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Medpace Holdings, Inc. Reports Fourth Quarter and Full Year 2023 Results

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Medpace Holdings, Inc. (MEDP) reported strong financial results for the fourth quarter and full year of 2023, with revenue increasing 26.5% and 29.2% respectively. Net new business awards grew by 26.7% in Q4 2023. The company's GAAP net income for Q4 2023 was $78.3 million, with an EBITDA of $95.8 million. For the full year 2023, GAAP net income was $282.8 million, and EBITDA was $362.5 million. Medpace provided a positive financial guidance for 2024, forecasting revenue growth of 14.0% to 16.7% and EBITDA in the range of $400.0 million to $430.0 million.
Positive
  • Strong revenue growth in the fourth quarter and full year of 2023.
  • Net new business awards increased by 26.7% in Q4 2023.
  • GAAP net income for Q4 2023 was $78.3 million, with an EBITDA of $95.8 million.
  • Full year 2023 GAAP net income was $282.8 million, with EBITDA of $362.5 million.
  • Positive financial guidance for 2024, with revenue growth forecasted at 14.0% to 16.7% and EBITDA in the range of $400.0 million to $430.0 million.
Negative
  • None.

The reported increase in revenue by 26.5% for the fourth quarter and 29.2% for the full year, coupled with a consistent net book-to-bill ratio above 1, indicates a robust demand for Medpace's services, which is a positive signal for investors. The growth in backlog, up 20.2%, suggests a healthy pipeline that could translate into sustained revenue streams. However, the slight decrease in net income margin year-over-year may raise questions about cost management and pricing strategies, as it might indicate rising costs or pricing pressures that could affect future profitability.

Medpace's performance should be contextualized within the broader clinical research organization (CRO) industry. The industry is known for its volatility, with performance closely tied to the success of clinical trials and regulatory approvals. Medpace's reported results show resilience and growth, which is significant given the competitive landscape. The forecasted revenue growth for 2024 further suggests confidence in the company's ability to capture market share and expand its client base. However, investors should monitor industry trends, such as regulatory changes or shifts in pharmaceutical R&D spending, which could impact future performance.

Medpace's increased EBITDA and revenue highlight the company's effectiveness in its operations within the medical research field. The rise in net new business awards reflects the company's competitive edge in securing new contracts and expanding its operational scope. The backlog conversion rate is a critical metric in the CRO industry, as it indicates the company's efficiency in turning its backlog into revenue. Medpace's ability to maintain a strong conversion rate is indicative of operational excellence and robust project management capabilities. The expansion of the backlog also implies ongoing investment in research and development, which is essential for long-term growth in the pharmaceutical and biotech sectors.

  • Revenue of $498.4 million in the fourth quarter of 2023 increased 26.5% from revenue of $394.1 million for the comparable prior-year period, representing a backlog conversion rate of 18.5%.
  • Net new business awards were $614.7 million in the fourth quarter of 2023, representing an increase of 26.7% from net new business awards of $485.1 million for the comparable prior-year period, which resulted in a net book-to-bill ratio of 1.23x.
  • Fourth quarter of 2023 GAAP net income was $78.3 million, or $2.46 per diluted share, versus GAAP net income of $68.7 million, or $2.12 per diluted share, for the comparable prior-year period. Net income margin was 15.7% and 17.4% for the fourth quarter of 2023 and 2022, respectively.
  • EBITDA was $95.8 million for the fourth quarter of 2023, an increase of 19.2% from EBITDA of $80.4 million for the comparable prior-year period, resulting in an EBITDA margin of 19.2%.

CINCINNATI--(BUSINESS WIRE)-- Medpace Holdings, Inc. (Nasdaq: MEDP) (“Medpace”) today announced financial results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter 2023 Financial Results

Revenue for the three months ended December 31, 2023 increased 26.5% to $498.4 million, compared to $394.1 million for the comparable prior-year period. On a constant currency basis, revenue for the fourth quarter of 2023 increased 26.0% compared to the fourth quarter of 2022.

