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Sep 30, 2023
Medpace Q3 2023 Earnings Report
Reported third quarter results with revenue increasing by 28.3% and net new business awards increasing by 29.9%.
Key Takeaways
Medpace Holdings, Inc. announced its financial results for the third quarter ended September 30, 2023, with revenue of $492.5 million, a 28.3% increase compared to the prior-year period. Net new business awards increased by 29.9% to $611.5 million, resulting in a net book-to-bill ratio of 1.24x. GAAP net income was $70.6 million, or $2.22 per diluted share.
Revenue for Q3 2023 increased 28.3% to $492.5 million compared to $383.7 million in the prior-year period.
Net new business awards for Q3 2023 were $611.5 million, a 29.9% increase from $470.9 million in the prior-year period, resulting in a net book-to-bill ratio of 1.24x.
GAAP net income for Q3 2023 was $70.6 million, or $2.22 per diluted share, compared to $66.0 million, or $2.05 per diluted share, in the prior-year period.
Backlog as of September 30, 2023, increased 20.3% to $2,689.5 million from $2,236.2 million as of September 30, 2022.
Forward Guidance
The Company forecasts 2023 revenue in the range of $1.870 billion to $1.890 billion. GAAP net income for full year 2023 is forecasted in the range of $272.0 million to $276.0 million. Additionally, full year 2023 EBITDA is expected in the range of $353.0 million to $361.0 million. The Company forecasts 2024 revenue in the range of $2.150 billion to $2.200 billion. Full year 2024 EBITDA is expected in the range of $390.0 million to $415.0 million.
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