CINCINNATI - Medpace Holdings, Inc. (NASDAQ: NASDAQ:MEDP), a full-service clinical contract research organization, reported a first-quarter revenue miss, which led to a 4.32% decline in its stock price. T
he company announced its financial results for the first quarter ended March 31, 2024, with revenue of $511 million, a 17.7% increase from the same quarter last year but slightly below the analyst consensus of $512.48 million.
The company's adjusted earnings per share (EPS) for the quarter was $3.20, surpassing analyst estimates by $0.72. Compared to the prior year's first quarter, Medpace's GAAP net income increased notably from $72.9 million to $102.6 million, and net income margin improved from 16.8% to 20.1%. EBITDA also saw a significant rise of 24.6% to $115.7 million, with an EBITDA margin of 22.6%.
The company's backlog conversion rate stood 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, Medpace provided its financial guidance for the full year 2024, forecasting revenue in the range of $2.15 billion to $2.2 billion, which represents growth of 14.0% to 16.7% over the previous year. The company's projected GAAP net income for 2024 is expected to be between $347.0 million and $369.0 million. The midpoint of the revenue guidance range is slightly below the analyst consensus of $2.185 billion, while the EPS guidance range's midpoint is above the consensus estimate of $10.70.
Medpace's CEO commented on the results, highlighting the company's commitment to delivering high-quality clinical development services and expressing confidence in their strategy for continued growth.
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