Medpace Holdings, Inc. Reports Q3 Earnings

CINCINNATI – Medpace Holdings, Inc. (NASDAQ:MEDP) saw its shares plunge 12.29% after the clinical contract research organization reported third-quarter revenue that fell short of analyst expectations and provided weaker-than-expected guidance for the full year.

The company reported Q3 revenue of $533.3 million, up 8.3% year-over-year but below the consensus estimate of $543.08 million. Adjusted earnings per share came in at $3.01, beating expectations of $2.78.

For the full year 2024, Medpace now expects revenue between $2.09 billion and $2.13 billion, below the $2.14 billion analysts were projecting. The company forecasts earnings per share of $11.71 to $12.09, compared to the consensus of $11.79.

Medpace's net new business awards declined 12.7% year-over-year to $533.7 million in Q3. However, the company's backlog grew 8.8% to $2.93 billion.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.