Contract Research Organization Medpace Lifts FY22 Guidance, Highlights FY23 Outlook

Medpace Holdings Inc's MEDP Q3 revenue increased 29.8% Y/Y to $383.7 million, beating the consensus of $357.18 million, representing a backlog conversion rate of 17.7%.
On a constant currency organic basis, Q3 revenue was up 31.9%.
As of September 30, 2022, Backlog grew 20.9% to $2.2 billion. Net new business awards were $470.9 million, representing a net book-to-bill ratio of 1.23x.
Q3 EBITDA increased 48.5% to $89.3 million, or 23.3% of revenue, compared to $60.1 million, or 20.3% of revenue, a year ago.
Medpace posted an EPS of $2.05, up from $1.29 a year ago and beating the consensus of $1.47.
Financial Guidance: Medpace raised FY22 sales guidance to $1.44-$1.46 billion, versus the prior guidance of $1.405-$1.435 billion and the consensus of $1.41 billion.
EBITDA is expected to be $302-$310 million, versus the previous guidance of $268-$280 million
Medpace expects EPS of $6.88-$7.00 compared to prior guidance of $6.07-$6.36 and the consensus of $6.15.
For FY23, the company forecasts sales of $1.68-$1.74 billion, with EBITDA of $325-$350 million.
Price Action: MEDP shares traded higher by 28.13% at $203.26 in premarket on the last check Tuesday.