NOTV - Medpace drags rivals after unchanged 2022 guidance

The shares of the Medpace Holdings (NASDAQ:MEDP) have reached a 52-week low on Tuesday after the contract research organization set the 2022 outlook unchanged despite its 1Q 2022 financials that stood above Street forecasts. The peers in the subsector, including ICON (ICLR), IQVIA Holdings (IQV), Syneos Health (SYNH) and Inotiv (NOTV), are also trading lower in solidarity. Revenue for the quarter surged ~27% YoY to $330.9M, indicating a backlog conversion rate of 16.6%, while GAAP net income jumped ~41% YoY to $61.3M. However, Medpace (MEDP) chose to keep its 2022 guidance for revenue, GAAP net income and EBITDA unchanged. The projections for revenue at $1.400B – $1.460B and GAAP diluted EPS at $5.72 – $6.06 were in line with the consensus, according to Capital IQ data.

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Medpace drags rivals after unchanged 2022 guidance