Business
Medpace Holdings, Inc. Reports Fourth Quarter and Full Year 2022 Results
Revenue of $394.1 million in the fourth quarter of 2022 increased 27.7% from revenue of $308.6 million for the comparable prior-year period, representing a
About this update from Medpace Holdings, Inc.
[{"type":"text","content":"\n\nRevenue of $394.1 million in the fourth quarter of 2022 increased 27.7% from revenue of $308.6 million for the comparable prior-year period, representing a backlog conversion rate of 17.6%.\n\n\nNet new business awards were $485.1 million in the fourth quarter of 2022, representing an increase of 5.8% from net new business awards of $458.7 million for the comparable prior-year period, which resulted in a net book-to-bill ratio of 1.23x.\n\n\nFourth quarter of 2022 GAAP net income was $68.7 million, or $2.12 per diluted share, versus GAAP net income of $50.0 million, or $1.32 per diluted share, for the comparable prior-year period. Net income margin was 17.4% and 16.2% for the fourth quarter of 2022 and 2021, respectively.\n\n\nEBITDA was $80.4 million for the fourth quarter of 2022, an increase of 30.9% from EBITDA of $61.4 million for the comparable prior-year period, resulting in an EBITDA margin of 20.4%. \n\n\n CINCINNATI--(BUSINESS WIRE)--\nMedpace Holdings, Inc. (Nasdaq: MEDP) (“Medpace”) today announced financial results for the fourth quarter and full year ended December 31, 2022.\n\nFourth Quarter 2022 Financial Results\n\nRevenue for the three months ended December 31, 2022 increased 27.7% to $394.1 million, compared to $308.6 million for the comparable prior-year period. On a constant currency organic basis, revenue for the fourth quarter of 2022 increased 28.9% compared to the fourth quarter of 2021.\n\nBacklog as of December 31, 2022 increased 17.2% to $2,339.6 million from $1,997.1 million as of December 31, 2021. Net new business awards were $485.1 million, representing a net book-to-bill ratio of 1.23x for the fourth quarter of 2022, as compared to $458.7 million for the comparable prior-year period. The Company calculates the net book-to-bill ratio by dividing net new business awards by revenue.\n\nFor the fourth quarter of 2022, total direct costs were $278.4 million, compared to total direct costs of $220.6 million in the fourth quarter of 2021. Selling, general and administrative (SG&A) expenses were $33.4 million in the fourth quarter of 2022, compared to SG&A expenses of $27.7 million in the fourth quarter of 2021.\n\nGAAP net income for the fourth quarter of 2022 was $68.7 million, or $2.12 per diluted share, versus GAAP net income of $50.0 million, or $1.32 per diluted share, for the fourth quarter of...