Medpace(MEDP)
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Medpace(MEDP) - 2020 Q2 - Earnings Call Transcript
2020-07-28 17:08
Financial Data and Key Metrics Changes - Q2 revenue decreased by 4.3% year-over-year to $205 million, with a projected revenue reduction of 15% to 20% below plan due to pandemic disruptions [6][9] - EBITDA for Q2 was $35 million, down 12.9% from $40.2 million in Q2 2019, resulting in an EBITDA margin of 17.1% compared to 18.8% in the prior year [9] - GAAP net income was $24.1 million, down from $27.5 million in the prior year, with GAAP net income per diluted share at $0.64 compared to $0.73 [9][10] - Ending backlog as of June 30 was $1.3 billion, an increase of 14.6% from the prior year [9] Business Line Data and Key Metrics Changes - Net new business awards entering backlog decreased by 9% year-over-year to $254.1 million, resulting in a net book-to-bill ratio of 1.24 [9] - COVID-19 studies accounted for 11% of new business awards in Q2 and 22% of total award notifications, primarily representing treatment studies [8] Market Data and Key Metrics Changes - Lab sample volumes remain approximately 20% below pre-March 11 run rates, while physical monitoring visits are about 30% below levels prior to March [6] - The demand environment is stronger than indicated by reported new business awards, with many trials on hold awaiting a more stable healthcare environment [7][8] Company Strategy and Development Direction - The company plans to ramp up hiring in Q4 2020 and into 2021, expecting to return to a more normalized growth path in 2021 [6][7] - Heavy investment in hiring and training has depressed margins, but these growth costs are expected to significantly reduce in the second half of 2020 [6][7] - The company maintains a conservative backlog policy, not recognizing awards until studies start recruiting patients, which may lead to discrepancies in reported demand [8][39] Management's Comments on Operating Environment and Future Outlook - Management anticipates a lesser impact from COVID-19 in future quarters and expects to return to a more normalized growth path in 2021 [6] - The company is cautiously optimistic about the return of trials and recruitment, with many studies expected to move forward later in the year [26][27] - Management noted that operational issues are not a major factor currently, with recruitment being the primary concern [26] Other Important Information - The company ended Q2 with $160.9 million in cash, no outstanding debt, and $50 million of undrawn capacity on its revolving line of credit [11] - Updated guidance for 2020 forecasts total revenue in the range of $880 million to $920 million, representing growth of 2.2% to 6.9% over 2019 [12] Q&A Session Summary Question: Can you provide insights on the second half implied margin and hiring strategy? - Management indicated that pass-through costs would accelerate in the second half, impacting margins, but hiring would begin to ramp up as business moves forward [15][18][19] Question: What are the demand trends and proposal volumes? - Management noted that demand trends are better than new business trends imply, with many sponsors committed to moving projects forward despite delays [24][25] Question: How are operational constraints affecting study initiation? - Management stated that operational issues are not a major factor, with recruitment being the primary concern, and many studies are expected to move forward later in the year [26][27] Question: Can you clarify the severance charge and new headquarters expenses? - The severance charge for Q2 was $2.3 million, and additional rent costs for the new headquarters will be about $2 million quarterly starting in Q3 [29][32] Question: How is the competitive environment changing? - Management believes that the current environment has not led to significant changes in customer dynamics, maintaining a strong market position [34] Question: What is the stability of the backlog and internal churn? - Management confirmed that cancellations were up slightly due to COVID-19, but recent months have seen stability in backlog without significant additional cancellations [42]
Medpace(MEDP) - 2020 Q1 - Earnings Call Presentation
2020-05-01 18:18
| --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | | FORWARD LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our anticipated financial results ...
Medpace(MEDP) - 2020 Q1 - Quarterly Report
2020-04-29 20:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 001-37856 Medpace Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 32-0434904 (State or other juris ...
Medpace(MEDP) - 2019 Q4 - Annual Report
2020-02-25 21:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Exact name of registrant as specified in its charter) Delaware 32-0434904 (State or other jurisdiction of incorporation or organization) (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file numb ...
Medpace(MEDP) - 2019 Q3 - Quarterly Report
2019-10-29 20:57
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 001-37856 Medpace Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...
Medpace(MEDP) - 2019 Q2 - Quarterly Report
2019-07-30 20:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 001-37856 Medpace Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...
Medpace(MEDP) - 2019 Q1 - Quarterly Report
2019-04-30 20:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 001-37856 Medpace Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 32-0434904 (State or other juris ...
Medpace(MEDP) - 2018 Q4 - Annual Report
2019-02-26 21:04
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K | (Mark One) | | --- | | ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | For the fiscal year ended December 31, 2018 | | or | | ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | For the transition period from to . | | Commission file number: 001-37856 | | Medpace Holdings, Inc. | | incorporation or organization) Identification No.) | | 5375 ...