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Dec 31, 2020
Medpace Q4 2020 Earnings Report
Medpace reported Q4 2020 results with revenue increasing by 13.0% and net new business awards increasing by 27.6%.
Key Takeaways
Medpace Holdings, Inc. announced financial results for the fourth quarter and full year ended December 31, 2020. Revenue for the quarter increased by 13.0% to $259.7 million, and net new business awards increased by 27.6% to $358.6 million, resulting in a net book-to-bill ratio of 1.38x. GAAP net income for the quarter was $50.9 million, or $1.35 per diluted share. The company forecasts 2021 revenue in the range of $1.075 billion to $1.175 billion.
Revenue of $259.7 million increased 13.0% from the prior-year period, representing a backlog conversion rate of 18.1%.
Net new business awards were $358.6 million, an increase of 27.6% from the comparable prior-year period, resulting in a net book-to-bill ratio of 1.38x.
GAAP net income was $50.9 million, or $1.35 per diluted share, versus GAAP net income of $29.8 million, or $0.78 per diluted share, for the comparable prior-year period.
EBITDA was $60.2 million, an increase of 46.3% from the comparable prior-year period, resulting in an EBITDA margin of 23.2%.
Forward Guidance
The Company forecasts 2021 revenue in the range of $1.075 billion to $1.175 billion, representing growth of 16.1% to 26.9% over 2020 revenue of $925.9 million. GAAP net income for full year 2021 is forecasted in the range of $154.5 million to $170.5 million. Additionally, full year 2021 EBITDA is expected in the range of $205.0 million to $225.0 million. Based on forecasted 2021 revenue of $1.075 billion to $1.175 billion and GAAP net income of $154.5 million to $170.5 million, diluted earnings per share (GAAP) is forecasted in the range of $4.08 to $4.50.
Positive Outlook
- Forecasts 2021 revenue in the range of $1.075 billion to $1.175 billion, representing growth of 16.1% to 26.9% over 2020 revenue of $925.9 million.
- GAAP net income for full year 2021 is forecasted in the range of $154.5 million to $170.5 million.
- Full year 2021 EBITDA is expected in the range of $205.0 million to $225.0 million.
- Diluted earnings per share (GAAP) is forecasted in the range of $4.08 to $4.50.
- This guidance assumes a full year 2021 tax rate of 15.0% to 16.0% and does not reflect the potential impact of any share repurchases the Company may make pursuant to the share repurchase program.
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