Business
Medpace Holdings, Inc. Reports Second Quarter 2023 Results
Revenue of $460.9 million in the second quarter of 2023 increased 31.2% from revenue of $351.2 million for the comparable prior-year period, representing a
About this update from Medpace Holdings, Inc.
[{"type":"text","content":"\n\nRevenue of $460.9 million in the second quarter of 2023 increased 31.2% from revenue of $351.2 million for the comparable prior-year period, representing a backlog conversion rate of 18.7%.\n\n\n\n\nNet new business awards were $574.8 million in the second quarter of 2023, representing an increase of 27.6% from net new business awards of $450.6 million for the comparable prior-year period, which resulted in a net book-to-bill ratio of 1.25x.\n\n\n\n\nSecond quarter of 2023 GAAP net income was $61.1 million, or $1.93 per diluted share, versus GAAP net income of $49.4 million, or $1.46 per diluted share, for the comparable prior-year period. Net income margin was 13.3% and 14.1% for the second quarter of 2023 and 2022, respectively.\n\n\n\n\nEBITDA was $83.6 million for the second quarter of 2023, an increase of 22.8% from EBITDA of $68.1 million for the comparable prior-year period, resulting in an EBITDA margin of 18.1%.\n\n\n\n CINCINNATI--(BUSINESS WIRE)--\nMedpace Holdings, Inc. (Nasdaq: MEDP) (“Medpace”) today announced financial results for the second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Financial Results\n\n\nRevenue for the three months ended June 30, 2023 increased 31.2% to $460.9 million, compared to $351.2 million for the comparable prior-year period. On a constant currency basis, revenue for the second quarter of 2023 increased 31.0% compared to the second quarter of 2022.\n\n\nBacklog as of June 30, 2023 increased 18.6% to $2,571.9 million from $2,168.3 million as of June 30, 2022. Net new business awards were $574.8 million, representing a net book-to-bill ratio of 1.25x for the second quarter of 2023, as compared to $450.6 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\n\nFor the second quarter of 2023, total direct costs were $336.6 million, compared to total direct costs of $252.2 million in the second quarter of 2022. Selling, general and administrative (SG&A) expenses were $39.4 million in the second quarter of 2023, compared to SG&A expenses of $33.2 million in the second quarter of 2022.\n\n\nGAAP net income for the second quarter of 2023 was $61.1 million, or $1.93 per diluted share, versus GAAP net income of $49.4 million, or $1.46 per diluted share, for the second quarter of 2022. This re...