Medpace Holdings Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue rose 8.5% YoY, EBITDA margin reached 24%, and awards set a quarterly record. FY2026 guidance increased, while 2027 expectations remain sensitive to Q4 awards and cancellations.
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Q2 2026 delivered strong revenue and net income growth, with record net bookings and a robust business environment. Oncology bookings surged, cancellations declined, and guidance for 2026 was raised, projecting double-digit growth in revenue and EBITDA.
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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 robust backlog, with metabolic studies driving mix. 2025 guidance was raised, and 2026 is expected to see low double-digit revenue growth and high single-digit EBITDA 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 metabolic studies. Guidance for 2025 was raised, with higher expected reimbursable costs and continued focus on opportunistic share repurchases.
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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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Revenue and EBITDA grew strongly in 2024, but bookings and new awards declined due to elevated cancellations and a softer business environment. 2025 guidance reflects flat to modest growth, with risks tied to client funding and cancellations, but margin strength continues from productivity gains.
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Q3 saw elevated cancellations, mainly from clients funded during COVID running out of capital, leading to a net book-to-bill of 1.0 and depressed new business awards. Revenue and profitability grew strongly year-over-year, with 2024 guidance reaffirming double-digit growth, but backlog and bookings are expected to remain pressured until the second half of 2025.
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Q2 2024 delivered strong revenue and profit growth despite a sharp rise in project cancellations, which impacted backlog and bookings. Guidance for 2024 was raised for EPS and EBITDA, with robust RFP activity and a healthy business environment supporting future growth.