Why Is Medpace Stock Diving On Tuesday?

Medpace Holdings, Inc. MEDP shares are trading lower on Tuesday after reporting its third-quarter financial results yesterday.Revenue rose 8.3% year-over-year to $533.3 million, missing the consensus of $540.99 million.On a constant currency basis, revenue increased by 8.1% in the quarter. As of September 30, backlog rose by 8.8% to $2.927 billion.Net new business awards totaled $533.7 million for the third quarter of 2024, resulting in a net book-to-bill ratio of 1.00x, compared to $611.5 million in the pr ...