2023-04-24 16:27:25 ET
- Medpace press release ( NASDAQ: MEDP ): Q1 GAAP EPS of $2.27 beats by $0.46 .
- Revenue of $434.07M (+31.2% Y/Y) beats by $31.24M .
- Net new business awards were $555.8 million in the first quarter of 2023, representing an increase of 31.4% from net new business awards of $423.0 million for the comparable prior-year period, which resulted in a net book-to-bill ratio of 1.28x.
- EBITDA was $92.8 million for the first quarter of 2023, an increase of 31.9% from EBITDA of $70.4 million for the comparable prior-year period, resulting in an EBITDA margin of 21.4%.
- Backlog as of March 31, 2023 increased 17.8% to $2,460.1 million from $2,088.0 million as of March 31, 2022. Net new business awards were $555.8 million, representing a net book-to-bill ratio of 1.28x for the first quarter of 2023, as compared to $423.0 million for the comparable prior-year period.
- 2023 Outlook: The Company forecasts 2023 revenue in the range of $1.745 billion to $1.805 billion, representing growth of 19.5% to 23.6% over 2022 revenue of $1.460 billion. GAAP net income for full year 2023 is forecasted in the range of $250.0 million to $269.0 million. Additionally, full year 2023 EBITDA is expected in the range of $335.0 million to $355.0 million. Based on forecasted 2023 revenue of $1.745 billion to $1.805 billion and GAAP net income of $250.0 million to $269.0 million, diluted earnings per share is forecasted in the range of $7.81 to $8.40. This guidance assumes a full year 2023 tax rate of 17.5% to 18.5% and does not reflect the potential impact of any share repurchases the Company may make after March 31, 2023.
- Shares +14.28% .
For further details see:
Medpace GAAP EPS of $2.27 beats by $0.46, revenue of $434.07M beats by $31.24M