Simulations Plus, Inc. (NASDAQ:SLP) Q3 2022 Results Conference Call July 6, 2022 5:00 PM ET
Company Participants
Brian Siegel - Hayden IR
Shawn O’Connor - CEO
Will Frederick - CFO
Conference Call Participants
Matt Hewitt - Craig-Hallum
François Brisebois - Oppenheimer
Dane Leone - Raymond James
Operator
Greetings, and welcome to the Simulations Plus Third Quarter Fiscal 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce Brian Siegel from Hayden IR. Thank you, Mr. Siegel, you may now begin.
Brian Siegel
Good afternoon, everyone. Welcome to our third quarter fiscal 2022 financial results conference call.
With me today is our CEO, Shawn O’Connor; and CFO, Will Frederick. After their portion of the call, we will open the floor to questions. Before we begin, I would like to remind everyone that except for historical information, the matters discussed in this presentation are forward-looking statements that involve a number of risks and uncertainties.
Words like believe, expect and anticipate mean that these are our best estimates as of this recording, but that there can be no assurances that expected or anticipated results or events will actually take place. So, our actual future results could differ significantly from those statements. Factors that contribute to such differences include, but are not limited to, our ability to maintain our competitive advantages, acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, our ability to identify and close acquisitions on terms favorable to the company in the sustainable markets. Further information on the Company’s risk factors is contained in the Company’s quarterly and annual reports and filed with the United States SEC.
With that said, I would like to turn the call over to Shawn O’Connor. Shawn?
Shawn O’Connor
Thank you, Brian.
We had another strong quarter with growth across both our software and service businesses and encouraging underlying data supporting our long-term view for sustainable top and bottom line growth. The 17% revenue growth was purely organic. Our software business grew 16% year-over-year and accelerated growth rate compared to last year. We experienced growth across all our client segments, but saw improving penetration into smaller customer accounts. This is an indicator of deeper adoption of modeling and simulation throughout the industry.