Tue, Jul 23, 8:05 PM (46 days ago)
Medpace Holdings, Inc. reported strong financial performance for Q2 2024, with net revenue increasing by 14.6% YoY to $528.1 million, driven by growth in the Metabolic, Oncology, and other therapeutic areas. Operating income rose by 34.1% YoY to $105.2 million, reflecting higher service activity and cost management. Net income surged by 44.6% YoY to $88.4 million, translating to a diluted EPS of $2.75. The company’s liquidity position strengthened significantly with cash and cash equivalents rising to $510.9 million from $245.4 million at year-end 2023, primarily due to robust operating cash flows of $269.1 million. The company has no outstanding debt and retains a $10 million credit facility. Medpace’s backlog increased 13.7% YoY to $2.92 billion, indicating strong future revenue prospects. The company did not execute any share repurchases during the quarter, leaving $308.8 million authorized for future buybacks. Overall, Medpace’s financial health remains strong with substantial cash reserves, no debt, and a growing backlog, positioning it well for future growth and operational stability.