Backlog as of December 31, 2023 increased 20.2% to $2,813.0 million from $2,339.6 million as of December 31, 2022. Net new business awards were $614.7 million, representing a net book-to-bill ratio of 1.23x for the fourth quarter of 2023, as compared to $485.1 million for the comparable prior-year period. The Company calculates the net book-to-bill ratio by dividing net new business awards by revenue.

For the fourth quarter of 2023, total direct costs were $361.6 million, compared to total direct costs of $278.4 million in the fourth quarter of 2022. Selling, general and administrative (SG&A) expenses were $42.5 million in the fourth quarter of 2023, compared to SG&A expenses of $33.4 million in the fourth quarter of 2022.

GAAP net income for the fourth quarter of 2023 was $78.3 million, or $2.46 per diluted share, versus GAAP net income of $68.7 million, or $2.12 per diluted share, for the fourth quarter of 2022. This resulted in a net income margin of 15.7% and 17.4% for the fourth quarter of 2023 and 2022, respectively.

EBITDA for the fourth quarter of 2023 increased 19.2% to $95.8 million, or 19.2% of revenue, compared to $80.4 million, or 20.4% of revenue, for the comparable prior-year period. On a constant currency basis, EBITDA for the fourth quarter of 2023 increased 21.3% from the fourth quarter of 2022.

Full Year 2023 Financial Results

Revenue for the year ended December 31, 2023 increased 29.2% to $1,885.8 million, compared to $1,460.0 million for the year ended December 31, 2022. On a constant currency basis, revenue increased 28.9% for the year ended December 31, 2023 compared to the year ended December 31, 2022.

For the year ended December 31, 2023, net new business awards were $2,356.7 million, representing a net book-to-bill ratio of 1.25x, compared to $1,829.5 million for the year ended December 31, 2022.

For the full year 2023, total direct costs were $1,361.3 million, compared to $1,027.6 million in the full year 2022. For the full year 2023, SG&A expenses were $161.4 million, compared to $131.4 million for the full year 2022.

GAAP net income for the full year 2023 was $282.8 million, or $8.88 per diluted share, versus GAAP net income of $245.4 million, or $7.28 per diluted share, for the full year 2022. This resulted in a net income margin of 15.0% and 16.8% for the full year 2023 and 2022, respectively.

EBITDA for the full year 2023 increased 17.7% to $362.5 million, or 19.2% of revenue, compared to $308.1 million, or 21.1% of revenue, for the prior year. On a constant currency basis, EBITDA increased 18.0% for the full year 2023 compared to the full year 2022.

A reconciliation of the Company’s non-GAAP financial measures, including EBITDA and EBITDA margin to the corresponding GAAP measures is provided below.

Balance Sheet and Liquidity

The Company’s Cash and cash equivalents were $245.4 million at December 31, 2023, and the Company generated $156.4 million in cash flow from operating activities during the fourth quarter of 2023.

For the full year 2023, the Company repurchased 781,068 shares for $144.0 million. There were no share repurchases in the fourth quarter of 2023. As of December 31, 2023, the Company had $308.8 million remaining under its authorized share repurchase program.

2024 Financial 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. This guidance assumes a full year 2024 tax rate of 16.0% to 17.0%, interest income of $18.4 million, and 32.0 million diluted shares outstanding. This guidance does not include the potential impact of any share repurchases the Company may make pursuant to the share repurchase program after December 31, 2023.

Conference Call Details

Medpace will host a conference call at 9:00 a.m. ET, Tuesday, February 13, 2024, to discuss its fourth quarter and full year 2023 results.

To participate in the conference call, interested parties must register in advance by clicking on this link. While it is not required, it is recommended you join 10 minutes prior to the event start. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call.

To access the conference call via webcast, visit the “Investors” section of Medpace’s website at medpace.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call. A supplemental slide presentation will also be available at the “Investors” section of Medpace’s website prior to the start of the call.

