’s shares closed down 17 cents at $14.71 on Thursday. The stock is up 3 percent this year.
Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or