MEDP

Medpace currently trades at $610.21 and has been a dream stock for shareholders. It’s returned 238% since August 2021, more than tripling the S&P 500’s 70.1% gain. The company has also beaten the index over the past six months as its stock price is up 35.1% thanks to its solid quarterly results. Is now still a good time to buy MEDP? Or are investors being too optimistic? Find out in our full research report, it’s free. Founded in 1992 as a scientifically-driven alternative to traditional contract research organizations, Medpace (NASDAQ:MEDP) provides outsourced clinical trial management and research services to help pharmaceutical, biotechnology, and medical device companies develop new treatments. In addition to reported revenue, organic revenue is a useful data point for analyzing Drug Development Inputs & Services companies. This metric gives visibility into Medpace’s core business because it excludes one-time events such as mergers, acquisitions, and divestitures along with foreign currency fluctuations - non-fundamental factors that can manipulate the income statement. Over the last two years, Medpace’s organic revenue averaged 17.2% year-on-year growth. This performance was fantastic and shows it can expand quickly without relying on expensive (and risky) acquisitions. If you’ve followed StockStory for a while, you know we emphasize free cash flow. Why, you ask? We believe that in the end, cash is king, and you can’t use accounting profits to pay the bills. As you can see below, Medpace’s margin expanded by 6 percentage points over the last five years. This is encouraging, and we can see it became a less capital-intensive business because its free cash flow profitability rose more than its operating profitability. Medpace’s free cash flow margin for the trailing 12 months was 25.4%. Forecasted revenues by Wall Street analysts signal a company’s potential. Predictions may not always be accurate, but accelerating growth typically boosts valuation multiples and stock prices while slowing growth does the opposite. Over the next 12 months, sell-side analysts expect Medpace’s revenue to rise by 4.1%, a deceleration versus its 22% annualized growth for the past five years. This projection doesn’t excite us and implies its products and services will face some demand challenges. At least the company is tracking well in other measures of financial health. Medpace’s positive characteristics outweigh the negatives, and with its shares topping the market in recent months, the stock trades at 33.3× forward P/E (or $610.21 per share). Is now the time to initiate a position? See for yourself in our in-depth research report, it’s free. ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

It has been about a month since the last earnings report for Medpace (MEDP). Shares have added about 1.1% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Medpace due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Medpace Holdings, Inc. before we dive into how investors and analysts have reacted as of late. Medpace Holdings, Inc.reported second-quarter 2026 earnings of $4.25 per share, up 37.1% year over year. The figure beat the Zacks Consensus Estimate by 4.17%. Revenues rose 17.2% to $707.33 million and surpassed the consensus mark by 1.12%. On a constant-currency basis, growth was also 17.2%, indicating that foreign exchange had little effect on the reported expansion. Medpace Posts Record Quarterly Awards Net new business awards jumped 28.2% to $795.7 million, driving a net book-to-bill ratio of 1.13. Management attributed the record net bookings performance partly to a meaningful decline in cancellations from elevated first-quarter levels. Backlog as of June 30, 2026 rose 4.9% year over year to $3.01 billion. Medpace expects about $1.96 billion of backlog to convert into revenues over the next 12 months. The quarterly backlog conversion rate increased to 24.1% from 21.2% a year ago. MEDP Sees Oncology Regain Momentum Management said oncology accounted for more than half of second-quarter bookings and initial award notifications. This marked a shift from the recent period when cardiometabolic programs were a larger contributor to business growth. Medpace expects oncology to move back toward a more historically typical share of its portfolio over the next year. Cardiometabolic award notifications have moderated, while oncology opportunities have strengthened. The company also reported meaningfully higher request-for-proposal activity both sequentially and year over year. Medpace Highlights Cash Position and Buybacks Cash and cash equivalents totaled $502.7 million at the second quarter-end compared with $652.7 million as of March 31, 2026. Net days sales outstanding remained favorable at negative 59.6 days. Cumulative cash flow from operating activities came in at $162 million compared with $274.4 million a year ago. MEDP repurchased approximately 706,000 shares for $294.7 million during the second quarter. The company had $527 million remaining under its authorized share repurchase program at quarter-end. MEDP Raises Its 2026 Outlook Medpace now expects 2026 revenues of $2.805-$2.885 billion, implying growth of 10.9%-14% over 2025 levels. The Zacks Consensus Estimate for revenues