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Jun 30, 2023
Medpace Q2 2023 Earnings Report
Medpace's Q2 2023 financial performance reflected significant revenue growth and strong new business awards.
Key Takeaways
Medpace Holdings, Inc. reported a strong second quarter in 2023, with a 31.2% increase in revenue to $460.9 million compared to the previous year. Net new business awards increased by 27.6% to $574.8 million, resulting in a net book-to-bill ratio of 1.25x. GAAP net income rose to $61.1 million, or $1.93 per diluted share.
Revenue increased by 31.2% to $460.9 million compared to Q2 2022.
Net new business awards increased by 27.6% to $574.8 million, yielding a book-to-bill ratio of 1.25x.
GAAP net income was $61.1 million, or $1.93 per diluted share, compared to $49.4 million, or $1.46 per diluted share, in Q2 2022.
EBITDA increased by 22.8% to $83.6 million, representing 18.1% of revenue.
Forward Guidance
The Company forecasts 2023 revenue in the range of $1.840 billion to $1.880 billion, representing growth of 26.0% to 28.8% over 2022 revenue of $1.460 billion. GAAP net income for full year 2023 is forecasted in the range of $256.0 million to $271.0 million. Additionally, full year 2023 EBITDA is expected in the range of $340.0 million to $358.0 million. Based on forecasted 2023 revenue of $1.840 billion to $1.880 billion and GAAP net income of $256.0 million to $271.0 million, diluted earnings per share (GAAP) is forecasted in the range of $8.04 to $8.50.
Positive Outlook
- Revenue is projected to grow by 26.0% to 28.8% compared to 2022.
- Full year GAAP net income is forecasted between $256.0 million and $271.0 million.
- Full year EBITDA is expected to range from $340.0 million to $358.0 million.
- Diluted earnings per share (GAAP) are forecasted between $8.04 and $8.50.
- Assumes a full year 2023 tax rate of 17.5% to 18.5%.
Challenges Ahead
- Guidance does not reflect the potential impact of any share repurchases the Company may make after June 30, 2023.
- Potential loss, delay or non-renewal of contracts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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