Medpace rises after forecasting guidance ahead of expectations

 

• Medpace Holdings (NASDAQ:MEDP) is trading higher after posting a solid beat in its Q3 2021 financials. The company also projects its 2022 revenue to exceed the current Street forecasts.
• The topline has expanded ~28% YoY to $295.6M, indicating a backlog conversion rate of 17.0%, while net new business awards jumped ~29% YoY to $408.0M. Backlog as of September 30 stood at $1.8B, implying ~29% YoY growth from the prior-year period.
• Despite a 34% YoY rise in total direct costs, the GAAP net income grew ~17% YoY to $48.6M as EBITDA for the quarter increased ~16% YoY to $60.1M.
• The cash and equivalents at the end of the quarter stood at $398.4M indicating a ~43% rise from 2020 year-end.
• The company has raised the full year 2021 guidance to ~$1.14B – $1.15B from ~$1.11B – $1.15B projected three months ago.
• Medpace (MEDP) also expects its 2022 revenue and EBITDA to reach ~$1.40B – $1.46B and $262M – $278M, respectively. The consensus estimates for the company indicate $1.38B in revenue for 2022.

https://newsfilter.io/a/112e076e12656bf0d33687f0dad8811e