What happened

Shares of Veeva Systems (NYSE:VEEV) gained 10.1% in March, according to data from S&P Global Market Intelligence. They're down 1.4% this month through April 7 and have gained 9.7% so far in 2020. 

Veeva provides cloud-based software solutions primarily for the life sciences industry.

For context, the S&P 500 index returned negative 12.4% in March. The market sell-off was due to fears that the economic impact of the coronavirus pandemic will be significant and could tip the United States into a recession. The broader market has returned 2.9% so far this month through April 7 and negative 17.2% so far this year.

Hands of someone wearing a white lab coat mixing liquids in glass beakers on a white table.

Image source: Getty Images.

So what

We can attribute Veeva Systems stock's market outperformance last month to the fact that the company is primarily focused on the life sciences industry, which includes pharmaceutical, biotech, and medical device companies, among others. These types of companies typically are more resilient during tough economic times because they produce products that are essential to many people. 

Veeva did release significant news last month -- its fourth-quarter and full-year results for fiscal 2020. However, this March 3 event didn't notably move its stock price relative to the broader-market's move.

In Q4, Veeva's total revenue jumped 34% year over year to $311.5 million. Subscription services revenue grew 33% to $190.7 million. Reported earnings per share (EPS) declined 6.7% to $0.42, while EPS adjusted for one-time items increased 20% to $0.54. That result beat the $0.52 Wall Street consensus estimate.

Now what

For the first quarter of fiscal 2021, management guided for revenue between $327 and $328 million. It expects adjusted EPS to land between $0.59 and $0.60. This represents revenue and adjusted EPS growth of about 34% and 19%, respectively, year over year.

For the full fiscal year, the company expects revenue between $1.4 billion and $1.405 billion and adjusted EPS of about $2.50. This represents revenue and adjusted EPS growth of about 27% and 14%, respectively, year over year.