Medpace Holdings, Inc. has reported significant growth in its financial results for the second quarter of 2024. The company's revenue for the quarter reached $528.1 million, marking a 14.6% increase from the comparable prior-year period. This growth was also evident in the year-to-date revenue which stood at $1,039.1 million, representing a 16.1% increase from the prior-year period.
The net new business awards for the second quarter of 2024 were $551.0 million, showing a slight decrease of 4.1% from the comparable prior-year period. Despite the dip in net new business awards, the company's backlog as of June 30, 2024, increased by 13.7% to $2,924.9 million from the previous year, indicating a strong pipeline for future revenue generation.
The company's GAAP net income for the second quarter of 2024 was $88.4 million, or $2.75 per diluted share, reflecting a substantial increase from the prior-year period. The EBITDA also saw remarkable growth, reaching $112.3 million, an increase of 34.2% from the second quarter of 2023.
Medpace's financial guidance for the full year 2024 forecasts revenue in the range of $2.125 billion to $2.175 billion, representing a projected growth of 12.7% to 15.3% over 2023 revenue. The GAAP net income for the full year 2024 is estimated to be in the range of $361.0 million to $383.0 million, with EBITDA expected in the range of $430.0 million to $460.0 million.
The company's balance sheet and liquidity position also remained strong, with cash and cash equivalents totaling $510.9 million at June 30, 2024, and generating $116.4 million in cash flow from operating activities during the second quarter of 2024.
Medpace's performance reflects a robust financial outlook and a positive trajectory in key metrics, positioning the company for continued growth and success in the clinical research and development industry. The market has reacted to these announcements by moving the company's shares 3.8% to a price of $437.18. Check out the company's full 8-K submission here.
