📈 Price History

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About

Medpace Holdings, Inc. provides clinical research-based drug and medical device development services in North America, Europe, Asia, South America, Africa, and Australia.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding MEDP

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	504.7K	$242.3M	0.38%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Cautious ↓ Deteriorating 3 quarters analysed

Q2 2025

Mixed

Management expressed confidence in near-term acceleration (raised revenue guidance by $280M, book-to-bill expected to exceed 1.15 in Q3) but repeatedly hedged with caution about sustainability (funding challenges remain acute, cancellations could spike again, no visibility into 2026). Language like 'I don't get myself comfortable' and 'could things pull back again? Sure' underscores the mix.

Q4 2025

Cautious

CEO August Troendle described cancellations as 'elevated again' and 'the highest they've been in over a year', stated 'I see no reason to expect the higher level of cancellations to continue, but did not anticipate the spike in Q4. Only time will tell', and rated the business environment as 'adequate'.

Q1 2026 latest

Cautious

Management acknowledges a difficult quarter with the highest cancellation rate in over a year and a net book-to-bill of 0.88, but expresses confidence in ongoing initiatives to expand pipeline and improve win rate. Language such as 'we need either cancellations to abate or gross awards' and 'our growth profile both now and six months from now is a real question' reveals a guarded but constructive tone.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears weaker after this call. High cancellations and a sub-1.0 net book-to-bill signal near-term revenue growth risk, especially as sequential growth is uncertain. Management's candid acknowledgment that cancellation rates are above historical averages and that the pre-backlog is not converting as expected undermines confidence in a quick rebound. However, the maintained full-year guidance and continued hiring suggest some underlying momentum. Key next quarter watches: whether cancellations abate, whether gross awards improve, and if the win-rate initiatives produce measurable gains. The revenue and EBITDA guidance provide a floor, but the lack of visibility into 2027 is a concern.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Cautious ↓ Deteriorating 3 quarters Full tone analysis in Intelligence →

📊 MIXED Medpace Q1 2026 revenue $706.6M, net book-to-bill 0.88, cancellations high

Revenue & Profitability

Q1 2026 revenue was $706.6 million, up 26.5% YoY. EBITDA was $149.4 million, up 25.9% YoY, with a margin of 21.1%. Net income was $123.9 million, up 8.1% YoY, and diluted EPS was $4.28. Net new business awards were $618.4 million, a 23.7% YoY increase, resulting in a net book-to-bill of 0.88. Ending backlog was approximately $2.9 billion.

Outlook

Management noted that cancellations rose to the highest level in over a year, but they view the quality of opportunity flow as good. RFPs were down sequentially and year-over-year, though initial award notifications and win rates were strong. The company does not see acute financial shortages driving cancellations and expects revenue within its guidance range despite headwinds.

Growth Drivers

Key growth levers include expanding the pipeline of opportunities and improving win rates through initiatives implemented in Q1. The pre-backlog (awarded but not yet started work) grew in the quarter, providing a base for future revenue. Management is hiring despite cancellations, signaling confidence, and expects sequential growth challenges but longer-term improvement.

Balance Sheet & CapEx

Not discussed in this earnings call. However, management mentioned that AI investments will require significant spending over the next two years with no net productivity benefit expected in the near term.

Margins

EBITDA margin was 21.1% in Q1 2026, slightly down from 21.2% in the prior year. Higher reimbursable costs were offset by lower employee-related costs. Management expects margins to remain in a good spot at the midpoint of guidance, with some continued operating leverage from improved employee retention.

Key Risks

Key risks include elevated cancellation rates, which were the highest in over a year and impacted the net book-to-bill. Sequential revenue growth is uncertain, and the backlog beyond 12 months has declined for six consecutive quarters. Client M&A can lead to loss of future work, and AI investments may not yield near-term benefits.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-23

Q2 2026 delivered strong revenue and net income growth, with record net bookings and a robust business environment. Oncology bookings surged, cancellations declined, and guidance for 2026 was raised, projecting double-digit growth in revenue and EBITDA.

Q1 2026 Q1 2026 2026-04-23

Q1 2026 saw 26.5% revenue growth and strong new business awards, but elevated cancellations and weaker gross bookings led to a net book-to-bill of 0.88. Guidance remains unchanged, with management focused on improving win rates and expanding the pipeline.

Q4 2025 Q4 2025 2026-02-10

Revenue grew 20% in 2025 with strong new business awards, but Q4 saw record cancellations, mainly in metabolic. 2026 guidance projects 9-13% revenue and EBITDA growth, with oncology leading bookings and AI investments expected to have a neutral near-term impact.

Q3 2025 Q3 2025 2025-10-23

Q3 2025 delivered record bookings, 23.7% revenue growth, and a robust backlog, with metabolic studies driving mix. 2025 guidance was raised, and 2026 is expected to see low double-digit revenue growth and high single-digit EBITDA growth, with pass-through costs remaining elevated.

Q2 2025 Q2 2025 2025-07-22

Q2 2025 delivered strong revenue and EBITDA growth, driven by fewer cancellations, improved funding, and a shift toward faster-burning metabolic studies. Guidance for 2025 was raised, with higher expected reimbursable costs and continued focus on opportunistic share repurchases.

📊 Analysis Methodology

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