Q1 2026 Medpace Holdings Inc Earnings Call Transcript
Key Points
- Revenue for the first quarter of 2026 was $706.6 million, representing a year-over-year increase of 26.5%.
- Net new business awards entering backlog in the first quarter increased 23.7% from the prior year to $618.4 million.
- Ending backlog as of March 31, 2026, was approximately $2.9 billion, an increase of 2.9% from the prior year.
- EBITDA of $149.4 million increased 25.9% compared to the first quarter of 2025.
- Net income per diluted share for the quarter was $4.28 compared to $3.67 in the prior year period.
- Cancellations reached their highest point in over a year, impacting the net book-to-bill ratio, which was 0.88.
- RFPs were down sequentially and year over year, indicating a potential slowdown in new opportunities.
- Net income growth was below EBITDA growth due to a higher effective tax rate in the quarter.
- The company faces challenges with high cancellation rates, particularly in oncology and cardiovascular therapeutic areas.
- Future revenue growth is uncertain due to the current backlog not growing significantly and high cancellation rates.
Good day, ladies and gentlemen, and welcome to the Medpace first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.
I would now like to introduce your host for today's conference call, Lauren Morris, Medpace's Director of Investor Relations. You may begin.
Good morning, and thank you for joining Medpace's first quarter 2026 earnings conference call. Also on the call today is our CEO, August Troendle; our President, Jesse Geiger; and our CFO, Kevin Brady.
Before we begin, I would like to remind you that our remarks and responses to your questions during this teleconference may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve inherent assumptions with known and unknown risks and uncertainties as well as other important factors that could cause actual results to differ materially from our current expectations. These factors are discussed
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