UPDATE 1-Medidata Solutions Q3 beats market, raises 2009 outlook

* Q3 EPS $0.15 vs est $0.04

* Q3 rev up 27 pct

* Ups 2009 adj net income view to $10.5-$11.5 mln

* Ups 2009 rev view to $138-$139 mln

* Shares rise 4 pct after the bell

Nov 12 (Reuters) - Software maker Medidata Solutions Inc (MDSO.O) posted a quarterly profit that handily beat market estimates as revenue from application services jumped 36 percent, and raised its 2009 outlook.

For the third quarter, the company, which made its market debut in June, posted earnings of $1.5 million, or 6 cents a share, compared with a loss of $3.4 million, or 51 cents a share, a year ago.

The company, which provides software to drugmakers such as Johnson & Johnson (JNJ.N) and contract research organizations, earned 15 cents a share, excluding items. Analysts were looking for 4 cents, according to Thomson Reuters I/B/E/S.

Net revenue rose 27 percent to $35.2 million. Analysts expected $33.6 million. [ID:nWNAB5344]

"Medidata's recurring revenue model and visibility through backlog give us confidence in our ability to deliver profitable growth," Chief Financial Officer Bruce Dalziel said in a statement.

For 2009, the company expects a net income of $10.5 million to $11.5 million, excluding items, up from its previous view of $6.5 million to $8.5 million.

Shares of the New York-based company were trading at $16 after the bell. They closed at $15.40 Thursday on Nasdaq. (Reporting by Sayantani Ghosh in Bangalore; Editing by Deepak Kannan)