Medpace Holdings, Inc. (Nasdaq: MEDP) announced its financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights:
- Revenue for the three months ended June 30, 2024, rose by 14.6% to $528.1 million, compared to $460.9 million in the same period last year. On a constant currency basis, revenue increased by 14.7% year-over-year.
- Backlog as of June 30, 2024, increased by 13.7% to $2,924.9 million from $2,571.9 million as of June 30, 2023. Net new business awards totaled $551.0 million, resulting in a net book-to-bill ratio of 1.04x for the quarter.
- Total direct costs for the second quarter of 2024 were $374.3 million, up from $336.6 million in the second quarter of 2023. Selling, general, and administrative (SG&A) expenses were $41.5 million compared to $39.4 million in the same period last year.
- GAAP net income for the second quarter of 2024 was $88.4 million, or $2.75 per diluted share, compared to $61.1 million, or $1.93 per diluted share, for the second quarter of 2023. The net income margin was 16.7% for Q2 2024, up from 13.3% in Q2 2023.
- EBITDA for the second quarter of 2024 increased by 34.2% to $112.3 million, representing 21.3% of revenue, compared to $83.6 million, or 18.1% of revenue, in the second quarter of 2023. On a constant currency basis, EBITDA increased by 33.3% year-over-year.
Year-to-Date 2024 Financial Summary:
- Revenue for the six months ended June 30, 2024, was $1,039.1 million, marking a 16.1% increase on both reported and constant currency bases compared to the same period last year.
- Year-to-date 2024 GAAP net income was $190.9 million, or $5.96 per diluted share, compared to $134.0 million, or $4.20 per diluted share, for the comparable prior-year period.
- Year-to-date 2024 EBITDA was $227.9 million, or 21.9% of revenue, up 29.1% on a reported basis and 28.5% on a constant currency basis from the same period in 2023.
Balance Sheet and Financial Position:
- As of June 30, 2024, Medpace had cash and cash equivalents of $510.9 million. The company generated $116.4 million in cash flow from operating activities during Q2 2024.
- The authorized share repurchase program had $308.8 million remaining as of June 30, 2024.
2024 Financial Guidance:
- Medpace forecasts revenue for full-year 2024 in the range of $2.125 billion to $2.175 billion, reflecting growth of 12.7% to 15.3% over 2023 revenue of $1.886 billion.
- GAAP net income for 2024 is expected to be between $361.0 million and $383.0 million, with full-year 2024 EBITDA anticipated in the range of $430.0 million to $460.0 million.
- Diluted earnings per share (GAAP) for 2024 are projected to be in the range of $11.24 to $11.93, based on forecasted revenue and net income figures.
The guidance assumes a full-year 2024 tax rate of 15.0% to 16.0%, interest income of $24.0 million, and 32.1 million diluted shares outstanding. It does not include potential impacts from share repurchases after June 30, 2024.
For more detailed financial information, including non-GAAP measures, please refer to the company’s official financial disclosures.
