Medpace Q1 2024 Earnings Report
Key Takeaways
Medpace Holdings, Inc. reported a strong first quarter in 2024, with revenue increasing by 17.7% to $511.0 million. Net new business awards rose by 10.8% to $615.6 million, resulting in a book-to-bill ratio of 1.20x. GAAP net income increased to $102.6 million, or $3.20 per diluted share.
Revenue for Q1 2024 increased by 17.7% to $511.0 million compared to Q1 2023.
Net new business awards totaled $615.6 million, a 10.8% increase year-over-year.
GAAP net income for Q1 2024 was $102.6 million, or $3.20 per diluted share, compared to $72.9 million, or $2.27 per diluted share, in Q1 2023.
EBITDA for Q1 2024 increased by 24.6% to $115.7 million, representing 22.6% of revenue.
Medpace
Medpace
Forward Guidance
The Company forecasts 2024 revenue in the range of $2.150 billion to $2.200 billion, representing growth of 14.0% to 16.7% over 2023 revenue of $1.886 billion. GAAP net income for full year 2024 is forecasted in the range of $347.0 million to $369.0 million. Additionally, full year 2024 EBITDA is expected in the range of $415.0 million to $445.0 million. Based on forecasted 2024 revenue of $2.150 billion to $2.200 billion and GAAP net income of $347.0 million to $369.0 million, diluted earnings per share (GAAP) is forecasted in the range of $10.79 to $11.47.
Positive Outlook
- Revenue is expected to be in the range of $2.150 billion to $2.200 billion.
- This represents a growth of 14.0% to 16.7% over 2023 revenue.
- GAAP net income for full year 2024 is forecasted in the range of $347.0 million to $369.0 million.
- Full year 2024 EBITDA is expected in the range of $415.0 million to $445.0 million.
- Diluted earnings per share (GAAP) is forecasted in the range of $10.79 to $11.47.