Model N Announces First Quarter Fiscal Year 2022 Financial Results

Total Revenue Grew 21% Year-over-Year

Subscription Revenue Grew 21% Year-over-Year

SAN MATEO, Calif.--()--Model N, Inc. (NYSE: MODN), the leader in cloud revenue management solutions, today announced financial results for the first quarter fiscal year 2022 ended December 31, 2021.

“We kicked off fiscal year 2022 with very solid financial results that exceeded all of our guidance metrics. During the first quarter, we signed new logos, closed four SaaS transitions, expanded within numerous existing customers, and enjoyed strong renewals,” said Jason Blessing, president and chief executive officer of Model N. “We are executing right on plan and I’m optimistic about the opportunity ahead for Model N as we move through fiscal 2022 with positive momentum.”

Recent Highlights

  • Strong Performance in Life Sciences Vertical – Model N continued to bolster its stronghold in the Life Sciences vertical, adding new customers, expanding with existing customers, and securing additional commitments for SaaS transitions. During the quarter, the Company signed a new agreement with a Japanese pharmaceutical and biotechnology company, one of the 40th largest in the world. Model N expanded relationships with Akorn Pharmaceuticals and one of the world's largest pharmaceutical companies based in Germany. Also in the quarter, four long-time Model N customers committed to SaaS transitions, including Abbott Diagnostics Division, AstraZeneca plc, ConMed Corporation and Stryker Orthopaedics.
  • High Tech Vertical Gains Momentum with New and Existing Customers – In the first quarter, Model N demonstrated growing traction in the High Tech vertical with the addition of Solidigm Technology, a global provider of NAND flash technology that was recently spun out of Intel. We also expanded our relationships with Advanced Micro Devices, Diodes Incorporated, Marvell Technology, Inc. and Western Digital, among several others.
  • New Product Introduction – In February 2022, Model N launched State Price Transparency Management, a new SaaS solution for pharmaceutical and biotech companies, designed to meet the fast-growing demands for state price transparency mandates.
  • Continued Platform Innovation – During Q1, Model N introduced its Fall 2021 product releases which continue to drive continuous innovation and new operational efficiencies on behalf of the company’s customers. The company’s semi-annual update to its flagship product, Revenue Cloud, incorporates several upgrades and new features for life sciences companies and for high-tech manufacturers, including enhanced compliance, a new mobile experience, and upgraded analytics.

First Quarter 2022 Financial Highlights

  • Revenues: Total revenues were $51.5 million, an increase of 21% from the first quarter of fiscal year 2021. Subscription revenues were $38.1 million, an increase of 21% from the first quarter of fiscal year 2021. Business Services, acquired from Deloitte, contributed $5.8 million in total revenues for the first quarter of fiscal year 2022.
  • Gross Profit: Gross profit was $28.9 million, an increase of 13% from the first quarter of fiscal year 2021. Gross margin was 56% compared to 60% for the first quarter of fiscal year 2021. Non-GAAP gross profit was $31.1 million, an increase of 15% from the first quarter of fiscal year 2021. Non-GAAP gross margin was 60% compared to 63% for the first quarter of fiscal year 2021. Subscription gross margin was 63% compared to 71% for the first quarter of fiscal year 2021. Non-GAAP subscription gross margin was 68% compared to 74% for the first quarter of fiscal year 2021. Both GAAP and Non-GAAP gross margins for the first quarter of fiscal year 2022 were impacted by the revenue mix coming from the acquisition of Business Services.
  • GAAP Income (Loss) and Non-GAAP Income from Operations: GAAP loss from operations was $(2.0) million compared to income from operations of $(1.3) million for the first quarter of fiscal year 2021. Non-GAAP income from operations was $7.0 million, a decrease of (5)% from the first quarter of fiscal year 2021.
  • GAAP Net Loss: GAAP net loss was $(6.3) million compared to a net loss of $(5.2) million for the first quarter of fiscal year 2021. GAAP basic and diluted net loss per share attributable to common stockholders was $(0.17) based upon weighted average shares outstanding of 36.2 million compared to net loss per share of $(0.15) for the first quarter of fiscal year 2021 based upon weighted average shares outstanding of 34.9 million.
  • Non-GAAP Net Income: Non-GAAP net income was $5.4 million, an decrease of (8)% from the first quarter of fiscal year 2021. Non-GAAP net income per diluted share was $0.15 based upon diluted weighted average shares outstanding of 36.6 million compared to non-GAAP net income per diluted share of $0.16 for the first quarter of fiscal year 2021 based upon diluted weighted average shares outstanding of 36.0 million.
  • Adjusted EBITDA: Adjusted EBITDA was $7.2 million, a decrease of (4)% from the first quarter of fiscal year 2021.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial tables included in this press release.

