MEDP
Medpace Holdings, Inc.558.74
-0.39-0.07%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
FY Q4 '25
Q&A details cancellations, metabolic normalization
Q&A drilled into Q4's elevated cancellations—highest in backlog in a year—blaming a metabolic skew and scattered compound failures, widespread without big single projects, expanding on prepared remarks' brief spike mention. Management sees normalization ahead, with metabolic mix slowing to ease pass-throughs (41-42% of revenue) that peak early 2026. Headcount ramps to mid-high single digits via retention. AI pilots efficiency tools but deliver no net 2026 productivity. Cancellations were highest in backlog in a year. Tone stays confident on adequate environment; watch metabolic durability, burn cadence.
Last Quarter (Q3 '25)
FY Q3 '25
Pre-backlog boom reassures growth
Q&A spotlighted a 30% YoY surge in pre-backlog awarded work—now larger than $3B backlog, under $4B—easing revenue air gap fears as studies near first patients. Pass-throughs, at 42% this quarter, should peak Q4 and ease in 2026 amid leveling metabolic mix and project timing. Hiring accelerates next year, led by US then India. Win rates rebounded despite more bidders per opportunity; metabolic spans beyond GLP-1 across clients. Pre-backlog outpaces oncology. Cancellations linger as wildcard. Backlog refill matters next.
Key Stats
Market Cap
15.74BP/E (TTM)
39.07Basic EPS (TTM)
14.30Dividend Yield
0%Recent Filings
10-K
FY2025 results
Medpace crushed FY2025 with revenue soaring 20% y/y to $2.53B, fueled by Metabolic and Oncology strength, while net income climbed to $451M. Q4 momentum shone through robust net new business awards of $2.65B (up 19% y/y) and backlog swelling 4% to $3.03B, with $1.9B eyed for 2026 conversion. Operating income hit $535M on tight cost control, yet margins held firm amid reimbursed expense spikes. Cash gushed $713M from ops; aggressive buybacks ate $913M (3M shares). No debt, $497M cash. Backlog won't convert at historic rates.
8-K
Q4 revenue up 32%
Medpace crushed Q4 2025 with revenue surging 32.0% to $708.5 million and net new awards up 39.1% to $736.6 million, driving a 1.04x book-to-bill. Full-year revenue hit $2.53 billion, up 20.0%, while GAAP net income reached $451.1 million. Cash dipped to $497.0 million after $912.9 million in buybacks. 2026 guidance calls for $2.755-$2.855 billion revenue.
10-Q
Q3 FY2025 results
Medpace crushed Q3 with revenue jumping 23.7% y/y to $659.9M, driven by Metabolic and Oncology strength, while operating income rose 26.3% y/y to $141.8M. Diluted EPS climbed to $3.86 from $3.01, matching 28.8M shares. YTD revenue grew 15.9% to $1.8B, operating income up 18.8% to $381.7M, and EPS to $10.64 from $8.96. Cash from operations hit $520.6M, less $26.8M capex for $493.8M FCF (derived), but $917M stock buybacks slashed cash to $285M; $10M revolver fully available, no debt. Backlog hit $3.0B. Share repurchases accelerate returns. Yet competition shadows biotech funding.
8-K
Q3 revenue surges 23.7%
Medpace Holdings reported third-quarter 2025 revenue of $659.9 million, up 23.7% from $533.3 million a year ago, fueled by net new business awards of $789.6 million that lifted the book-to-bill ratio to 1.20x. Backlog grew 2.5% to $3,000.6 million, while GAAP net income hit $111.1 million, or $3.86 per diluted share, with EBITDA rising 24.9% to $148.4 million. The company guides full-year revenue to $2.480-$2.530 billion and net income to $431.0-$439.0 million, yet share repurchases totaling $912.9 million year-to-date trimmed cash to $285.4 million. Strong awards signal pipeline strength.
10-Q
Q2 FY2025 results
Medpace's Q2 revenue climbed 14.2% year-over-year to $603.3 million, fueled by strong gains in metabolic and oncology areas, while operating income rose 20.1% to $126.3 million on tighter cost controls. Gross margins held steady around 70%, but SG&A jumped 12.6% amid higher personnel costs tied to expansion. Diluted EPS edged up to $3.10 from $2.75, aligning with 29.1 million weighted shares despite share repurchases. Operating cash flow for the half-year hit $274.4 million, yielding free cash flow of $258.4 million after $16.0 million in capex (derived), though cash dipped to $46.3 million following $908.4 million in buybacks under a $2.1 billion program. No debt weighs on the balance sheet, with $600 million revolver availability as of quarter-end. Backlog slipped 1.8% to $2.9 billion, signaling steady but tempered demand. Share repurchases accelerated sharply this quarter.
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