Medpace Q4 2024 Earnings Report

Key Takeaways

Medpace Holdings, Inc. reported a strong Q4 2024 with revenue growth of 7.7% YoY to $536.6 million. Net income increased significantly to $117.0 million, with diluted EPS of $3.67. The company's backlog increased slightly, while net new business awards saw a decline of 13.8%. EBITDA rose by 39.3% to $133.5 million, with an EBITDA margin of 24.9%.

Total Revenue

$537M

Previous year: $498M

+7.7%

EPS

$3.67

Previous year: $2.46

+49.2%

Net New Business Awards

$530M

Previous year: $615M

-13.8%

Total Backlog

$2.9B

Previous year: $2.81B

+3.2%

Gross Profit

$171M

Previous year: $137M

+24.9%

Cash and Equivalents

$669M

Previous year: $245M

+172.7%

Free Cash Flow

$183M

Previous year: $146M

+25.0%

Total Assets

$2.1B

Previous year: $1.66B

+26.8%

Medpace Revenue

Medpace EPS

Forward Guidance

Medpace projects 2025 revenue in the range of $2.11 billion to $2.21 billion, representing growth of up to 4.8%. GAAP net income is expected to be between $378.0 million and $402.0 million, with diluted EPS in the range of $11.93 to $12.69.

Positive Outlook

Revenue expected to grow up to 4.8% in 2025
Net income projected to remain strong at up to $402.0 million
EBITDA forecasted to be between $462.0 million and $492.0 million
Strong balance sheet with cash and cash equivalents of $669.4 million
Stock repurchase program increased by $600 million

Challenges Ahead

Net new business awards declined 13.8% YoY in Q4 2024
Backlog conversion rate of 18.3%, indicating slower contract realization
Projected revenue growth of up to 4.8% lower than previous year’s 11.8%
Potential impact from economic uncertainties and market conditions
Guidance does not account for possible share repurchases affecting EPS