Guidance

As of February 8, 2022, we are providing guidance for the second quarter fiscal year 2022 and issuing guidance for the full fiscal year ending September 30, 2022.

(in $ millions, except per share)

Second Quarter Fiscal 2022

Full Year Fiscal 2022

Total revenues

51.0 – 51.5

212.0 – 214.5

Subscription revenues

37.0 – 37.5

153.0 – 155.5

Non-GAAP income from operations

3.8 – 4.3

23.0 – 25.0

Non-GAAP net income per share

0.06 – 0.08

0.46 – 0.52

Adjusted EBITDA

4.0 – 4.5

24.0 – 26.0

Quarterly Results Conference Call

Model N will host a conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time) to review the company’s financial results for the first quarter fiscal year 2022 ended December 31, 2021. The conference call can be accessed by dialing 877-407-4018 from the United States or +1-201-689-8471 internationally with reference to the company name and conference title, and a live webcast and replay of the conference call can be accessed from the investor relations page of Model N’s website at investor.modeln.com. Following the completion of the call through 11:59 p.m. ET on February 22, 2022, a telephone replay will be available by dialing 844-512-2921 from the United States or +1-412-317-6671, internationally, with recording access code 13725724.

About Model N

Model N enables life sciences and high tech companies to drive growth and market share, minimizing revenue leakage throughout the revenue lifecycle. With deep industry expertise and solutions purpose-built for these industries, Model N delivers comprehensive visibility, insight and control over the complexities of commercial operations and compliance. Its integrated cloud solution is proven to automate pricing, incentive and contract decisions to scale business profitably and grow revenue. Model N is trusted across more than 120 countries by the world’s leading pharmaceutical, medical technology, semiconductor, and high tech companies, including Johnson & Johnson, AstraZeneca, Stryker, Seagate Technology, Broadcom and Microchip Technology. For more information, visit www.modeln.com.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding Model N’s first quarter and full year fiscal 2022 financial results, Model N’s profitability, future planned enhancements to our products and benefits from our products, and expected benefits from our acquisition. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to: (i) delays in closing customer contracts; (ii) our ability to improve and sustain our sales execution; (iii) the timing of new orders and the associated revenue recognition; (iv) adverse changes in general economic or market conditions; (v) delays or reductions in information technology spending and resulting variability in customer orders from quarter to quarter; (vi) competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by our competitors; (vii) our ability to manage our growth effectively; (viii) acceptance of our applications and services by customers; (ix) success of new products; (x) the risk that the strategic initiatives that we may pursue will not result in significant future revenues; (xi) changes in health care regulation and policy and tax in the United States and worldwide; (xii) our ability to retain customers; (xiii) adverse impacts on our business and financial condition due to COVID-19; and (xiv) the possibility that the expected benefits related to our acquisition may not materialize as expected and our ability to successfully integrate Deloitte’s life sciences pricing and contracting solutions business and underlying technology. Further information on risks that could affect Model N’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our most recent quarterly report on Form 10-Q and our annual report on Form 10-K for the fiscal year ended September 30, 2020, and any current reports on Form 8-K that we may file from time to time. Should any of these risks or uncertainties materialize, actual results could differ materially from expectations. Model N assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with accounting standards generally accepted in the United States of America (“GAAP”). We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

Our reported results include certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP subscription gross profit, non-GAAP subscription gross margin, non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) per share, and adjusted EBITDA. Non-GAAP gross profit excludes stock-based compensation expenses, amortization of intangible assets, and deferred revenue adjustments as they are often excluded by other companies to help investors understand the operational performance of their business. Non-GAAP income (loss) from operations excludes stock-based compensation expense, amortization of intangible assets, acquisition-related expense, and deferred revenue adjustments. Non-GAAP net income (loss) excludes stock-based compensation expense, amortization of intangible assets, acquisition-related expense, amortization of debt discount and issuance costs, and deferred revenue adjustments. Additionally, stock-based compensation expense varies from period to period and from company to company due to such things as valuation methodologies and changes in stock price. Adjusted EBITDA is defined as net loss, adjusted for depreciation and amortization, stock-based compensation expense, acquisition-related expense, deferred revenue adjustment, interest (income) expense, net, other (income) expenses, net, and provision for (benefit from) income taxes. Reconciliation tables are provided in this press release.

