What is the market's earnings forecast for Medpace Holdings next quarter?

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What is the revenue and EPS growth rate for Medpace Holdings year over year?

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What factors drove the changes in Medpace Holdings's revenue and profit?

What were the key takeaways from Medpace Holdings’s earnings call?

What guidance did Medpace Holdings's management provide for the next earnings period?

- **Revenue Growth**: Q3 2025 revenue $659.9M (+23.7% YoY), net new awards $789.6M (+47.9% YoY).
- **Profitability**: EBITDA $148.4M (+24.9% YoY), net income $111.1M (+15.3% YoY), EBITDA margin 22.5%.
- **2026 Outlook**: Low double-digit revenue growth, high single-digit EBITDA growth, pass-through costs 41-42% of revenue.
- **Pass-Through Dynamics**: 2025 pass-through costs 42%, expected to moderate in 2026 as trials progress.
- **Competitive Position**: Stable win rates, 30%+ of revenue from metabolic studies (GLP-1 dominant but diverse pipeline).

**【CEO Opening Remarks】**
- Q3 2025 net bookings and net book-to-bill of 1.20, with awarded work up 30% YoY.
- 2026 guidance: Revenue growth in low double digits, EBITDA in high single digits, pass-through costs at 41-42% of revenue.
- 2025 updated guidance: Revenue $2.48-2.53B (17.6-20% growth), EBITDA $545-555M (13.5-15.6% growth), EPS $14.60-14.86.

**【President's Financial Summary】**
- Q3 revenue $659.9M (+23.7% YoY), net new business awards $789.6M (+47.9% YoY), backlog conversion 23% of beginning backlog.
- Year-to-date revenue $1.82B (+15.9% YoY), EBITDA $397.5M (+14.7% YoY), EBITDA margin 21.8% vs 22% prior year.

**【CFO Financial Commentary】**
- Q3 EBITDA $148.4M (+24.9% YoY), net income $111.1M (+15.3% YoY), EPS $3.86 vs $3.01 prior year.
- Cash flow from operations $246.2M, share repurchases $4.5M Q3, $912.9M YTD.
- 2025 full year EBITDA margin 21.8%, driven by productivity and cost control offset by higher reimbursable costs.

**【Q&A Highlights】**
- Pass-through costs expected to peak in Q4 2025, then moderate in 2026 due to late-stage trial timing.
- 2026 revenue growth driven by metabolic studies (30%+ of revenue), with GLP-1 dominant but non-GLP-1 contributors.
- Competitive environment stable, win rates maintained despite increased bidding activity.
- Headcount growth accelerating into 2026 to support backlog conversion, hiring focused in US and India.

Medpace Holdings, Inc. (MEDP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MEDP

MEDP fundamentals

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