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Medpace Shares Rise 13% on Higher Q3 Earnings & Forward Outlook

October 27, 2021 ( Newswire) Shares of Medpace Holdings Inc. climbed to a new 52-week high after the CRO, a provider of full-service clinical trial development services, reported financial results for Q3/21 that included a 28.3% increase in YoY revenue.

After U.S. markets closed for trading yesterday afternoon, full-service
clinical contract research organization (CRO) Medpace Holdings Inc. (MEDP:NASDAQ), announced financial results after its third quarter of fiscal year 2021 ended September 30, 2021.

The company reported that revenue increased by 28.3% to $295.6 million in Q3/21, compared to $230.4 million in Q3/20. The firm noted that the revenue gains represented a backlog conversion rate of 17.0%.

Medpace Holdings advised that it booked new business orders during Q3/21 totaling $408.0 million. This amount was 29.4% higher than the $315.4 million in net new business awards booked during Q3/20. The end result is a net book-to-bill ratio of 1.38x, which the company determines by dividing net new business awards by revenue. The company advised that as of September 30, 2021, it had a total backlog of $1.8 billion.

Medpace advised that for Q3/21 it posted GAAP net income of $48.6 million, or $1.29 per diluted share, compared to GAAP net income of $41.5 million, or $1.09 per diluted share in Q3/20. The firm noted that on a percentage basis, net income margin in Q3/21 decreased to 16.4%, compared to net income margin of 18% in Q3/20.

The company indicated that it recorded EBITDA of $60.1 million in Q3/21, which was 15.7% higher compared to EBITDA of $51.9 million reported during Q3/20. Medpace added that on a percentage basis, EBITDA margin in Q3/21 decreased to 20.3% of revenue, compared to an EBITDA margin of 22.5% in Q3/20.

Medpace provided some forward guidance and advised that for FY/21 it expects revenues will increase by 22.6-23.7% year-over-year to between $1.135-$1.145 billion, versus the $925.9 million it achieved in FY/20. The company added that for FY/21, it forecasts GAAP net income of $176-180 million, EBITDA of $216-222 million and GAAP net income of $176-180 million and diluted earnings (GAAP) of $4.66-4.77 per share.

For FY/22, the firm advised that it expects revenues will be between $1.40-1.46 billion and that it estimates FY/22 EBITDA will be between $262-278 million.

Medpace is a clinical contract research organization (CRO) based in Cincinnati, Ohio. The company has around 4,400 employees in 40 countries. The company offers comprehensive global Phase 1-4 clinical trial design and development services to biotech, pharmaceutical and medical device companies. The company stated it is experienced in all major treatment areas including anti-viral, anti-infective, cardiology, central nervous system, endocrinology, and metabolic diseases.

Medpace started the day with a market cap of around $6.7 billion with approximately 35.8 million shares outstanding and a short interest of about 2.5%. MEDP shares opened 10% higher today at $208.05 (+$19.67, +10.44%) over yesterday’s $188.38 closing price and reached a new 52-week high price this morning of $217.31. The stock has traded today between $204.53 and $217.31 per share and is currently trading at $214.23 (+$25.85, +13.72%).


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