stands at $2.84 billion. EBITDA is projected between $618 million and $642 million, suggesting growth of 10.8%-15.1%. GAAP net income is forecast at $494-$514 million, while earnings are expected between $17.25 and $17.95 per share. The Zacks Consensus Estimate expects earnings to be $17.51 per share. The guidance assumes a 19%-19.5% tax rate, $21.1 million of interest income and no additional share repurchases after June 30. In the past month, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted 5.61% due to these changes. Currently, Medpace has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. It comes with little surprise Medpace has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months. Medpace belongs to the Zacks Medical Services industry. Another stock from the same industry, Elevance Health (ELV), has gained 4.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Elevance Health reported revenues of $49.83 billion in the last reported quarter, representing a year-over-year change of +0.8%. EPS of $7.45 for the same period compares with $8.84 a year ago. Elevance Health is expected to post earnings of $4.82 per share for the current quarter, representing a year-over-year change of -20.1%. Over the last 30 days, the Zacks Consensus Estimate has changed -1.5%. Elevance Health has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Medpace Holdings, Inc. (MEDP) : Free Stock Analysis Report Elevance Health, Inc. (ELV) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: $707.3 million in Q2 2026, a 17.2% year-over-year increase. Year-to-Date Revenue: $1.41 billion, up 21.7%. EBITDA: $153.4 million in Q2 2026, a 17.6% increase from Q2 2025. EBITDA Margin: 21.7% in Q2 2026, compared to 21.6% in the prior year. Net Income: $121.4 million in Q2 2026, a 34.5% increase from Q2 2025. Net Income Per Diluted Share: $4.25 in Q2 2026, compared to $3.10 in Q2 2025. Net New Business Awards: Increased 28.2% to $795.7 million in Q2 2026. Ending Backlog: Approximately $3 billion as of June 30, 2026, a 4.9% increase from the prior year. Cash Flow from Operating Activities: $162 million in Q2 2026. Cash Balance: $502.7 million as of June 30, 2026. Share Repurchase: Approximately 706,000 shares repurchased for $294.7 million in Q2 2026. 2026 Revenue Guidance: Expected range of $2.805 billion to $2.885 billion. 2026 EBITDA Guidance: Expected range of $618 million to $642 million. 2026 Net Income Guidance: Expected range of $494 million to $514 million. 2026 Earnings Per Diluted Share Guidance: Expected range of $17.25 to $17.95. Warning! GuruFocus has detected 4 Warning Signs with LVWR. Is MEDP fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Medpace Holdings Inc (NASDAQ:MEDP) reported a strong business environment in Q2 2026, with cancellations being well-behaved and supporting a record quarter for net bookings. Revenue for Q2 2026 was $707.3 million, representing a year-over-year increase of 17.2%. EBITDA for the second quarter increased by 17.6% compared to the same period in 2025, with a margin of 21.7%. Net income for Q2 2026 increased by 34.5% compared to the prior year, driven by a lower effective tax rate and higher interest income. The company has a strong pipeline, with net new business awards increasing by 28.2% year-over-year, resulting in a backlog of approximately $3 billion. Initial award notifications declined sequentially from a very strong Q1, indicating potential volatility in future bookings. Customer concentration remains high, with the top five and top ten customers representing 31% and 40% of the last 12 months' revenue, respectively. The company faces challenges with cancellations, which are unpredictable and can impact net bookings. There is uncertainty regarding the future mix of bookings, particularly with the shift from metabolic to oncology programs, which may affect backlog conversion rates. Direct service costs are expected to remain high, with a projected range of 41% to 42% of revenue in the second half of the year. Q: Can you explain the relationship between the growth in metabolic mix and the concentration of top customers? How does this affect your future visibility and revenue mix? A: August Troendle, CEO, explained that the growth in the top five customers is significantly driven by metabolic programs. However, there is a shift back towards oncology, which has recently shown strong bookings, indicating a return to historical averages. The metabolic programs are reducing, and new opportunities are not as abundant as before. Q: How should we think about the backlog conversion rate, especially with the shift back to oncology? A: Kevin Brady, CFO, noted that while they don't guide to the burn rate, the backlog conversion rate is not primarily driven by metabolic programs. August Troendle added that the conversion rate is influenced by decision points in programs, which are prevalent in oncology as well. The conversion rate might normalize as the mix shifts. Q: What are the current competitive dynamics and pricing stability in the market? A: August Troendle stated that the market has strengthened over the last few quarters, with a stable competitive environment. The business environment remains strong, with oncology programs now representing the majority of opportunities, moving away from the metabolic focus of the past year. Q: Can you provide an update on the initiatives to improve win rates? A: August Troendle mentioned that changes were implemented last year to address lower win rates in 2025. These changes have been in place and contributed to a strong win rate in Q1 2026. However, specific details of the initiatives were not disclosed. Q: How do you see the bookings growth cadence in the second half of the year? A: August Troendle expects a ramp in gross bookings, which should translate into a ramp in net bookings, although cancellations remain a variable factor. The business environment is favorable, with increased RFPs and improved quality, indicating strong future opportunities. