BOSTON, Mass., Aug. 2, 2022 /PRNewswire/ -- TetraScience, the Scientific Data Cloud Company, is pleased to share its 2022 year-to-date highlights, including 111% annual recurring revenue (ARR) growth, 400% growth in the Tetra Partner Network, product and category expansion, and continued operational excellence and capital efficiency.
TetraScience is reiterating its full-year 2022 guidance of 123% ARR growth and 400% network growth as the company continues to track on a best-in-class cloud trajectory of 10x, 3x, 2x, 2x, 2x in year-over-year ARR growth.
ARR and Customer Growth
TetraScience has added 5 new top 25 global pharma customers thus far in 2022, giving it 13 of the top 25 worldwide as it grew net new ARR by 111%. After a year-long product-market fit analysis in 2021, TetraScience’s newly announced biotech business has grown 183% year-over-year. The company continues to experience significant customer expansion with no attendant customer churn and anticipates 133% net dollar retention (NDR) for full year 2022, trending toward 150% in 2023.
“As the most innovative BioPharmas aggressively seek to capitalize on their scientific data to radically accelerate and improve outcomes while dramatically lowering costs, TetraScience has become the obvious and responsible choice, and de facto industry standard,” said Patrick Grady, TetraScience Chairman and CEO. “TetraScience’s multi-year technology lead, unparalleled assets, and rapidly growing partner ecosystem have combined to fuel its category leadership. It’s quickly becoming a competitive disadvantage to not partner with TetraScience to replatform and reengineer scientific data to facilitate revolutionary AI/ML based discovery,” added Grady.
TetraScience Partner Network
“The Tetra Partner Network is committed to collaborating widely to generate innovation and economic abundance across the life sciences technology ecosystem and create new value for joint customers," Grady said.
Thus far in 2022, TetraScience has forged partnerships with 20 of the world’s most innovative companies including leading instrument vendor, Shimadzu, a global provider of analytical and testing solutions; world-leading informatics vendors PerkinElmer Informatics and BIOVIA; and Scientific Data Applications vendor Chemaxon, a chemical and biochemical software company whose products are used by more than one million scientists worldwide. In addition to leading life science vendors, TPN expanded partnerships with some of the biggest names at the nexus of life sciences and technology - including AWS Life Sciences, Deloitte, EPAM, and CTC.
TetraScience is in active discussions and/or negotiations with more than 100 additional leading Life Sciences innovators and is experiencing surging expansion across all partner categories - instruments, informatics, scientific data applications, consulting, and systems integrators - as both customers and partners recognize the unique and accelerative value of the Tetra Scientific Data Cloud™.
Product and Category Expansion
In response to overwhelming customer demand, TetraScience has evolved its industry data cloud to include manufacturing and quality control (QC) data as it relentlessly replatforms and reengineers the world's scientific data in its cloud to radically accelerate and improve scientific outcomes. The Tetra Scientific Data Cloud helps customers solve previously intractable scientific data problems at scale.
BioPharma organizations have attempted to unlock the full value of their scientific data for decades in order to decrease time-to-market, glean scientific insights, and gain operational efficiencies. However, legacy systems, manual processes, incomplete cloud solutions, and proprietary data formats have contributed to inflexible point-to-point integrations to thousands of primary sources and millions of data silos. Having both upstream Research and Development (R&D) and downstream manufacturing and QC data available in the Tetra Scientific Data Cloud will yield long sought-after breakthroughs in new process development efficiencies, analytical control strategy, technology transfer acceleration, and reduction of manufacturing risk.
Operational Excellence and Capital Efficiency
TetraScience’s best-in-class ARR and customer growth has been matched with operational excellence and best-in-class capital efficiency. TetraScience has expanded globally in 2022 while growing headcount by 250% year-over-year. Despite these investments, the company has 80% of its Q1 2021 Series B funding on its balance sheet.
With multi-year customer subscription contracts in place, zero gross churn, and high NDR, the company has excellent visibility into future revenue and cash flows. On the strength of its financial profile, and support from its venture capital backers which have more than $100 billion of assets under management, TetraScience has announced a 5-year, $500 million commitment to the ongoing development and delivery of the Tetra Scientific Data Cloud.
TetraScience is the Scientific Data Cloud company with a mission to accelerate scientific discovery and improve and extend human life. The Tetra Scientific Data Cloud™ is the only open, cloud-native platform purpose-built for science that connects lab instruments, informatics software, and data apps across the BioPharma value chain and delivers the foundation of harmonized, actionable scientific data necessary to transform raw data into accelerated and improved scientific outcomes. Through the Tetra Partner Network, market-leading vendors access the power of our cloud to help customers maximize the value of their data.
Chief Marketing Officer, TetraScience