Medpace Holdings Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 26.5% revenue growth and strong new business awards, but elevated cancellations and weaker gross bookings led to a net book-to-bill of 0.88. Guidance remains unchanged, with management focused on improving win rates and expanding the pipeline.
Fiscal Year 2025
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Revenue grew 20% in 2025 with strong new business awards, but Q4 saw record cancellations, mainly in metabolic. 2026 guidance projects 9-13% revenue and EBITDA growth, with oncology leading bookings and AI investments expected to have a neutral near-term impact.
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Q3 2025 delivered record bookings, 23.7% revenue growth, and a 1.20 book-to-bill, with backlog and pre-backlog both rising. 2025 guidance was raised, and 2026 is expected to see low double-digit revenue growth, with pass-through costs remaining elevated.
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Q2 2025 delivered strong revenue and EBITDA growth, driven by fewer cancellations, improved funding, and a shift toward faster-burning therapeutic areas. Guidance for 2025 was raised, with expectations for continued elevated reimbursable costs and accelerated hiring in the second half.
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Q1 2025 revenue grew 9.3% year-over-year to $558.6M, with net income up 11.7%. Bookings and backlog declined due to elevated cancellations, mainly from client funding issues, but revenue guidance for 2025 remains intact, supported by strong backlog conversion and operational execution.
Fiscal Year 2024
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Q4 and full year 2024 saw strong revenue and profit growth, but bookings and backlog were pressured by elevated cancellations and a softer business environment. 2025 guidance calls for flat to modest growth, with risk tied to client funding and cancellation trends.
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Q3 2024 saw elevated cancellations, mainly from clients funded during the COVID period running out of capital, resulting in a net book-to-bill of 1.0. Revenue and EBITDA grew strongly year-over-year, but backlog and bookings remain pressured. Guidance anticipates continued headwinds into early 2025.
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Q2 2024 delivered strong revenue and profitability growth despite a sharp rise in project cancellations, which impacted backlog and bookings. Guidance for 2024 remains robust, with raised EPS expectations and continued optimism for industry-leading growth, supported by strong RFP activity and a healthy pipeline.