Medpace (MEDP) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future. Shares of this provider of outsourced clinical development services have returned -2.5% over the past month versus the Zacks S&P 500 composite's -0.3% change. The Zacks Medical Services industry, to which Medpace belongs, has lost 0.2% over this period. Now the key question is: Where could the stock be ...

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Revenue and Business Growth - Total revenue increased by $77.0 million to $511.0 million for the three months ended March 31, 2024, representing a 17.7% growth compared to $434.1 million for the same period in 2023[82] - Net new business awards were $615.6 million for the three months ended March 31, 2024, compared to $555.8 million for the same period in 2023[76] - Backlog increased by $447.0 million, or 18.2%, to $2,907.1 million as of March 31, 2024, compared to $2,460.1 million as of March 31, 2023[77] - The company expects approximately $1,550.0 million to $1,570.0 million of backlog to convert to net revenue over the next twelve months[77] Costs and Expenses - Direct service costs, excluding depreciation and amortization, increased by $20.4 million, or 13.5%, to $171.5 million for the three months ended March 31, 2024[82] - Reimbursed out-of-pocket expenses rose by $31.6 million, or 20.7%, to $184.4 million for the three months ended March 31, 2024[82] - Selling, general and administrative expenses increased by $6.1 million, or 15.9%, to $44.1 million for the three months ended March 31, 2024[82] - Total direct costs increased by $52.0 million to $355.9 million for the three months ended March 31, 2024, compared to $303.9 million for the same period in 2023[84] - Selling, general and administrative expenses rose by $6.1 million to $44.1 million for the three months ended March 31, 2024, from $38.0 million in the prior year[85] - Depreciation and amortization expense increased by $1.0 million to $7.0 million for the three months ended March 31, 2024, compared to $6.0 million for the same period in 2023[86] Income and Tax - Income from operations increased by $17.9 million to $104.1 million for the three months ended March 31, 2024[82] - Net income for the three months ended March 31, 2024, was $102.6 million, an increase of $29.7 million compared to $72.9 million for the same period in 2023[82] - Income tax provision decreased by $2.9 million to $10.2 million for the three months ended March 31, 2024, with an effective tax rate of 9.0%, down from 15.3% in the prior year[88] - Miscellaneous income, net increased by $3.9 million to $4.6 million for the three months ended March 31, 2024, from $0.7 million in the prior year[87] Cash Flow and Financial Position - Cash and cash equivalents increased to $407.0 million as of March 31, 2024, up from $245.4 million as of December 31, 2023[89] - Net cash provided by operating activities was $152.7 million for the three months ended March 31, 2024, compared to $80.1 million in the same period of 2023[92] - Net cash provided by investing activities was $2.5 million for the three months ended March 31, 2024, compared to a net cash used of $9.5 million in the prior year[96] - The company did not execute any share repurchases during the three months ended March 31, 2024, with remaining authorization of $308.8 million under the repurchase program[99] - As of March 31, 2024, the company had no indebtedness and less than $0.1 million in letters of credit outstanding[101] Foreign Currency Impact - The effect of unfavorable foreign currency adjustments on backlog was $6.8 million for the three months ended March 31, 2024[78]