About Medpace

Medpace is a scientifically-driven, global, full-service clinical contract research organization (CRO) providing Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace’s mission is to accelerate the global development of safe and effective medical therapeutics through its high-science and disciplined operating approach that leverages regulatory and therapeutic expertise across all major areas including oncology, cardiology, metabolic disease, endocrinology, central nervous system and anti-viral and anti-infective. Headquartered in Cincinnati, Ohio, Medpace employs approximately 5,900 people across 42 countries as of December 31, 2023.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding our forecasted financial results and the effective tax rate used for non-GAAP adjustment purposes. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “guidance,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” “forecast,” “may,” “could,” “likely,” “anticipate,” “project,” “goal,” “objective,” “potential,” “range,” “estimate,” “preliminary,” “opportunity,” “outlook,” “trend,” “can,” “might,” “drives,” “hope,” “predict” and similar expressions, and variations or negatives of these words. However, the absence of these words does not mean that a statement is not forward-looking.

These forward-looking statements are largely based on management’s current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our financial condition, actual results, performance (including share price performance), or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the potential loss, delay or non-renewal of our contracts, or the non-payment by customers for services we have performed; the failure to convert backlog to revenue at our present or historical conversion rate(s); the failure to maintain or generate new business awards; fluctuation in our results between fiscal quarters and years; the risks and uncertainties related to disruptions to or reductions in business operations or prospects due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; decreased operating margins due to increased pricing pressure or other factors; our failure to perform our services in accordance with contractual requirements, government regulations and ethical considerations; the impact of underpricing our contracts, overrunning our cost estimates or failing to receive approval for or experiencing delays with documentation of change orders; our failure to increase our market share, grow our business, successfully execute our growth strategies or manage our growth effectively; the impact of a failure to retain key executives or other personnel or recruit experienced personnel; the risks associated with our information systems infrastructure, including potential cybersecurity breaches and other disruptions which could compromise patient information or our information; adverse results from customer or therapeutic area concentration; the risks associated with doing business internationally, including the effects of tariffs and trade wars; the risks associated with the Foreign Corrupt Practices Act and other anti-corruption laws; future net losses; the impact of changes in tax laws and regulations; our failure to attract suitable investigators and patients to our clinical trials; the liability risks associated with our research and development services, including risks of liability resulting from harm to patients; inadequate insurance coverage for our operations and indemnification obligations; fluctuations in exchange rates; general economic conditions, including inflation, in the markets in which we operate, including financial market conditions; the impact of unfavorable economic conditions, including conditions caused by the uncertain international economic environment and current and future international conflicts; the impact of a natural disaster or other catastrophic event; negative outsourcing trends in the biopharmaceutical industry and a reduction in aggregate expenditures and research and development budgets; our inability to compete effectively with other CROs; the impact of healthcare reform; the impact of consolidation in the biopharmaceutical industry; our failure to comply with federal, state and foreign healthcare laws; the effect of current and proposed laws and regulations regarding the protection of personal data; our potential involvement in costly intellectual property lawsuits; actions by regulatory authorities or customers to limit the scope of indications related to or withdraw an approved drug, biologic or medical device from the market; and the impact of industry-wide reputational harm to CROs. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all important factors on our business or the extent to which any factor, or combination of such factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.

These and other important factors discussed under the caption “Risk Factors” in Item 1A, Part I of our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. We cannot guarantee that any forward-looking statement will be realized. Achievement of anticipated results is subject to substantial risks, uncertainties and inaccurate assumptions. If known or unknown risks or uncertainties materialize or if underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events, developments or circumstances cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

Certain financial measures presented in this press release, such as EBITDA and EBITDA margin, are not recognized under generally accepted accounting principles in the United States of America, or U.S. GAAP. Management uses EBITDA and EBITDA margin or comparable metrics as a measurement used in evaluating our operating performance on a consistent basis, as a consideration to assess incentive compensation for our employees, for planning purposes, including the preparation of our internal annual operating budget, and to evaluate the performance and effectiveness of our operational strategies.