We have not reconciled guidance for non-GAAP financial measures to their most directly comparable GAAP measures because certain items that impact these measures are uncertain, out of our control and/or cannot be reasonably predicted or estimated, such as the difficulties of estimating certain items such as charges to stock-based compensation expense. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort.

Model N, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

 

 

As of
December 31, 2021

 

As of
September 30, 2021

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$ 155,513

 

 

$ 165,467

 

Funds held for customers

592

 

 

316

 

Accounts receivable, net

49,712

 

 

43,185

 

Prepaid expenses

4,493

 

 

4,920

 

Other current assets

7,287

 

 

8,442

 

Total current assets

217,597

 

 

222,330

 

Property and equipment, net

1,925

 

 

1,907

 

Operating lease right-of-use assets

19,382

 

 

20,565

 

Goodwill

65,665

 

 

65,665

 

Intangible assets, net

43,386

 

 

45,394

 

Other assets

8,533

 

 

7,929

 

Total assets

$ 356,488

 

 

$ 363,790

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$ 2,565

 

 

$ 4,802

 

Customer funds payable

592

 

 

316

 

Accrued employee compensation

10,596

 

 

24,662

 

Accrued liabilities

3,640

 

 

4,719

 

Operating lease liabilities, current portion

4,549

 

 

4,529

 

Deferred revenue, current portion

58,032

 

 

57,431

 

Total current liabilities

79,974

 

 

96,459

 

Long-term liabilities

 

 

 

Long term debt

126,957

 

 

124,301

 

Operating lease liabilities, less current portion

16,116

 

 

17,229

 

Other long-term liabilities

3,452

 

 

2,283

 

Total long-term liabilities

146,525

 

 

143,813

 

Total liabilities

226,499

 

 

240,272

 

Stockholders’ equity

 

 

 

Common stock

5

 

 

5

 

Preferred stock

 

 

 

Additional paid-in capital

393,278

 

 

380,528

 

Accumulated other comprehensive loss

(1,218

)

 

(1,205

)

Accumulated deficit

(262,076

)

 

(255,810

)

Total stockholders’ equity

129,989

 

 

123,518

 

Total liabilities and stockholders’ equity

$ 356,488

 

 

$ 363,790

 

 

 

 

 

Model N, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

 

 

Three Months Ended December 31,

 

2021

 

2020

Revenues

 

 

 

Subscription

$ 38,088

 

 

$ 31,435

 

Professional services

13,454

 

 

11,299

 

Total revenues

51,542

 

 

42,734

 

Cost of revenues

 

 

 

Subscription

13,916

 

 

8,992

 

Professional services

8,735

 

 

8,124

 

Total cost of revenues

22,651

 

 

17,116

 

Gross profit

28,891

 

 

25,618

 

Operating expenses

 

 

 

Research and development

11,427

 

 

8,697

 

Sales and marketing

11,039

 

 

9,456

 

General and administrative

8,439

 

 

8,787

 

Total operating expenses

30,905

 

 

26,940

 

Income (loss) from operations

(2,014

)

 

(1,322

)

Interest expense, net

3,778

 

 

3,462

 

Other expenses (income), net

100

 

 

130

 

Loss before income taxes

(5,892

)

 

(4,914

)

Provision for (benefit from) income taxes

374

 

 

239

 

Net loss

$ (6,266

)

 

$ (5,153

)

Net loss per share:

 

 

 

Basic and diluted

$ (0.17

)

 

$ (0.15

)

Weighted average number of shares used in computing net loss per share:

 

 

 

Basic and diluted

36,223

 

 

34,936

 

 

 

 

 

Model N, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

Three Months Ended December 31,

 

2021

 

2020

Cash Flows from Operating Activities

 

 

 

Net loss

$ (6,266

)

 

$ (5,153

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

2,240

 

 

1,320

 

Stock-based compensation

6,986

 

 

5,128

 

Amortization of debt discount and issuance costs

2,655

 

 

2,357

 

Deferred income taxes

158

 

 

60

 

Amortization of capitalized contract acquisition costs

982

 

 

651

 

Other non-cash charges

40

 

 

 

Changes in assets and liabilities, net of acquisition

 

 

 

Accounts receivable

(6,499

)

 

(233

)

Prepaid expenses and other assets

1,202

 

 

(602

)

Accounts payable

(2,229

)

 

(422

)

Accrued employee compensation

(8,367

)

 

(5,563

)

Other current and long-term liabilities

(1,542

)

 

(878

)

Deferred revenue

955

 

 

3,114

 

Net cash provided by operating activities

(9,685

)

 

(221

)

