Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q2 2025 Earnings Presentation
15 slides from Medpace's earnings presentation, Jul 22, 2025
Slide 1: Q2 2025 Financial Results
Q2 2025 FINANCIAL RESULTS JULY 21, 2025
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
FORWARD LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of histori
Slide 3: Q2 2025 – Key Operating Highlights
Q2 2025 – KEY OPERATING HIGHLIGHTS ($ in millions) Second Quarter Year-to-Date 2025 2024 % Change 2025 2024 % Change Revenue, net $ 603.3 $ 528.1 14.2 % $ 1,161.9 $ 1,039.1 11.8 % Net New Business Awards $ 620.5 $ 551.0 12.6 % $ 1,120.6 $ 1,166.5 (3.9)% Net Book-to-Bill (A) 1.03 1.04 n.m. 0.96 1.12
Slide 4: Backlog and New Award Trends
BACKLOG AND NEW AWARD TRENDS Net Book-to-Bill Backlog Conversion Rate 21.2% 1.24x 1.23x 1.20x 1.04x 19.1% 19.2% 1.00x 1.03x 0.99x 18.5% 18.2% 18.3% 18.2% 18.2% 0.90x 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Net New Business Awards Ending Backlog and Est. NTM Ba
Slide 5: Q2 2025 – Key Financial Highlights
Q2 2025 – KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) Second Quarter Year-to-Date 2025 2024 % Change(B) 2025 2024 % Change(B) Revenue, net $ 603.3 $ 528.1 14.2 % $ 1,161.9 $ 1,039.1 11.8 % EBITDA(A) $ 130.5 $ 112.3 16.2 % $ 249.1 $ 227.9 9.3 % % Margin 21.6 % 21.3 % n.m. 21.4 % 2
Slide 6: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $133.5 $130.5 $603.3 $558.6 $115.7 $118.8 $118.6 $511.0 $528.1 $533.3 $536.6 $112.3 $492.5 $498.4 $90.2 $95.8 24.9% 22.6% 22.3% 21.6% 21.3% 21.2% 18.3% 19.2% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Revenue CAGR - 2 2 . 2% +21.2% +14.7% - 19.5% YOY +11.8% YOY +29.2% YOY +27.8% YOY +23.4% YOY Guidance Range $2,109.1 $2,420 - $2,520 $1,885.8 $1,460.0 $925.9 $1,142.4 2020 2021 2022 2023 2024 2025 ($ in millions) EBITDA(A) . 8 % CAGR +7.3% - 13.5% YOY +22.4 % -
Slide 8: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Net Income C A GR +43.0% YOY 0.2% - 5.8% YOY % % - 24.1 +22.7 +15.3% YOY +34.9% YOY +25.1% YOY Guidance Range $404.4 $405 - $428 $245.4 $282.8 $145.4 $181.8 2020 2021 2022 2023 2024 2025 Net Income per diluted share 8.9% - 15.0% YOY .5% CAGR +42.2% YOY 9 .1 % - 3
Slide 9: YTD 2025 – Revenue Composition
YTD 2025 – REVENUE COMPOSITION Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration(C) OTH (A) Large 19% Mid-sized Top 5 ONC Pharma 21% Biopharma 5% 31% 14% AVAI YTD 2025 5% Rest of CNS Small Top 10 10% Biopharma 10% All Other 81% 69% CV 10% MET 25% (A) OTH Top
Slide 10: Q2 2025 – Cash Position
Q2 2025 – CASH POSITION ($ in millions) ($ in millions) Second Quarter Year-to-Date Free Cash Flow and Free Cash Flow Conversion(A) Free Cash Flow 2025 2024 2025 2024 Operating Cash Flow (A) $ 148.5 $ 116.4 $ 274.4 $ 269.1 Free Cash Flow Free Cash Flow Conversion % (GAAP) 137.1% Less: CAPEX 6.1 12.9
Slide 11: Full Year 2025 Guidance
FULL YEAR 2025 GUIDANCE ($ in millions, except per share data) As of April 21, 2025 As of July 21, 2025 Guidance Range Growth Rate Guidance Range Growth Rate Revenue, net $2,140.0 - $2,240.0 1.5% - 6.2% $2,420.0 - $2,520.0 14.7% - 19.5% EBITDA $462.0 - $492.0 (3.8)% - 2.5% $515.0 - $545.0 7.3% - 13.
Slide 12: Appendix
APPENDIX rest
Slide 13: Q2 2025 – Income Statement
Q2 2025 – INCOME STATEMENT % % Revenue, Revenue, 2Q25 vs. 2Q24 ($ in millions, except per share amounts) 2Q25 net 2Q24 net $ Change % Change Revenue, net $ 603.3 100.0 % $ 528.1 100.0 % $ 75.2 14.2 % Operating expenses: Direct service costs, excluding depreciation and amortization 185.8 30.8 % 171.5
Slide 14: EBITDA Reconciliation
EBITDA RECONCILIATION YTD YTD ($ in millions) 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 2024 2025 Net income as reported (GAAP) $ 70.6 $ 78.3 $102.6 $ 88.4 $ 96.4 $117.0 $114.6 $ 90.3 $ 190.9 $ 204.9 Income tax provision 12.7 12.4 10.2 22.1 22.4 16.9 3.6 34.3 32.3 37.9 Interest expense (income), net 0
Slide 15: FY2025 Guidance Reconciliation
FY2025 GUIDANCE RECONCILIATION ($ in millions, except per share amounts) Net Income per diluted Net Income share Low High Low High Net income and Net income per diluted share (GAAP) $ 405.0 $ 428.0 $ 13.76 $ 14.53 Income tax provision 92.8 99.8 Interest income, net (11.6) (11.6) Depreciation 27.9 27