Medpace Holdings Inc (NASDAQ:MEDP) shares are moving higher in Monday’s after-hours session after the contract research company reported strong first-quarter results.
What Happened: Medpace said first-quarter revenue increased 31.2% year-over-year to $434.07 million, beating analyst estimates of $401.8 million, according to Benzinga Pro. The company reported quarterly earnings of $2.27 per share, which beat consensus estimates of $1.80 per share.
New business awards were up 31.4% on a year-over-year basis. Net income margin was 16.8% and EBITDA was up 31.9%.
Medpace ended the quarter with $46.9 million in cash and equivalents, while short-term debt totaled $115 million.
Medpace sees full-year 2023 revenue in a range of $1.745 billion to $1.805 billion. The company sees full year earnings in a range of $7.81 to $8.40 per share.
Medpace will host a conference call to discuss these results on Tuesday at 9 a.m. ET.
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MEDP Price Action: Medpace shares were up 27.1% after hours at $238 at time of publication, according to Benzinga Pro.
Photo: Darko Stojanovic from Pixabay.
