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Model N, Inc. (MODN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Model N, Inc.

CIK: 1118417 Ticker: MODN
Exhibit 99.1

MODEL N ANNOUNCES SECOND QUARTER FISCAL YEAR 2020 FINANCIAL RESULTS

SAN MATEO, Calif. - May 5, 2020 - Model N, Inc. (NYSE: MODN), the leading provider of cloud revenue management solutions for Life Sciences and High Tech companies, today announced financial results for the second quarter fiscal year 2020 ended March 31, 2020.
“Our second quarter results exceeded our revenue and profitability guidance. Our financial metrics demonstrate that the strategic focus we brought to the company over the last two years is delivering meaningful improvements in growth and profitability. This strong financial position combined with our go-to-market execution, commitment to customer success, and mission-critical products position us to weather this challenging environment and to grow over time,” said Jason Blessing, president and chief executive officer of Model N. “As the COVID-19 pandemic spread over the last several weeks, we quickly made adjustments to our global operations to allow our team to work remotely across sales, services and product development. Our team is doing well and remains committed to supporting our customers, many of which are playing important roles on the front lines of the pandemic.”

Recent Highlights

Model N Is Actively Responding to Customer Needs During the COVID-19 Pandemic - Model N’s employees efficiently transitioned to remote work, utilizing tools and processes created for a global workforce. This approach has allowed our teams to deliver projects remotely and to provide uninterrupted support. We also are in a unique position to provide creative solutions for our customers because of our heritage serving biopharmaceutical and semiconductor companies and our industry specific cloud services. We are doing everything possible to support our customers during this demanding time.
Several Leading Life Sciences Companies Transitioning to Model N’s Revenue Cloud - The U.S. branch of a large, Asia-based multinational pharmaceutical company and the specialty brands division of a leading global biopharmaceutical company both agreed to transition to Model N’s Revenue Cloud. Also, a top 30 pharmaceutical company selected Model N’s Revenue Cloud in an effort to stay current with ever-changing business requirements. Each of these customers has reported that they have realized improved regulatory compliance, increased operational efficiency, and the flexibility provided by Model N cloud services.
Customer Success and Go-Lives Continue at a Healthy Pace - Customers across our vertical markets went live on Model N’s Revenue Cloud, on time and on budget. The generics division of multibillion-dollar Mallinckrodt Pharmaceuticals became the first generics customer to transition to Model N’s Revenue Cloud and one of our fastest implementations. Mallinckrodt joins Gilead, Biogen, and Novo Nordisk as customers that have transitioned to Model N’s Revenue Cloud. In high tech, AVX Corporation, an international manufacturer of advanced electronic components, completed a global roll out.
2020 State of Revenue Report Reveals Companies Increasingly Struggle to Achieve Effective Revenue Management - A recent survey of over 300 senior executives found that tools and processes for discounting, quoting and monitoring revenue performance led to lost revenue at companies of all sizes as revenue management became increasingly complex. Over 90% believe their organizations would benefit from cloud-based solutions that would give them real-time visibility into revenue performance, channel sales and inventory, and eliminate inefficiencies in their revenue management systems.

Second Quarter 2020 Financial Highlights

Revenues: Total revenues were $40.0 million, an increase of 15% from the second quarter of fiscal year 2019. Subscription revenues were $29.0 million, an increase of 12% from the second quarter of fiscal year 2019.
Gross Profit: Gross profit was $23.5 million, an increase of 30% from the second quarter of fiscal year 2019. Gross margin was 59% compared to 52% for the second quarter of fiscal year 2019. Non-GAAP gross profit was $24.8 million, an increase of 27% from the second quarter of fiscal year 2019. Non-GAAP gross margin was 62% compared to 56% for the second quarter of fiscal year 2019. Subscription gross margin was 70% compared to 66% for the second quarter of fiscal year 2019. Non-GAAP subscription gross margin was 72% compared to 70% for the second quarter of fiscal year 2019.

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The following information was filed by Model N, Inc. (MODN) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Model N, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Operations
Debt
Debt (Tables)
Debt - Promissory Note Additional Information (Detail)
Debt - Schedule Of Future Principal Payments For Term Loan With Wells Fargo And Promissory Notes (Detail)
Debt - Schedule Of Term Loan With Wells Fargo And Promissory Notes (Detail)
Debt - Term Loan Wells Fargo Additional Information (Detail)
Derivative Instruments And Hedging
Derivative Instruments And Hedging (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Detail)
Fair Value Of Financial Instruments - Schedule Of Fair Value Measured On Recurring Basis (Detail)
Geographic Information
Geographic Information (Tables)
Geographic Information - Company's Property And Equipment, Net By Geographic Region (Detail)
Geographic Information - Narrative (Detail)
Income Taxes
Income Taxes - Narrative (Detail)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Detail)
Intangible Assets - Schedule Of Estimated Future Amortization Expenses (Detail)
Intangible Assets - Schedule Of Intangible Assets (Detail)
Leases
Leases (Tables)
Leases - Cash Flow Information (Details)
Leases - Future Minimum Payments Under Noncancelable Operating Leases (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Litigation And Contingencies
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Computation Of Basic And Diluted Net Loss Per Share (Detail)
Net Loss Per Share - Summary Of Weighted Average Shares Of Common Stock Equivalents Excluded From Computation Of Diluted Net Loss Per Share Attributable To Common Stockholders (Detail)
Revenues From Contracts With Customers
Revenues From Contracts With Customers (Tables)
Revenues From Contracts With Customers - Customer Contract Balances (Details)
Revenues From Contracts With Customers - Narrative (Details)
Revenues From Contracts With Customers - Performance Obligation (Details)
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Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Allocated Stock-Based Compensation (Detail)
Stock-Based Compensation - Summary Of Restricted Stock Unit Activity (Including Performance Based Restricted Stock Awards) Under All Equity Award Plans (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Component Of Stockholders' Equity (Detail)
Stockholders' Equity - Narrative (Details)
The Company And Significant Accounting Policies And Estimates
The Company And Significant Accounting Policies And Estimates (Policies)
The Company And Significant Accounting Policies And Estimates - Narrative (Detail)
Ticker: MODN
CIK: 1118417
Form Type: 10-Q Quarterly Report
Accession Number: 0001118417-20-000056
Submitted to the SEC: Tue May 05 2020 6:21:23 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Computer Programming Data Processing

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