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Jun 30, 2024
Medpace Q2 2024 Earnings Report
Medpace's Q2 2024 financial performance was strong, with revenue and earnings increasing significantly year-over-year.
Key Takeaways
Medpace Holdings, Inc. reported a revenue increase of 14.6% to $528.1 million for Q2 2024. GAAP net income rose to $88.4 million, or $2.75 per diluted share, compared to $61.1 million, or $1.93 per diluted share, in the same period last year. Net new business awards were $551.0 million, resulting in a book-to-bill ratio of 1.04x. The company forecasts 2024 revenue in the range of $2.125 billion to $2.175 billion.
Revenue increased by 14.6% to $528.1 million compared to Q2 2023.
Net new business awards totaled $551.0 million, yielding a book-to-bill ratio of 1.04x.
GAAP net income was $88.4 million, or $2.75 per diluted share, up from $61.1 million, or $1.93 per diluted share, in Q2 2023.
EBITDA increased by 34.2% to $112.3 million, representing 21.3% of revenue.
Forward Guidance
The Company forecasts 2024 revenue in the range of $2.125 billion to $2.175 billion. GAAP net income for full year 2024 is forecasted in the range of $361.0 million to $383.0 million. Additionally, full year 2024 EBITDA is expected in the range of $430.0 million to $460.0 million.
Positive Outlook
- Revenue is forecasted between $2.125 billion and $2.175 billion, indicating a growth of 12.7% to 15.3% over 2023.
- GAAP net income is projected to be in the range of $361.0 million to $383.0 million for the full year 2024.
- Diluted earnings per share (GAAP) are forecasted to be between $11.24 and $11.93.
- EBITDA is expected to be in the range of $430.0 million to $460.0 million for the full year 2024.
- Guidance assumes a full year 2024 tax rate of 15.0% to 16.0% and interest income of $24.0 million.
Challenges Ahead
- Guidance does not include the potential impact of any share repurchases the Company may make pursuant to the share repurchase program after June 30, 2024.
- The forecasts are forward-looking statements, subject to risks, uncertainties, and assumptions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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