Contract Research Organization Medpace Lifts FY22 Guidance, Highlights FY23 Outlook By Benzinga — 7:29 AM ET 10/25/22 Medpace Holdings Inc's (NASDAQ:MEDP) Q3 revenue increased 29.8% Y/Y to $383.7 million, beating the consensus of $357.18 million, representing a backlog conversion rate of 17.7%. On a constant currency organic basis, Q3 revenue was up 31.9%. As of September 30, 2022, Backlog grew 20.9% to $2.2 billion. Net new business awards were $470.9 million, representing a net book-to-bill ratio of 1.23x. Q3 EBITDA increased 48.5% to $89.3 million, or 23.3% of revenue, compared to $60.1 million, or 20.3% of revenue, a year ago. Medpace posted an EPS of $2.05, up from $1.29 a year ago and beating the consensus of $1.47. Financial Guidance: Medpace raised FY22 sales guidance to $1.44-$1.46 billion, versus the prior guidance of $1.405-$1.435 billion and the consensus of $1.41 billion. EBITDA is expected to be $302-$310 million, versus the previous guidance of $268-$280 million Medpace expects EPS of $6.88-$7.00 compared to prior guidance of $6.07-$6.36 and the consensus of $6.15. For FY23, the company forecasts sales of $1.68-$1.74 billion, with EBITDA of $325-$350 million. Price Action: MEDP shares traded higher by 28.13% at $203.26 in premarket on the last check Tuesday.
Company Profile Sector Health Care Industry Life Sciences Tools & Services Company Location Cincinnati, OH
Medpace Holdings, Inc. provides clinical research-based drug and medical device development services in North America, Europe, and Asia. It offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. The company also provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services. In addition, it offers bio-analytical laboratory services, clinical human pharmacology, imaging services, and electrocardiography reading support for clinical trials. The company was founded in 1992 and is based in Cincinnati, Ohio.
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