Financial Data and Key Metrics Changes - Revenue for Q1 2024 was $511 million, representing a year-over-year increase of 17.7% [35][36] - EBITDA for Q1 2024 was $115.7 million, an increase of 24.6% compared to $92.8 million in Q1 2023 [36][37] - Net income for Q1 2024 was $102.6 million, up 40.7% from $72.9 million in the prior year [37] - EBITDA margin for Q1 2024 was 22.6%, compared to 21.4% in the prior year [13] Business Line Data and Key Metrics Changes - Net new business awards entering backlog in Q1 2024 increased 10.8% to $615.6 million, resulting in a net book-to-bill ratio of 1.2 [35] - Ending backlog as of March 31, 2024, was approximately $2.9 billion, an increase of 18.2% from the prior year [12] Market Data and Key Metrics Changes - The funding environment remains guarded but stable and improved from last year, with strong signals of funded companies coming forward with programs [33][77] - RFP flows and bookings were stable to improved in Q1 compared to Q4, with an increase in quality and number of opportunities [77] Company Strategy and Development Direction - The company is committed to delivering year-over-year margin improvement and has raised its full-year guidance for EBITDA [5] - The focus is on improving productivity through automation and optimizing geographic distribution of staff [5][57] - The company expects direct revenue growth of approximately 15% for 2024 [73] Management's Comments on Operating Environment and Future Outlook - Management noted that while some clients are struggling with funding, the overall business environment is much better than last year [19] - There is confidence in achieving revenue growth in 2025, contingent on maintaining bookings without significant cancellations [20][86] Other Important Information - The effective tax rate for Q1 2024 was 9%, down from 15.3% in the prior year [37] - Cash flow from operating activities for Q1 2024 was $152.7 million, with $407 million in cash as of March 31, 2024 [38] Q&A Session Summary Question: What drove the lower bookings number for the quarter? - Management indicated that elevated cancellations, which were above the usual range of below 4.5%, were the primary reason for missing internal projections [10][18] Question: How is the funding environment affecting client sentiment? - Management observed a mix of clients, with some struggling for funding while others are optimistic about moving forward with programs [19] Question: What is the outlook for revenue growth in 2025? - Management expects that continuing bookings similar to the past year will support accelerating revenue growth in 2025 [20] Question: How do cancellations impact near-term revenue? - Cancellations were primarily from studies already in backlog, which could affect near-term revenue but confidence remains in achieving 15% direct revenue growth [86] Question: Is there a change in the mix of reimbursable versus service revenue in bookings? - Management stated there were no significant shifts in the mix of bookings and backlog, indicating stable direct revenue progression [73]

Medpace (MEDP) came out with quarterly earnings of $3.20 per share, beating the Zacks Consensus Estimate of $2.45 per share. This compares to earnings of $2.27 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 30.61%. A quarter ago, it was expected that this provider of outsourced clinical development services would post earnings of $2.23 per share when it actually produced earnings of $2.46, delivering a surprise of 10.31%.Over ...

Exhibit 99.1 Investor Contact: Lauren Morris 513.579.9911 x11994 l.morris@medpace.com FOR IMMEDIATE RELEASE Media Contact: Julie Hopkins 513.579.9911 x12627 j.hopkins@medpace.com Medpace Holdings, Inc. Reports First Quarter 2024 Results CINCINNATI, OHIO, April 22, 2024-- Medpace Holdings, Inc. (Nasdaq: MEDP) ("Medpace") today announced financial results for the first quarter ended March 31, 2024. First Quarter 2024 Financial Results Revenue for the three months ended March 31, 2024 increased 17.7% to $511.0 ...

