Medpace Holdings Inc. (NASDAQ: MEDP), a full-service clinical contract research organization, announced its financial results for the first quarter ended March 31, 2024.
Despite a 17.7% year-over-year increase in revenue to $511 million, the company fell short of analyst expectations of $512.48 million. Despite the revenue miss, Medpace reported a strong performance inearnings per share (EPS).Adjusted EPS for the quarter was $3.20, exceeding analyst estimates by $0.72.
The company’s net income and profitability metrics also showed notable improvements. GAAP net income increased significantly by 40.7% to $102.6 million, with a net income margin improvement from 16.8% to 20.1%. EBITDA also saw a substantial rise of 24.6% to $115.7 million, representing an EBITDA margin of 22.6%.
Medpace’s backlog conversion rate remained at 18.2%, and net new business awards grew by 10.8% to $615.6 million, resulting in a net book-to-bill ratio of 1.20x. Looking ahead, the company provided its financial guidance for the full year 2024, forecasting revenue in the range of $2.15 billion to $2.2 billion, representing growth of 14.0% to 16.7% over the previous year.
Medpace’s CEO expressed confidence in the company’s strategy for continued growth and highlighted their commitment to delivering high-quality clinical development services.
