Business
Medpace Holdings, Inc. Reports Third Quarter 2021 Results
Revenue of $295.6 million in the third quarter of 2021 increased 28.3% from revenue of $230.4 million for the comparable prior-year period, representing a
About this update from Medpace Holdings, Inc.
[{"type":"text","content":"\n\nRevenue of $295.6 million in the third quarter of 2021 increased 28.3% from revenue of $230.4 million for the comparable prior-year period, representing a backlog conversion rate of 17.0%.\n\n\nNet new business awards were $408.0 million in the third quarter of 2021, representing an increase of 29.4% from net new business awards of $315.4 million for the comparable prior-year period, which resulted in a net book-to-bill ratio of 1.38x.\n\n\nThird quarter of 2021 GAAP net income was $48.6 million, or $1.29 per diluted share, versus GAAP net income of $41.5 million, or $1.09 per diluted share, for the comparable prior-year period. Net income margin was 16.4% and 18.0% for the third quarter of 2021 and 2020, respectively.\n\n\nEBITDA was $60.1 million for the third quarter of 2021, an increase of 15.7% from EBITDA of $51.9 million for the comparable prior-year period, resulting in an EBITDA margin of 20.3%.\n\n\n CINCINNATI--(BUSINESS WIRE)--\nMedpace Holdings, Inc. (Nasdaq: MEDP) (“Medpace”) today announced financial results for the third quarter ended September 30, 2021.\n\nThird Quarter 2021 Financial Results\n\nRevenue for the three months ended September 30, 2021 increased 28.3% to $295.6 million, compared to $230.4 million for the comparable prior-year period. On a constant currency organic basis, revenue for the third quarter of 2021 increased 28.1% compared to the third quarter of 2020.\n\nBacklog as of September 30, 2021 grew 29.0% to $1.8 billion from $1.4 billion as of September 30, 2020. Net new business awards were $408.0 million, representing a net book-to-bill ratio of 1.38x for the third quarter of 2021, as compared to $315.4 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 third quarter of 2021, total direct costs were $208.5 million, compared to total direct costs of $156.2 million in the third quarter of 2020. Selling, general and administrative (SG&A) expenses were $28.0 million in the third quarter of 2021, compared to SG&A expenses of $22.8 million in the third quarter of 2020.\n\nGAAP net income for the third quarter of 2021 was $48.6 million, or $1.29 per diluted share, versus GAAP net income of $41.5 million, or $1.09 per diluted share, for the third quarter of 2020. This resulted in a net income ma...