Medpace (MEDP) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue rose 7.7% year-over-year to $536.6M; full-year revenue was $2.11B, up 11.8%.

• Q4 net income increased 49.5% to $117M; full-year net income was $404.4M, up 43%.

• EBITDA for Q4 was $133.5M, up 39.3%; full-year EBITDA was $480.2M, up 32.5%.

• Net new business awards declined 13.8% in Q4 and 5.4% for the year; Q4 book-to-bill ratio was 0.99.

• Backlog at year-end increased 3.2% to $2.90B; $1.63B expected to convert to revenue in the next 12 months.

Financial highlights

• Q4 EBITDA margin was 24.9% (vs. 19.2% prior year); full-year margin was 22.8%.

• Q4 net income per diluted share was $3.67; full-year EPS was $12.63.

• Cash and equivalents at year-end totaled $669.4M.

• Operating cash flow for 2024 was $608.8M; free cash flow for Q4 was $183M and $572.3M for the year.

• Repurchased 527,000+ shares for $174.2M in 2024; $134.6M remains under repurchase authorization.

Outlook and guidance

• 2025 revenue guidance: $2.11B–$2.21B (0.0%–4.8% growth).

• 2025 EBITDA guidance: $462M–$492M (down 3.8% to up 2.5%).

• 2025 net income expected at $378M–$402M; EPS guidance $11.93–$12.69.

• Guidance assumes 18–19% tax rate, $30.5M interest income, and no further share repurchases.

• Revenue growth for 2025 expected in low single digits; bookings may improve in second half if cancellations normalize.