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Dec 31, 2022
Medpace Q4 2022 Earnings Report
Medpace reported a revenue increase of 27.7% and net new business awards increased by 5.8% compared to the prior-year period.
Key Takeaways
Medpace Holdings, Inc. announced its Q4 and full year 2022 financial results, with revenue reaching $394.1 million, a 27.7% increase from the previous year. Net new business awards totaled $485.1 million, up 5.8% year-over-year, resulting in a net book-to-bill ratio of 1.23x. GAAP net income was $68.7 million, or $2.12 per diluted share, compared to $50.0 million, or $1.32 per diluted share, in the prior year.
Revenue for Q4 2022 increased by 27.7% to $394.1 million compared to Q4 2021.
Net new business awards increased by 5.8% to $485.1 million, resulting in a book-to-bill ratio of 1.23x.
GAAP net income for Q4 2022 was $68.7 million, or $2.12 per diluted share, compared to $50.0 million, or $1.32 per diluted share, for the comparable prior-year period.
EBITDA for Q4 2022 increased 30.9% to $80.4 million, representing 20.4% of revenue.
Forward Guidance
The Company forecasts 2023 revenue in the range of $1.690 billion to $1.750 billion, representing growth of 15.8% to 19.9% over 2022 revenue of $1.460 billion. GAAP net income for full year 2023 is forecasted in the range of $245.0 million to $265.0 million. Additionally, full year 2023 EBITDA is expected in the range of $325.0 million to $350.0 million.
Positive Outlook
- 2023 revenue is forecasted in the range of $1.690 billion to $1.750 billion, representing growth of 15.8% to 19.9% over 2022 revenue of $1.460 billion.
- GAAP net income for full year 2023 is forecasted in the range of $245.0 million to $265.0 million.
- Full year 2023 EBITDA is expected in the range of $325.0 million to $350.0 million.
- Diluted earnings per share (GAAP) is forecasted in the range of $7.53 to $8.14.
- Guidance assumes a full year 2023 tax rate of 17.5% to 18.5%.
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