Medpace Posts Better Than Expected Q1 Earnings, Lifts FYY22 Profit Outlook

Medpace Holdings Inc's MEDP Q1 revenue increased 27.3% Y/Y to $330.9 million, beating the consensus of $327.09 million. On a constant currency organic basis, revenue increased 28.1%.
As of March 31, 2022, the Backlog grew 28% to $2.1 billion. Net new business awards were $423 million, representing a net book-to-bill ratio of 1.28x.
EBITDA increased 31.3% to $70.4 million or 21.3% of revenue, compared to $53.6 million, or 20.6% of revenue a year ago.
Medpace posted EPS of $1.69, up from $1.1435 posted a year ago and beating the consensus of $1.26.
Financial Guidance: Medpace reaffirmed FY22 revenue of $1.4 billion - $1.46 billion, representing Y//Y growth of 22.6% - 27.8%, compared to the consensus of $1.41 billion.
EBITDA is expected to be $262 million - $278 million.
Medpace expects EPS of $5.72 - $6.06, compared to prior guidance of $5.35 - $5.67 and the consensus of $5.61.
Price Action: MEDP shares are down 8.76% at $135.04 during the market session on the last check Tuesday.

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