Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Investor Presentation (May 2025)
17 slides from Medpace's investor presentation, May 2025
Slide 1: Medpace Investor Presentation May 2025
MAY 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: The Medpace Way: Scientifically-Driven, Full-Service CRO
THE MEDPACE WAY: SCIENTIFICALLY-DRIVEN, FULL-SERVICE CRO Disciplined and Integrated High-Science Approach Full-Service Operating with Deep Therapeutic Model Expertise Global Reach with Trusted by Biotech® Scalable Infrastructure Industry-Leading Biotech Customer Base Organic Growth Accelerating the
Slide 4: Disciplined and Integrated Full-Service Operating Model
DISCIPLINED AND INTEGRATED FULL -SERVICE OPERATING MODEL Integrated Labs & Phase I Clinic Core CRO Services Purpose-Built Technology Wholly owned, coordinated trial services • Global, full-service operating model • Internally-developed, integrated • Central Labs and Biorepository for streamlined exe
Slide 5: High-Science Approach with Deep Therapeutic Expertise
HIGH-SCIENCE APPROACH WITH DEEP THERAPEUTIC EXPERTISE • Clinical development is increasingly more complex and challenging 2024 Revenue by Therapeutic Area with biotech at the forefront of innovation Other (A) 20% 2024 Revenue • Our therapeutic expertise encompasses the areas where the $2.109 billion
Slide 6: Partner Trusted by Biotech
PARTNER TRUSTED BY BIOTECH ® Integrated Solution-oriented Deep medical, Right-sized for Deliver efficient full-service, project teams regulatory, and responsiveness and high-quality team-based operational results approach expertise Medpace has earned a reputation as a CRO Trusted by Biotech®. 6 MAKI
Slide 7: Global Reach with Scalable Infrastructure
GLOBAL REACH WITH SCALABLE INFRASTRUCTURE • Medical, operational, and regulatory specialists have country-specific expertise, which allows them to integrate local language, culture, and requirements into study conduct • Operations spanning 6 continents with operations in 44 countries and ~5,900 empl
Slide 8: Biotech Customer Base
BIOTECH CUSTOMER BASE • Focus on serving small to mid-sized biotech companies, the innovation of drug development • For 30+ years, we have been partnering with biotech, which aligns with our full-service operating model • Top ten customers represented 29% of 2024 revenue • No single customer represe
Slide 9: Attractive Core Addressable Market
ATTRACTIVE CORE ADDRESSABLE MARKET Large Pharmaceutical CRO Addressable Market(A)(B) $42 Billion Addressable Core Estimated Medpace Small and Phase I-IV Clinical Addressable MEDPACE CORE MARKET Mid-Sized Biopharmaceutical Development Spend Market(B) Market Share(C) Small- and Mid-sized $138 Billion
Slide 10: Industry-Leading Organic Growth
INDUSTRY-LEADING ORGANIC GROWTH ($ in millions) Revenue +11.8% YOY +29.2% YOY +27.8% YOY +23.4% YOY $1,885.8 $2,109.1 $1,460.0 $925.9 $1,142.4 2020 2021 2022 2023 2024 ($ in millions) EBITDA(A) +32.5% YOY +17.7% YOY +38.1% YOY +18.8% YOY $480.2 $308.1 $362.5 $187.8 $223.1 2020 2021 2022 2023 2024 Se
Slide 11: Industry-Leading Organic Growth
INDUSTRY-LEADING ORGANIC GROWTH ($ in millions) Net Income +43.0% YOY +15.3% YOY +34.9% YOY +25.1% YOY $404.4 $245.4 $282.8 $145.4 $181.8 2020 2021 2022 2023 2024 Net Income per diluted share +42.2% YOY +22.0% YOY +51.4% YOY +25.3% YOY $12.63 $8.88 $7.28 $3.84 $4.81 2020 2021 2022 2023 2024 11 MAKIN
Slide 12: Confidence in Future Growth
CONFIDENCE IN FUTURE GROWTH Biotech continues to be the growing and innovative segment of the industry Reputation as the CRO Trusted by Biotech® Full-service approach purposely designed to accommodate efficient and value-added partnering 12 MAKING THE COMPLEX SEAMLESS
Slide 13: Appendix
APPENDIX Niet
Slide 14: Backlog and New Award Trends
BACKLOG AND NEW AWARD TRENDS Net Book-to-Bill(A) Backlog Conversion Rate (B) 1.41x 1.27x 18.7% 1.25x 1.25x 18.2% 1.06x 17.3% 17.2% 16.9% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 ($ in millions) ($ in millions) Net New Business Awards Ending Backlog $2,356.7 $2,813.0 $2,902.2 $2,230.0 $2,339
Slide 15: Attractive Free Cash Flow Profile
ATTRACTIVE FREE CASH FLOW PROFILE ($ in millions) $700.0 121.1% 119.2% 114.0% $600.0 105.4% 109.4% $572.3 Capital Allocation Priorities $500.0 $480.2 $400.0 $362.5 $396.7 Continued organic $351.2 $308.1 growth investments $300.0 $227.3 $223.1 $235.1 $200.0 $187.8 $100.0 Share repurchases $0.0 2020 2
Slide 16: EBITDA Reconciliation
EBITDA RECONCILIATION ($ in millions) 2020 2021 2022 2023 2024 Net income (GAAP) $ 145.4 $ 181.8 $ 245.4 $ 282.8 $ 404.4 Income tax provision 23.1 20.0 37.5 52.9 71.5 Interest (income) expense, net (0.3) 0.1 2.9 0.5 (25.0) Depreciation 11.7 16.0 19.0 24.1 27.8 Amortization 7.9 5.1 3.4 2.2 1.4 EBITDA
Slide 17: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION ($ in millions) 2020 2021 2022 2023 2024 Operating Cash Flow (GAAP) $ 258.7 $ 263.3 $ 388.1 $ 433.4 $ 608.8 Less: CAPEX (31.3) (28.3) (36.9) (36.6) (36.5) Free Cash Flow (non-GAAP) $ 227.3 $ 235.1 $ 351.2 $ 396.7 $ 572.3 EBITDA (non-GAAP) $ 187.8 $ 223.1 $ 308.1 $ 362.5