Financial Data and Key Metrics Changes - Revenue for Q4 2023 was $498.4 million, representing a year-over-year increase of 26.5% and a full year revenue of $1.89 billion, a 29.2% increase from 2022 [37][38] - EBITDA for Q4 2023 was $95.8 million, up 19.2% from $80.4 million in Q4 2022, with a full year EBITDA of $362.5 million, a 17.7% increase from the prior year [31][66] - Net income for Q4 2023 was $78.3 million, a 14% increase compared to $68.7 million in the prior year, with full year net income of $282.8 million, a 15.3% increase from 2022 [66] Business Line Data and Key Metrics Changes - The company reported a net new business awards entering backlog in Q4 of $614.7 million, a 26.7% increase from the prior year, resulting in a net book-to-bill ratio of 1.23 [37] - Full year 2023 net new business awards were $2.36 billion, an increase of 28.8%, with an ending backlog of approximately $2.8 billion, a 20.2% increase from the prior year [37] Market Data and Key Metrics Changes - The company expects 2024 total revenue to be in the range of $2.15 billion to $2.2 billion, representing growth of 14% to 16.7% over 2023 [32] - The effective tax rate for 2024 is projected to be between 16% to 17%, with interest income expected at $18.4 million [32] Company Strategy and Development Direction - The company is optimistic about the funding environment and project progression, indicating a trend towards improvement after a volatile period [70] - The company plans to maintain a hiring growth rate of about 10% in 2024, aligning with expected revenue growth of approximately 15% [43] Management Comments on Operating Environment and Future Outlook - Management noted that cancellations are expected to remain within a normal range, with a projection of less than 4.5% for 2024 [26] - The company is seeing a clear direction in project starts and is optimistic about the business environment moving into 2024 [70] Other Important Information - The EBITDA margin for Q4 2023 was 19.2%, down from 20.4% in the prior year, impacted by higher reimbursable costs and personnel costs [31] - The company did not repurchase any shares during Q4 2023, with a total of approximately 781,000 shares repurchased for $144 million throughout the year [39] Q&A Session Summary Question: What is the outlook for headcount growth? - Management indicated a 10% growth in headcount for 2024, down from previous expectations of mid-teens growth, attributed to efficiencies and a more stable business environment [4] Question: What is driving the elevated level of pass-throughs? - Elevated pass-throughs are driven by inflationary costs at investigator sites and a mix of large Phase III studies, expected to remain elevated into 2024 [3] Question: How are cancellations tracking? - Cancellations are expected to stay within the usual range, indicating a more normalized level compared to previous years [26] Question: What is the outlook for EBITDA growth in 2024? - The company expects EBITDA to grow between 10.3% to 18.6% in 2024, despite not changing the revenue outlook [5] Question: How is the competition affecting share gains? - The company has been gaining market share, growing at a rate considerably above industry peers, with a win rate above long-term trends [7][21]

Financial Performance - The company reported a significant increase in revenue, achieving $1.5 billion for the fiscal year, representing a 20% year-over-year growth[10]. - The company reported a net income of $300 million, a 30% increase compared to the last fiscal year[10]. - Operating margins improved to 25%, up from 22% in the previous year, due to cost management strategies[10]. User Growth and Engagement - User data showed a 15% increase in active users, reaching 2 million by the end of the fiscal year[10]. - The company plans to increase its workforce by 10% to support growth initiatives and new product development[10]. Future Projections and Guidance - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to 15%[10]. - New product launches are expected to contribute an additional $200 million in revenue over the next year[10]. - The company acknowledges the inherent uncertainty in projections and estimates of future performance[14]. Market Expansion and Strategy - Market expansion efforts include entering three new international markets, projected to increase market share by 5%[10]. - The company is exploring potential acquisitions to bolster its product offerings, with a budget of $100 million allocated for this purpose[10]. Research and Development - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[10]. Clinical Trials and Pharmaceutical Data - Phase I trials typically involve 20 to 100 subjects and focus on establishing safety and dosage[18]. - Phase II trials evaluate efficacy and safety in a few hundred patients over one to two years[19]. - Phase III trials assess the clinical product candidate in larger populations, lasting from one to four years, and are crucial for product approval[20]. - Phase IV trials monitor long-term risks and benefits of drugs, enrolling thousands of patients over several years[21]. - The report includes a glossary defining key terms related to the pharmaceutical industry[15][16][17]. Data Verification and Caution - The company emphasizes the importance of independent verification of market and industry data[14]. - Market data in the Annual Report is based on management's estimates and industry sources, with a caution against over-reliance on these estimates[13]. - The company defines large pharmaceutical companies as the top 20 by worldwide prescription drug sales, while mid-sized companies have at least $250 million in sales[15][16]. Communication with Investors - The company utilizes its website and social media channels for distributing material information to investors[11].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________ FORM 10-Q ___________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or o 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 _________ ...