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Mar 31, 2023
Medpace Q1 2023 Earnings Report
Medpace's Q1 2023 financial results were released, demonstrating substantial revenue growth and strong new business awards.
Key Takeaways
Medpace Holdings, Inc. reported a strong first quarter in 2023, with revenue increasing by 31.2% to $434.1 million and net new business awards rising by 31.4% to $555.8 million. GAAP net income also saw an increase to $72.9 million, or $2.27 per diluted share.
Revenue for Q1 2023 reached $434.1 million, a 31.2% increase compared to the previous year.
Net new business awards totaled $555.8 million, representing a 31.4% increase year-over-year, with a book-to-bill ratio of 1.28x.
GAAP net income for Q1 2023 was $72.9 million, or $2.27 per diluted share, compared to $61.3 million, or $1.69 per diluted share, in the prior year.
EBITDA for Q1 2023 increased by 31.9% to $92.8 million, representing a margin of 21.4%.
Forward Guidance
The Company forecasts 2023 revenue in the range of $1.745 billion to $1.805 billion, representing growth of 19.5% to 23.6% over 2022 revenue of $1.460 billion. GAAP net income for full year 2023 is forecasted in the range of $250.0 million to $269.0 million. Additionally, full year 2023 EBITDA is expected in the range of $335.0 million to $355.0 million.
Positive Outlook
- Forecasts 2023 revenue in the range of $1.745 billion to $1.805 billion
- Revenue growth of 19.5% to 23.6% over 2022 revenue of $1.460 billion
- GAAP net income for full year 2023 is forecasted in the range of $250.0 million to $269.0 million
- Full year 2023 EBITDA is expected in the range of $335.0 million to $355.0 million
- Diluted earnings per share (GAAP) is forecasted in the range of $7.81 to $8.40.
Challenges Ahead
- Guidance assumes a full year 2023 tax rate of 17.5% to 18.5%
- Guidance does not reflect the potential impact of any share repurchases the Company may make after March 31, 2023
Historical Earnings Impact
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Avg. Return Before/After Earnings
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