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Medpace
🇺🇸 NASDAQ:MEDP
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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.

Total Revenue
$528M
Previous year: $461M
+14.6%
EPS
$2.75
Previous year: $1.93
+42.5%
Net New Business Awards
$551M
Previous year: $575M
-4.1%
Backlog
$2.92B
Previous year: $2.57B
+13.7%
Gross Profit
$147M
Previous year: $124M
+17.9%
Cash and Equivalents
$511M
Previous year: $39.1M
+1205.4%
Free Cash Flow
$104M
Previous year: $82.5M
+25.5%
Total Assets
$1.92B
Previous year: $1.41B
+36.5%

Medpace

Medpace

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.
  • Actual results could vary materially from past results and those anticipated, estimated, or projected.
  • The company operates in a competitive and rapidly changing environment, and new risks emerge from time to time.
  • Achievement of anticipated results is subject to substantial risks, uncertainties and inaccurate assumptions.

Company Overview

Full financial data and analysis

View Medpace