SciQuest's revenues grew by 28 percent in the third quarter, as the Cary company continued to see growing demand for its e-procurement technology in a number of industries.
Revenue for the third quarter was $13.8 million, just below the consensus of analysts who cover the company. Net income was $800,000, or 3 cents per share, compared to a loss of $3.2 million, or 22 cents per share, a year ago.
SciQuest, which made its Wall Street debut in September 2010, ended the quarter with 325 customers, up from 177 a year ago.
"Overall activity levels continue to be robust and we are seeing strong demand in the higher education market," CEO Stephen Wiehe said in a release.
"The healthcare market is showing renewed interest, and our e-procurement solution was recently selected by ROi, the purchasing arm of the SIsters of Mercy Health Systems."
SciQuest's technology allows customers to buy goods and services more efficiently online. Its customers include casinos and drugmakers in addition to universities and healthcare systems.
SciQuest expects its revenues this year to be between $53.7 million and $53.9 million.
The company's shares closed up 86 cents at $15.94 today. The stock is up 38 percent over the past 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