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Dec 31, 2023
Medpace Q4 2023 Earnings Report
Medpace reported an increase in revenue and net new business awards for Q4 2023.
Key Takeaways
Medpace Holdings, Inc. reported a strong fourth quarter in 2023, with a 26.5% increase in revenue to $498.4 million and a 26.7% increase in net new business awards to $614.7 million. GAAP net income increased to $78.3 million, or $2.46 per diluted share. The company's backlog as of December 31, 2023, was $2,813.0 million, representing a 20.2% increase.
Revenue for Q4 2023 increased by 26.5% to $498.4 million compared to the prior year.
Net new business awards in Q4 2023 were $614.7 million, a 26.7% increase year-over-year, resulting in a net book-to-bill ratio of 1.23x.
GAAP net income for Q4 2023 was $78.3 million, or $2.46 per diluted share, compared to $68.7 million, or $2.12 per diluted share, in the prior year.
EBITDA for Q4 2023 increased by 19.2% to $95.8 million, representing 19.2% of revenue.
Forward Guidance
The Company forecasts 2024 revenue in the range of $2.150 billion to $2.200 billion, representing growth of 14.0% to 16.7% over 2023 revenue of $1.886 billion. GAAP net income for full year 2024 is forecasted in the range of $326.0 million to $348.0 million. Additionally, full year 2024 EBITDA is expected in the range of $400.0 million to $430.0 million. Based on forecasted 2024 revenue of $2.150 billion to $2.200 billion and GAAP net income of $326.0 million to $348.0 million, diluted earnings per share (GAAP) is forecasted in the range of $10.18 to $10.87.
Positive Outlook
- Revenue growth of 14.0% to 16.7% is expected over 2023 revenue.
- Full year 2024 revenue is forecasted in the range of $2.150 billion to $2.200 billion.
- GAAP net income for full year 2024 is forecasted in the range of $326.0 million to $348.0 million.
- Full year 2024 EBITDA is expected in the range of $400.0 million to $430.0 million.
- Diluted earnings per share (GAAP) is forecasted in the range of $10.18 to $10.87.
Challenges Ahead
- Guidance assumes a full year 2024 tax rate of 16.0% to 17.0%.
- Guidance assumes interest income of $18.4 million.
Historical Earnings Impact
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