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Medpace Holdings, Inc.? Here are five stocks we like better. Medpace posted strong Q2 results, with revenue up 17.2% to $707.3 million and diluted EPS rising to $4.25 from $3.10 a year ago. Net income jumped 34.5% as lower taxes and higher interest income boosted profitability. Bookings improved materially, as net new business awards rose 28.2% to a record level and the book-to-bill ratio reached 1.13. Management said the gain was driven more by lower cancellations than by stronger gross bookings, and ending backlog was about $3 billion. Guidance and business mix remain constructive, with full-year 2026 revenue now expected at $2.805 billion to $2.885 billion and EPS at $17.25 to $17.95. Management also said oncology is regaining share in the pipeline while the broader funding environment has improved. Can Medpace Stock Keep up this Pace? Medpace (NASDAQ:MEDP) reported double-digit growth in second-quarter revenue and earnings, while management described the business environment as strong and said lower cancellations helped drive record net bookings. CEO August Troendle said on the company’s second-quarter 2026 earnings call that cancellations were “well-behaved” in the period and supported a record quarter for net bookings. He added that requests for proposals increased both sequentially and year over year, producing what he called “high-quality opportunities.” → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? “Overall, the environment remains constructive into July,” Troendle said. “We are making good progress in positioning the business for 2027.” CFO Kevin Brady said Medpace generated second-quarter revenue of $707.3 million, up 17.2% from the year-ago period. Revenue for the first six months of 2026 was $1.41 billion, an increase of 21.7%. → 3 Photonics Companies Making Quantum Tech Possible EBITDA for the quarter rose 17.6% to $153.4 million from $130.5 million in the second quarter of 2025. EBITDA margin was 21.7%, compared with 21.6% a year earlier. Year-to-date EBITDA was $302.8 million, up 21.5%, with the EBITDA margin flat at 21.4%. Brady said the year-to-date margin reflected the impact of higher reimbursable costs, offset primarily by lower employee-related costs. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off Net income increased 34.5% to $121.4 million from $90.3 million in the prior-year quarter. Brady attributed the stronger net income growth relative to EBITDA growth primarily to a lower effective tax rate and higher interest income. Diluted earnings per share were $4.25, compared with $3.10 in the second quarter of 2025. For the first six months of 2026, net income was $245.2 million, up 19.7% from $204.9 million in the comparable prior-year period. Year-to-date diluted EPS was $8.53, compared with $6.79. Net new business awards entering backlog increased 28.2% year over year to $795.7 million, producing a net book-to-bill ratio of 1.13. Ending backlog as of June 30 was approximately $3 billion, up 4.9% from the prior year. Brady said Medpace expects roughly $1.96 billion of backlog to convert to revenue over the next 12 months. Backlog conversion in the second quarter was 24.1% of beginning backlog. Brady also said Medpace’s top five and top 10 customers represented approximately 31% and 40%, respectively, of revenue over the last 12 months. In response to analyst questions, Troendle said the improvement in net bookings from the first quarter was driven more by reduced cancellations than by gross bookings. He said cancellations had fallen to a “very good level,” though not an unusually low one. “Cancellations are always a wild card,” Troendle said, adding that the company has limited ability to predict them. He said Medpace has been careful about what it recognizes in backlog when programs include interim analyses, regulatory decisions or other points that could affect whether a study continues. Troendle said recent growth among Medpace’s top customers had been driven “quite a bit” by metabolic work, including large programs within the company’s top five customers. However, he said the mix of new opportunities has shifted in recent quarters. “Oncology has come back quite a bit in terms of both our award notifications” and bookings, Troendle said. He said oncology represented more than half of overall bookings and award notifications in the second quarter, while cardiometabolic had “dropped off quite a bit” in new award