Needham Analysts Hopeful for Medidata Solutions Inc. (MDSO)

Analysts Richard Davis and David Hynes at Needham reiterated a Buy rating for Medidata Solutions Inc. (NASDAQ: MDSO). Needham also projects 15% organic growth with a $22,12-month price target.

In its third quarter as a public company, Medidata reported December quarter revenue, EBITDAO and non-GAAP EPS results that were respectively $1.6 million, $1.5 million and $0.04 ahead of Needham estimates.

The company enters the year with a 2010 revenue backlog of $132 million (up 13% y-o-y), which implies roughly 82% visibility into the midpoint of revenue guidance.

Medidata appears to be establishing itself as one of the best positioned and executing drug trial automation firms out there.