Cash Flows from Investing Activities

 

 

 

Purchases of property and equipment

(325

)

 

(336

)

Acquisition of business

 

 

(56,444

)

Net cash used in investing activities

(325

)

 

(56,780

)

Cash Flows from Financing Activities

 

 

 

Proceeds from exercise of stock options and issuance of employee stock purchase plan

72

 

 

26

 

Net changes in customer funds payable

276

 

 

 

Net cash provided by financing activities

348

 

 

26

 

Effect of exchange rate changes on cash and cash equivalents

(16

)

 

1

 

Net increase (decrease) in cash and cash equivalents

(9,678

)

 

(56,974

)

Cash and cash equivalents

 

 

 

Beginning of period

165,783

 

 

200,491

 

End of period

$ 156,105

 

 

$ 143,517

 

 

 

 

 

Model N, Inc.

Reconciliation of GAAP to Non-GAAP Operating Results

(in thousands, except per share amounts)

 

 

 

Three Months Ended September 30,

 

 

2021

 

2020

Reconciliation from GAAP net loss to adjusted EBITDA

 

 

 

 

GAAP net loss

 

$ (6,266

)

 

$ (5,153

)

Reversal of non-GAAP items

 

 

 

 

Stock-based compensation expense

 

6,986

 

 

5,128

 

Depreciation and amortization

 

2,240

 

 

1,320

 

Acquisition-related expense

 

 

 

2,362

 

Interest expense, net

 

3,778

 

 

3,462

 

Other expenses (income), net

 

100

 

 

130

 

Provision for (benefit from) income taxes

 

374

 

 

239

 

Adjusted EBITDA

 

$ 7,212

 

 

$ 7,488

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

2021

 

2020

Reconciliation from GAAP gross profit to non-GAAP gross profit

 

 

 

 

GAAP gross profit

 

$ 28,891

 

 

$ 25,618

 

Reversal of non-GAAP expenses

 

 

 

 

Stock-based compensation (a)

 

1,479

 

 

1,177

 

Amortization of intangible assets (b)

 

709

 

 

282

 

Non-GAAP gross profit

 

$ 31,079

 

 

$ 27,077

 

Percentage of revenue

 

60.3

%

 

63.4

%

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

2021

 

2020

Reconciliation from GAAP subscription gross profit to non-GAAP subscription gross profit

 

 

 

 

GAAP subscription gross profit

 

$ 24,172

 

 

$ 22,443

 

Reversal of non-GAAP expenses

 

 

 

 

Stock-based compensation (a)

 

858

 

 

523

 

Amortization of intangible assets (b)

 

709

 

 

282

 

Non-GAAP subscription gross profit

 

$ 25,739

 

 

$ 23,248

 

Percentage of subscription revenue

 

67.6

%

 

74.0

%

 

 

Three Months Ended September 30,

 

 

2021

 

2020

Reconciliation from GAAP professional services gross profit to non-GAAP professional services gross profit

 

 

 

 

GAAP professional services gross profit

 

$ 4,719

 

 

$ 3,175

 

Reversal of non-GAAP expenses

 

 

 

 

Stock-based compensation (a)

 

621

 

 

654

 

Non-GAAP professional services gross profit

 

$ 5,340

 

 

$ 3,829

 

Percentage of professional services revenue

 

39.7

%

 

33.9

%

 

 

Three Months Ended September 30,

 

 

2021

 

2020

Reconciliation from GAAP operating income (loss) to non-GAAP operating income

 

 

 

 

GAAP operating income (loss)

 

$ (2,014

)

 

$ (1,322

)

Reversal of non-GAAP expenses

 

 

 

 

Stock-based compensation (a)

 

6,986

 

 

5,128

 

Amortization of intangible assets (b)

 

2,008

 

 

1,172

 

Acquisition-related expense (c)

 

 

 

2,362

 

Non-GAAP operating income

 

$ 6,980

 

 

$ 7,340

 

 

 

 

 

 

Numerator

 

 

 

 

Reconciliation between GAAP net loss and non-GAAP net income

 

 

 

 

GAAP net loss

 

$ (6,266

)

 

$ (5,153

)

Reversal of non-GAAP expenses

 

 

 

 

Stock-based compensation (a)

 

6,986

 

 

5,128

 

Amortization of intangible assets (b)

 

2,008

 

 

1,172

 

Acquisition-related expense (c)

 

 

 

2,362

 

Amortization of debt discount and issuance costs (d)

 

2,655

 

 

2,357

 

Non-GAAP net income

 

$ 5,383

 

 

$ 5,866

 