EBITDA and EBITDA margin have important limitations as analytical tools and you should not consider them in isolation, or as a substitute for, analysis of our results as reported under U.S. GAAP. See the condensed consolidated financial statements included elsewhere in this release for our U.S. GAAP results. Additionally, for reconciliations of EBITDA and EBITDA margin to our closest reported U.S. GAAP measures, refer to the appendix of this press release.

We believe that EBITDA and EBITDA margin are useful to provide additional information to investors about certain material non-cash and non-recurring items. While we believe these financial measures are commonly used by investors to evaluate our performance and that of our competitors, because not all companies use identical calculations, this presentation of EBITDA and EBITDA margin may not be comparable to other similarly titled measures of other companies and should not be considered as an alternative to performance measures derived in accordance with U.S. GAAP. EBITDA is calculated as net income attributable to Medpace Holdings, Inc. before income tax expense, interest expense, net, depreciation and amortization. EBITDA margin is calculated by dividing EBITDA by Revenue, net for each period. Our presentation of EBITDA and EBITDA margin should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(Unaudited)

 

 

 

 

(Amounts in thousands, except per share amounts)

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2023

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue, net

$

498,401

 

$

394,098

 

 

$

1,885,842

 

 

$

1,459,996

 

Operating expenses:

 

 

 

 

 

 

 

Direct service costs, excluding depreciation and amortization

 

164,291

 

 

140,687

 

 

 

638,249

 

 

 

534,887

 

Reimbursed out-of-pocket expenses

 

197,304

 

 

137,680

 

 

 

723,088

 

 

 

492,671

 

Total direct costs

 

361,595

 

 

278,367

 

 

 

1,361,337

 

 

 

1,027,558

 

Selling, general and administrative

 

42,514

 

 

33,401

 

 

 

161,352

 

 

 

131,400

 

Depreciation

 

6,422

 

 

5,061

 

 

 

24,129

 

 

 

18,989

 

Amortization

 

550

 

 

838

 

 

 

2,199

 

 

 

3,352

 

Total operating expenses

 

411,081

 

 

317,667

 

 

 

1,549,017

 

 

 

1,181,299

 

Income from operations

 

87,320

 

 

76,431

 

 

 

336,825

 

 

 

278,697

 

Other income (expense), net:

 

 

 

 

 

 

 

Miscellaneous income (expense), net

 

1,543

 

 

(1,959

)

 

 

(655

)

 

 

7,068

 

Interest income (expense), net

 

1,844

 

 

(827

)

 

 

(488

)

 

 

(2,905

)

Total other income (expense), net

 

3,387

 

 

(2,786

)

 

 

(1,143

)

 

 

4,163

 

Income before income taxes

 

90,707

 

 

73,645

 

 

 

335,682

 

 

 

282,860

 

Income tax provision

 

12,409

 

 

4,975

 

 

 

52,872

 

 

 

37,492

 

Net income

$

78,298

 

$

68,670

 

 

$

282,810

 

 

$

245,368

 

Net income per share attributable to common

 

 

 

 

 

 

 

Basic

$

2.55

 

$

2.20

 

 

$

9.20

 

 

$

7.57

 

Diluted

$

2.46

 

$

2.12

 

 

$

8.88

 

 

$

7.28

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

30,719

 

 

31,192

 

 

 

30,722

 

 

 

32,388

 

Diluted

 

31,825

 

 

32,423

 

 

 

31,841

 

 

 

33,671

 

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

(Amounts in thousands, except share amounts)

 

 

 

 

As Of December 31,

 

 

2023

 

 

 

2022

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

245,449

 

 

$

28,265

 

Accounts receivable and unbilled, net

 

298,400

 

 

 

253,404

 

