Medpace Holdings reported a significant financial performance for the first quarter of 2024. Revenue soared by 17.7% to $511 million, marking an increase of $76.9 million compared to the previous year’s $434.1 million. This growth was predominantly driven by a 17.6% increase in constant currency revenue.
Backlog surged by 18.2% to $2,907 million as of March 31, 2024. Net new business awards totaled $615.6 million, resulting in a net book-to-bill ratio of 1.20x. During the first quarter, total direct costs increased to $355.9 million, and selling, general, and administrative (SG&A) expenses rose to $44.1 million.
Net income witnessed a substantial increase, reaching $102.6 million or $3.20 per diluted share, compared to $72.9 million or $2.27 per diluted share in the first quarter of 2023. EBITDA also experienced a rise, reaching $115.7 million or 22.6% of revenue.
As of March 31, 2024, the company held $407.0 million in cash and cash equivalents. Operations generated $152.7 million in cash flow during the quarter. The authorized share repurchase program still had $308.8 million available.
Regarding guidance, Medpace forecasts revenue between $2.15 billion and $2.2 billion for 2024, representing a growth range of 14.0% to 16.7%. GAAP net income is projected to be in the range of $347 million to $369 million, while EBITDA is anticipated to reach between $415 million and $445 million.
Source link: http://www.businesswire.com/news/home/20240422281607/en/Medpace-Holdings-Inc.-Reports-First-Quarter-2024-Results
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
