NASDAQ$MEDP
Medpace Holdings Inc. · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Medpace reported an increase in revenue and net new business awards for Q4 2023.
Medpace Holdings, Inc. reported a strong fourth quarter in 2023, with a 26.5% increase in revenue to $498.4 million and a 26.7% increase in net new business awards to $614.7 million. GAAP net income increased to $78.3 million, or $2.46 per diluted share. The company's backlog as of December 31, 2023, was $2,813.0 million, representing a 20.2% increase.
- Revenue for Q4 2023 increased by 26.5% to $498.4 million compared to the prior year.
- Net new business awards in Q4 2023 were $614.7 million, a 26.7% increase year-over-year, resulting in a net book-to-bill ratio of 1.23x.
- GAAP net income for Q4 2023 was $78.3 million, or $2.46 per diluted share, compared to $68.7 million, or $2.12 per diluted share, in the prior year.
- EBITDA for Q4 2023 increased by 19.2% to $95.8 million, representing 19.2% of revenue.
Headline financials
Revenue & EPS history
Medpace · Revenue · Quarterly
$498M
Forward guidance
The Company forecasts 2024 revenue in the range of $2.150 billion to $2.200 billion, representing growth of 14.0% to 16.7% over 2023 revenue of $1.886 billion. GAAP net income for full year 2024 is forecasted in the range of $326.0 million to $348.0 million. Additionally, full year 2024 EBITDA is expected in the range of $400.0 million to $430.0 million. Based on forecasted 2024 revenue of $2.150 billion to $2.200 billion and GAAP net income of $326.0 million to $348.0 million, diluted earnings per share (GAAP) is forecasted in the range of $10.18 to $10.87.
Tailwinds
- Revenue growth of 14.0% to 16.7% is expected over 2023 revenue.
- Full year 2024 revenue is forecasted in the range of $2.150 billion to $2.200 billion.
- GAAP net income for full year 2024 is forecasted in the range of $326.0 million to $348.0 million.
- Full year 2024 EBITDA is expected in the range of $400.0 million to $430.0 million.
- Diluted earnings per share (GAAP) is forecasted in the range of $10.18 to $10.87.
Headwinds
- Guidance assumes a full year 2024 tax rate of 16.0% to 17.0%.
- Guidance assumes interest income of $18.4 million.
- Guidance assumes 32.0 million diluted shares outstanding.
- Guidance does not include the potential impact of any share repurchases the Company may make pursuant to the share repurchase program after December 31, 2023.
- Unfavorable economic conditions, including conditions caused by the uncertain international economic environment and current and future international conflicts
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
-1.7%
Avg return
Earnings day
-1.6%
Avg return
5 days after
+1.1%
Avg return
30 days after
44%
19 / 43 earnings
Positive
+39.0%
Q3 2022
Best reaction
-31.5%
Q1 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.5% | -19.4% | -14.9% | |
| Q4 2025 | -15.9% | -19.3% | -16.3% | |
| Q3 2025 | +9.0% | +6.2% | +8.2% | |
| Q2 2025 | -0.2% | +1.5% | +7.0% | |
| Q1 2025 | -2.3% | +3.3% | +1.4% | |
| Q4 2024 | -7.5% | -4.0% | -10.3% | |
| Q3 2024 | -8.4% | -7.3% | -8.5% | |
| Q2 2024 | -15.2% | -9.5% | -6.1% | |
| Q1 2024 | +9.4% | +6.4% | +4.8% | |
| Q4 2023 | +11.6% | +20.0% | +25.0% | |
| Q3 2023 | +18.8% | +9.2% | +20.8% | |
| Q2 2023 | +4.6% | +3.9% | +1.8% | |
| Q1 2023 | +10.2% | +5.9% | +7.2% | |
| Q4 2022 | -2.9% | -7.6% | -20.4% | |
| Q3 2022 | +39.0% | +41.5% | +39.2% | |
| Q2 2022 | -2.9% | +5.0% | +3.8% | |
| Q1 2022 | -12.0% | -11.3% | -12.2% | |
| Q4 2021 | -20.6% | -18.2% | -12.1% | |
| Q3 2021 | +13.9% | +21.1% | +14.4% | |
| Q2 2021 | -6.0% | -3.4% | -0.8% | |
| Q1 2021 | -12.8% | -11.3% | -13.3% | |
| Q4 2020 | -2.7% | -5.3% | -2.0% | |
| Q3 2020 | -6.1% | -4.8% | +4.4% | |
| Q2 2020 | +15.5% | +12.8% | +16.7% | |
| Q1 2020 | -2.5% | -11.9% | +9.0% | |
| Q4 2019 | +2.4% | -9.7% | -31.7% | |
| Q3 2019 | +0.8% | -0.5% | +3.8% | |
| Q2 2019 | +24.9% | +19.9% | +27.2% | |
| Q1 2019 | -4.3% | -1.6% | -4.7% | |
| Q4 2018 | -21.3% | -21.8% | -18.4% | |
| Q3 2018 | +0.2% | +13.9% | +21.8% | |
| Q2 2018 | +28.6% | +24.4% | +23.4% | |
| Q1 2018 | +2.3% | -0.0% | +12.9% | |
| Q4 2017 | -15.7% | -14.3% | -5.3% | |
| Q3 2017 | +6.2% | +5.6% | -3.7% | |
| Q2 2017 | +8.0% | +15.1% | +17.2% | |
| Q1 2016 | -31.5% | -29.1% | -12.6% | |
| Q1 2017 | -29.1% | -27.5% | -12.3% | |
| Q4 2014 | -21.3% | -20.7% | -22.2% | |
| Q2 2016 | -21.3% | -20.7% | -22.2% | |
| Q4 2016 | -19.8% | -20.1% | -22.3% | |
| Q3 2016 | +3.8% | +8.1% | +24.0% | |
| Q4 2015 | +3.8% | +8.1% | +24.0% | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q1 2014 | — | — | — |
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