Prepaid expenses and other current assets

 

49,979

 

 

 

52,293

 

Total current assets

 

593,828

 

 

 

333,962

 

Property and equipment, net

 

120,589

 

 

 

109,849

 

Operating lease right-of-use assets

 

144,801

 

 

 

139,068

 

Goodwill

 

662,396

 

 

 

662,396

 

Intangible assets, net

 

35,809

 

 

 

38,008

 

Deferred income taxes

 

74,435

 

 

 

48,083

 

Other assets

 

24,970

 

 

 

21,129

 

Total assets

$

1,656,828

 

 

$

1,352,495

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

31,869

 

 

$

33,069

 

Accrued expenses

 

292,961

 

 

 

210,125

 

Advanced billings

 

559,860

 

 

 

462,729

 

Short-term debt

 

 

 

 

50,000

 

Other current liabilities

 

40,441

 

 

 

47,547

 

Total current liabilities

 

925,131

 

 

 

803,470

 

Operating lease liabilities

 

142,122

 

 

 

138,867

 

Deferred income tax liability

 

2,404

 

 

 

1,070

 

Other long-term liabilities

 

28,221

 

 

 

22,701

 

Total liabilities

 

1,097,878

 

 

 

966,108

 

Commitments and contingencies

 

 

 

Shareholders’ equity:

 

 

 

Preferred stock - $0.01 par-value; 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2023 and 2022, respectively

 

 

 

 

 

Common stock - $0.01 par-value; 250,000,000 shares authorized at December 31, 2023 and 2022, respectively; 30,752,292 and 31,091,694 shares issued and outstanding at December 31, 2023 and 2022, respectively

 

308

 

 

 

309

 

Treasury stock - 70,573 and 71,573 shares at December 31, 2023 and 2022, respectively

 

(12,322

)

 

 

(12,497

)

Additional paid-in capital

 

802,681

 

 

 

770,794

 

Accumulated deficit

 

(221,645

)

 

 

(359,827

)

Accumulated other comprehensive loss

 

(10,072

)

 

 

(12,392

)

Total shareholders’ equity

 

558,950

 

 

 

386,387

 

Total liabilities and shareholders’ equity

$

1,656,828

 

 

$

1,352,495

 

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Amounts in thousands)

Twelve Months Ended December 31,

 

 

2023

 

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net income

$

282,810

 

 

$

245,368

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation

 

24,129

 

 

 

18,989

 

Amortization

 

2,199

 

 

 

3,352

 

Stock-based compensation expense

 

20,516

 

 

 

21,412

 

Noncash lease expense

 

19,646

 

 

 

18,015

 

Deferred income tax benefit

 

(25,117

)

 

 

(23,014

)

Other

 

2,705

 

 

 

(2,127

)

Changes in assets and liabilities:

 

 

 

Accounts receivable and unbilled, net

 

(48,282

)

 

 

(66,920

)

Prepaid expenses and other current assets

 

2,986

 

 

 

(10,175

)

Accounts payable

 

1,051

 

 

 

6,431

 

Accrued expenses

 

82,080

 

 

 

52,476

 

Advanced billings

 

97,131

 

 

 

118,088

 

Lease liabilities

 

(18,873

)

 

 

(15,899

)

Other assets and liabilities, net

 

(9,607

)

 

 

22,054

 

Net cash provided by operating activities

 

433,374

 

 

 

388,050

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Property and equipment expenditures

 

(36,648

)

 

 

(36,879

)

Other

 

2,019

 

 

 

(1,863

)

Net cash used in investing activities

 

(34,629

)

 

 

(38,742

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Proceeds from stock option exercises

 

11,378

 

 

 

22,074

 

Repurchases of common stock

 

(144,020

)

 

 

(847,849

)

Proceeds from revolving loan

 

105,000

 

 

 

324,200

 

Payments on revolving loan

 

(155,000

)

 

 

(274,200

)

Net cash used in financing activities

 

