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Mar 31

Medpace Q1 2025 Earnings Report

Medpace reported solid revenue and earnings growth in Q1 2025, though new business awards declined year-over-year.

Key Takeaways

Medpace delivered strong financial results in Q1 2025 with revenue reaching $558.6 million and net income at $114.6 million. However, the company experienced a decline in net new business awards, reflecting a softer demand environment compared to the prior year.

Total Revenue
$559M
Previous year: $511M
+9.3%
EPS
$3.67
Previous year: $3.2
+14.7%
Net New Business Awards
$500M
Previous year: $616M
-18.8%
Total Backlog
$2.85B
Previous year: $2.91B
-2.1%
Cash and Equivalents
$441M
Previous year: $407M
+8.5%
Total Assets
$1.9B
Previous year: $1.8B
+5.7%

Medpace

Medpace

Forward Guidance

Medpace anticipates modest revenue and earnings growth for the full year 2025 with EBITDA expected to reach up to $492 million.

Positive Outlook

  • Revenue guidance for FY25 set between $2.14B and $2.24B
  • Expected GAAP net income of $378M to $402M
  • Forecasted EPS range of $12.26 to $13.04
  • EBITDA guidance between $462M and $492M
  • Effective tax rate projected between 15.5% and 16.5%

Challenges Ahead

  • Revenue growth range implies limited upside vs. FY24
  • Guidance excludes impact of future share repurchases
  • Book-to-bill ratio dropped to 0.90x
  • Net new business awards down 18.8% YoY
  • Cash position decreased significantly from previous quarter