 

 

 

 

 

Denominator

 

 

 

 

Reconciliation between GAAP and non-GAAP net income (loss) per share

 

 

 

 

Shares used in computing GAAP net loss per share:

 

 

 

 

Basic

 

36,223

 

 

34,936

 

Diluted

 

36,223

 

 

34,936

 

Shares used in computing non-GAAP net income per share

 

 

 

 

Basic

 

36,223

 

 

34,936

 

Diluted

 

36,578

 

 

36,010

 

GAAP net loss per share

 

 

 

 

Basic and diluted

 

$ (0.17

)

 

$ (0.15

)

Non-GAAP net income per share

 

 

 

 

Basic

 

$ 0.15

 

 

$ 0.17

 

Diluted

 

$ 0.15

 

 

$ 0.16

 

 

 

Three Months Ended September 30,

 

 

2021

 

2020

Amortization of intangibles assets recorded in the statements of operations

 

 

 

 

 

 

Cost of revenues

 

 

 

 

 

 

Subscription

 

$ 709

 

 

$ 282

 

Professional services

 

 

 

 

Total amortization of intangibles assets in cost of revenue (b)

 

709

 

 

282

 

Operating expenses

 

 

 

 

 

 

Research and development

 

 

 

 

Sales and marketing

 

1,299

 

 

890

 

General and administrative

 

 

 

 

Total amortization of intangibles assets in operating expense (b)

 

1,299

 

 

890

 

Total amortization of intangibles assets (b)

 

$ 2,008

 

 

$ 1,172

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

2021

 

2020

Stock-based compensation recorded in the statements of operations

 

 

 

 

 

 

Cost of revenues

 

 

 

 

 

 

Subscription

 

$ 858

 

 

$ 523

 

Professional services

 

621

 

 

654

 

Total stock-based compensation in cost of revenue (a)

 

1,479

 

 

1,177

 

Operating expenses

 

 

 

 

 

 

Research and development

 

1,281

 

 

1,131

 

Sales and marketing

 

1,620

 

 

1,553

 

General and administrative

 

2,606

 

 

1,267

 

Total stock-based compensation in operating expense (a)

 

5,507

 

 

3,951

 

Total stock-based compensation (a)

 

$ 6,986

 

 

$ 5,128

 

 

 

 

 

 

 

 

Use of Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements presented on a GAAP basis, we use non-GAAP measures of adjusted EBITDA, gross profit, gross margin, income from operations, net income, weighted average shares outstanding and net income per share, which are adjusted to exclude stock-based compensation expense, amortization of intangible assets, acquisition-related expense, and amortization of debt discount and issuance costs and include dilutive shares where applicable. We believe these adjustments are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of our underlying operating results and trends and our marketplace performance. The non-GAAP results are an indication of our baseline performance that are considered by management for the purpose of making operational decisions. In addition, these non-GAAP results are the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for operating income (loss), net loss or basic and diluted net loss per share prepared in accordance with generally accepted accounting principles in the United States. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.

While a large component of our expenses incurred in certain periods, we believe investors may want to exclude the effects of these items in order to compare our financial performance with that of other companies and between time periods:

(a)

Stock-based compensation is a non-cash expense accounted for in accordance with FASB ASC Topic 718. We believe that the exclusion of stock-based compensation expense provides for a better comparison of our operating results to prior periods and to our peer companies.

 

 

(b)

Amortization of intangible assets resulted principally from acquisitions. Intangible asset amortization is a non-cash item. As such, we believe exclusion of these expenses provides for a better comparison of our operating results to prior periods and to our peer companies.

 

 

(c)

Acquisition-related expense. Acquisition-related expense is incurred in connection with the acquisition and is non-recurring. As such, we believe that exclusion of these acquisition-related expense provides for a better comparison of our operation results to prior periods and to our peer companies.

 

 

(d)

Amortization of debt discount and issuance costs. Amortization of debt discount and issuance costs is a non-cash item. As such, we believe exclusion of these expenses provides for a better comparison of our operating results to prior periods and to our peer companies.

 

Contacts

Investor Relations Contact:
Carolyn Bass
Market Street Partners
investorrelations@modeln.com

Media Contact:
Judith Rich
Model N, Inc.
516-884-6879
jrich@modeln.com

Release Summary

Model N Announces First Quarter Fiscal Year 2022 Financial Results

Contacts

Investor Relations Contact:
Carolyn Bass
Market Street Partners
investorrelations@modeln.com

Media Contact:
Judith Rich
Model N, Inc.
516-884-6879
jrich@modeln.com