Veeva Systems Inc. VEEV is well-poised for growth in the coming quarters, backed by a slew of strategic deals inked over the past few months. A robust first-half fiscal 2023 performance, along with a strong product portfolio, is expected to contribute further. Stiff competition and forex woes persist.So far this year, this Zacks Rank #3 (Hold) stock has lost 32% compared with a 53.2% decline of the industry and 21.3% decline of the S&P 500 composite.This renowned provider of cloud-based software applications and data solutions for the life sciences industry has a market capitalization of $26.77 billion. The company projects 16.5% growth for the next five years and expects to maintain its strong performance. It has delivered an earnings surprise of 5.5% for the past four quarters, on average.Image Source: Zacks Investment ResearchLet’s delve deeper.Strategic Deals to Drive Growth: Veeva Systems has entered into a slew of partnerships over the past few months, raising our optimism. In June, the company announced a collaboration with ANI Pharmaceuticals, Inc. to define and operationalize data-driven commercial strategies for the latter’s new Rare Disease business unit.In April, Veeva Systems announced that it had expanded its partnership with LEO Pharma to drive relevant discussions within the scientific community using Veeva Link for Key People.Strong Product Portfolio: We are upbeat about Veeva Systems’ robust product suite, which includes unique solutions like Veeva Vault, Veeva CRM, Veeva Network and Veeva OpenData. The company also announced mobile innovations in the Veeva CRM platform, which provides information to field teams from any device.Veeva Systems, in June, unveiled a new study training application — Veeva Vault Study. Another new cloud application of the company is Veeva Vault Training. Veeva Systems also announced its intent to build Veeva MedTech CRM on the Vault Platform to meet the need for a deep, industry-specific solution.Strong Q2 Results: Veeva Systems’ solid second-quarter fiscal 2023 results buoy optimism. Both its segments performed impressively during the quarter. The company continues to benefit from its flagship Vault platform, which is encouraging. Veeva Commercial Cloud’s continued strength looks impressive. Expansion of gross margin also bodes well.DownsidesForex Woes: Veeva Systems derives a major share of its revenues from international operations. Some of its international agreements provide for payment denominated in local currencies and the majority of its local costs are also denominated in local currencies. Fluctuations in the value of the U.S. dollar versus foreign currencies may impact its operating results when converted into U.S. dollars.Stiff Competition:Veeva Systems operates in a highly competitive market. In new sales cycles within the company’s largest product categories, it competes with other cloud-based solutions from providers that make applications for the life sciences industry. The company’s Commercial Cloud and Veeva Vault application suites also compete to replace client-server-based legacy solutions offered by large companies and other smaller application providers.Veeva Systems Inc. Price Veeva Systems Inc. price | Veeva Systems Inc. QuoteEstimate TrendVeeva Systems is witnessing a positive estimate revision trend for 2022. In the past 60 days, the Zacks Consensus Estimate for its earnings has moved 0.5% north to $4.16.The Zacks Consensus Estimate for the company’s third-quarter fiscal 2023 revenues is pegged at $546.3 million, suggesting a 14.7% improvement from the year-ago quarter’s reported number.Stocks to ConsiderSome better-ranked stocks from the broader medical space are Abiomed ABMD, Bio-Rad Laboratories, Inc. BIO and McKesson MCK. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Abiomed, sporting a Zacks Rank #1, reported second-quarter 2022 adjusted EPS of $1.25, which beat the Zacks Consensus Estimate by 15.7%. Revenues of $277 million missed the consensus mark by 0.4%.Abiomed has a historical earnings growth rate of 24%. ABMD’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.89%.Bio-Rad, sporting a Zacks Rank of 1, reported second-quarter 2022 adjusted EPS of $3.38, which beat the Zacks Consensus Estimate by 37.4%. Revenues of $691.1 million outpaced the consensus mark by 3.9%.Bio-Rad has a historical earnings growth rate of 31.2%. BIO’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 46.8%.McKesson reported second-quarter 2022 adjusted EPS of $5.83, which surpassed the Zacks Consensus Estimate by 9.8%. Revenues of $67.2 billion outpaced the Zacks Consensus Estimate by 5.1%. It currently carries a Zacks Rank #2 (Buy).McKesson has an earnings yield of 6.9% compared with the industry’s 4.9% yield. MCK’s earnings surpassed estimates in three of the trailing four quarters, the average surprise being 13%. This Little-Known Semiconductor Stock Could Be Your Portfolio’s Hedge Against Inflation Everyone uses semiconductors. But only a small number of people know what they are and what they do. If you use a smartphone, computer, microwave, digital camera or refrigerator (and that’s just the tip of the iceberg), you have a need for semiconductors. That’s why their importance can’t be overstated and their disruption in the supply chain has such a global effect. But every cloud has a silver lining. Shockwaves to the international supply chain from the global pandemic have unearthed a tremendous opportunity for investors. And today, Zacks' leading stock strategist is revealing the one semiconductor stock that stands to gain the most in a new FREE report. It's yours at no cost and with no obligation.>>Yes, I Want to Help Protect My Portfolio During the RecessionWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report McKesson Corporation (MCK): Free Stock Analysis Report ABIOMED, Inc. (ABMD): Free Stock Analysis Report BioRad Laboratories, Inc. (BIO): Free Stock Analysis Report Veeva Systems Inc. (VEEV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research