(182,642

)

 

 

(775,775

)

EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

1,081

 

 

 

(6,572

)

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

217,184

 

 

 

(433,039

)

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period

 

28,265

 

 

 

461,304

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period

$

245,449

 

 

$

28,265

 

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

 

(Amounts in thousands)

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

RECONCILIATION OF GAAP NET INCOME TO EBITDA

 

 

 

 

 

 

 

Net income (GAAP)

$

78,298

 

 

$

68,670

 

 

$

282,810

 

 

$

245,368

 

Interest (income) expense, net

 

(1,844

)

 

 

827

 

 

 

488

 

 

 

2,905

 

Income tax provision

 

12,409

 

 

 

4,975

 

 

 

52,872

 

 

 

37,492

 

Depreciation

 

6,422

 

 

 

5,061

 

 

 

24,129

 

 

 

18,989

 

Amortization

 

550

 

 

 

838

 

 

 

2,199

 

 

 

3,352

 

EBITDA (Non-GAAP)

$

95,835

 

 

$

80,371

 

 

$

362,498

 

 

$

308,106

 

Net income margin (GAAP)

 

15.7

%

 

 

17.4

%

 

 

15.0

%

 

 

16.8

%

EBITDA margin (Non-GAAP)

 

19.2

%

 

 

20.4

%

 

 

19.2

%

 

 

21.1

%

FY 2024 GUIDANCE RECONCILIATION (UNAUDITED)

 

(Amounts in millions, except per share amounts)

Forecast 2024

 

Net Income

 

Net income per diluted share

 

Low

 

High

 

Low

 

High

Net income and net income per diluted share (GAAP)

$

326.0

 

 

$

348.0

 

 

$

10.18

 

$

10.87

Income tax provision

 

62.4

 

 

 

70.4

 

 

 

 

 

Interest income, net

 

(18.4

)

 

 

(18.4

)

 

 

 

 

Depreciation

 

28.6

 

 

 

28.6

 

 

 

 

 

Amortization

 

1.4

 

 

 

1.4

 

 

 

 

 

EBITDA (Non-GAAP)

$

400.0

 

 

$

430.0

 

 

 

 

 

 

Investor Contact:

Lauren Morris

513.579.9911 x11994

l.morris@medpace.com

Media Contact:

Julie Hopkins

513.579.9911 x12627

j.hopkins@medpace.com

Source: Medpace Holdings, Inc.

Medpace reported revenue of $498.4 million for the fourth quarter of 2023, a 26.5% increase from the comparable prior-year period.

Medpace's net new business awards were $614.7 million for the fourth quarter of 2023, a 26.7% increase from the comparable prior-year period.

Medpace reported GAAP net income of $78.3 million, or $2.46 per diluted share, for the fourth quarter of 2023.

Medpace's EBITDA was $95.8 million for the fourth quarter of 2023, a 19.2% increase from the comparable prior-year period.

Medpace reported revenue of $1,885.8 million for the full year of 2023, a 29.2% increase from the prior year.

Medpace reported GAAP net income of $282.8 million, or $8.88 per diluted share, for the full year of 2023.

Medpace forecasts revenue in the range of $2.150 billion to $2.200 billion for 2024, with GAAP net income expected in the range of $326.0 million to $348.0 million.
Medpace Holdings Inc

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Research and Development in Biotechnology
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About MEDP

a therapeutically focused leader in research-based drug development, medpace builds strong strategic partnerships with select sponsors to advance the most efficient and cost-effective path to drug approval. as a full service, global clinical research organization (cro), medpace sees itself as a steward of your drug, leveraging its extensive medical and regulatory expertise to deliver additional input, strategy, and efficiencies to each and every phase of the clinical trial. from custom solutions addressing the needs of small and midsize biotechnology companies to full-service offerings for global pharmaceutical companies, medpace has the breadth, depth, and flexibility to deliver a superior result, specific to your needs, on six continents.