notifications. Troendle said he expects the company’s therapeutic mix to move back toward historical averages over the next year or so, with oncology regaining a larger position in the mix. He said some of the very large metabolic programs are reducing, and new opportunities in that area are not as large as they were a year ago. Management also addressed questions about backlog conversion and whether metabolic programs were responsible for a higher burn rate. Troendle said he would “challenge the very premise” that metabolic programs were the primary driver of increased conversion, noting that Medpace often limits backlog recognition beyond interim decision points across many types of programs, including oncology. Medpace generated $162 million in cash flow from operating activities in the quarter, and Brady said net days sales outstanding were negative 59.6 days. The company ended the quarter with $502.7 million in cash. During the second quarter, Medpace repurchased approximately 706,000 shares for $294.7 million. As of June 30, the company had $527 million remaining under its share repurchase authorization. Medpace updated its full-year 2026 guidance. The company now expects: Total revenue: $2.805 billion to $2.885 billion, representing growth of 10.9% to 14% over 2025 revenue of $2.53 billion. EBITDA: $618 million to $642 million, representing growth of 10.8% to 15.1% compared with 2025 EBITDA of $557.7 million. Net income: $494 million to $514 million. Diluted EPS: $17.25 to $17.95. Brady said the guidance assumes a full-year effective tax rate of 19% to 19.5%, interest income of $21.1 million and no additional share repurchases. The forecast is based on foreign exchange rates as of June 30, 2026. On the broader market backdrop, Troendle said the environment has strengthened over the last several quarters. He said clients with recent funding are generating more opportunities and moving forward with programs. Asked about competition and pricing, Troendle said he did not see notable changes in competitive dynamics. He said the profile of opportunities has moved back toward oncology being the largest category, compared with the metabolic drivers seen about a year ago. Troendle also said the company had implemented changes intended to improve win rates after recognizing that its win rate in 2025 had been lower than in prior years. He declined to provide details on those competitive changes but said they may have influenced the company’s strong win rate in the first quarter. On labor, Troendle said Medpace is “in a good place,” helped by continued low employee turnover. He said the company expects high-single-digit employee growth this year and suspects that trend will continue next year. Employee growth has been strongest in the U.S., followed by Asia Pacific, including India. Medpace Holdings, Inc (NASDAQ: MEDP) is a global contract research organization (CRO) that provides comprehensive clinical development services to biotechnology, pharmaceutical and medical device companies. The company supports clinical trials across all phases (I–IV), offering end-to-end solutions designed to streamline the development process and accelerate the delivery of new therapies to market. Medpace's core service offerings include clinical pharmacology, regulatory affairs consulting, project management, central laboratory services, imaging, data management and biostatistics, pharmacovigilance and medical writing. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Medpace Q2 Earnings Call Highlights" was originally published by MarketBeat. 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Medpace (MEDP) came out with quarterly earnings of $4.25 per share, beating the Zacks Consensus Estimate of $4.08 per share. This compares to earnings of $3.1 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +4.17%. A quarter ago, it was expected that this provider of outsourced clinical development services would post earnings of $3.74 per share when it actually produced earnings of $4.28, delivering a surprise of +14.44%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Medpace, which belongs to the Zacks Medical Services industry, posted revenues of $707.33 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.12%. This compares to year-ago revenues of $603.31 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Medpace shares have lost about 5.3% since the beginning of the year versus the S&P 500's gain of 9.7%. While Medpace has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Medpace was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.22 on $694.23 million in revenues for the coming quarter and $17.04 on $2.79 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Services is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Avantor, Inc. (AVTR), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29. This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of -20.8%. The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level. Avantor, Inc.'s revenues are expected to be $1.62 billion, down 3.5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Medpace Holdings, Inc. (MEDP) : Free Stock Analysis Report Avantor, Inc. (AVTR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Revenue of $707.3 million in the second quarter of 2026 increased 17.2% from revenue of $603.3 million for the comparable prior-year period, representing a backlog conversion rate of 24.1%. Net new business awards were $795.7 million in the second quarter of 2026, representing an increase of 28.2% from net new business awards of $620.5 million for the comparable prior-year period, which resulted in a net book-to-bill ratio of 1.13x. Second quarter of 2026 GAAP net income was $121.4 million, or $4.25 per diluted share, versus GAAP net income of $90.3 million, or $3.10 per diluted share, for the comparable prior-year period. Net income margin was 17.2% and 15.0% for the second quarter of 2026 and 2025, respectively. EBITDA was $153.4 million for the second quarter of 2026, an increase of 17.6% from EBITDA of $130.5 million for the comparable prior-year period, resulting in an EBITDA margin of 21.7%. CINCINNATI, July 22, 2026--(BUSINESS WIRE)--Medpace Holdings, Inc. (Nasdaq: MEDP) ("Medpace") today announced financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Financial Results Revenue for the three months ended June 30, 2026 increased 17.2% to $707.3 million, compared to $603.3 million for the comparable prior-year period. On a constant currency basis, revenue for the second quarter of 2026 increased 17.2% compared to the second quarter of 2025. Backlog as of June 30, 2026 increased 4.9% to $3,014.2 million from $2,873.6 million as of June 30, 2025. Net new business awards were $795.7 million, representing a net book-to-bill ratio of 1.13x for the second quarter of 2026, as compared to $620.5 million for the comparable prior-year period. The Company calculates the net book-to-bill ratio by dividing net new business awards by revenue. For the second quarter of 2026, total direct costs were $505.7 million, compared to total direct costs of $423.3 million in the second quarter of 2025. Selling, general and administrative (SG&A) expenses were $48.1 million in the second quarter of 2026, compared to SG&A expenses of $46.7 million in the second quarter of 2025. GAAP net income for the second quarter of 2026 was $121.4 million, or $4.25 per diluted share, versus GAAP net income of $90.3 million, or $3.10 per diluted share, for the second quarter of 2025. This resulted in a net income margin of 17.2% and 15.0% for the second quarter of 2026 and 2025, respectively. EBITDA for the second quarter of 2026 increased 17.6% to $153.4 million, or 21.7% of revenue, compared to $130.5 million, or 21.6% of revenue, for the comparable prior-year period. On a constant currency basis, EBITDA for the second quarter of 2026 increased 17.8% from the second quarter of 2025. A reconciliation of the Company’s non-GAAP financial measures, including EBITDA and EBITDA margin to the corresponding GAAP measures is provided below. Year-to-Date 2026 Financial Results Revenue for the six months ended June 30, 2026 was $1,413.9 million, and increased 21.7% on a reported basis and 21.4% on a constant currency basis from the comparable prior-year period. Year-to-date 2026 GAAP net income was $245.2 million, or $8.53 per diluted share, compared to $204.9 million, or $6.79 per diluted share, for the comparable prior-year period. Year-to-date 2026 EBITDA was $302.8 million, or 21.4% of revenue, and increased 21.5% on a reported basis and 23.0% on a constant currency basis from the comparable prior-year period. Balance Sheet and Liquidity The Company’s Cash and cash equivalents were $502.7 million at June 30, 2026, and the Company generated $162.0 million in cash flow from operating activities during the second quarter of 2026. During the second quarter of 2026, the Company repurchased 705,616 shares for a total of $294.7 million. As of June 30, 2026, the Company had $527.0 million remaining under its authorized share repurchase program. 2026 Financial Guidance The Company forecasts 2026 revenue in the range of $2.805 billion to $2.885 billion, representing growth of 10.9% to 14.0% over 2025 revenue of $2.530 billion. GAAP net income for full year 2026 is forecasted in the range of $494.0 million to $514.0 million. Additionally, full year 2026 EBITDA is expected in the range of $618.0 million to $642.0 million. Based on forecasted 2026 revenue of $2.805 billion to $2.885 billion and GAAP net income of $494.0 million to $514.0 million, diluted earnings per share (GAAP) is forecasted in the range of $17.25 to $17.95. This guidance assumes a full year 2026 tax rate of 19.0% to 19.5%, interest income of $21.1 million, foreign exchange rates as of June 30, 2026, and 28.6 million diluted weighted average shares outstanding. This guidance does not include the potential impact of any share repurchases the Company may make pursuant to the share repurchase program after June 30, 2026. Conference Call Details Medpace will host a conference call at 9:00 a.m. ET, Thursday, July 23, 2026, to discuss its second quarter 2026 results. To participate in the conference call, interested parties must register in advance by clicking on this link. While it is not required, it is recommended you join 10 minutes prior to the event start. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. To access the conference call via webcast, visit the "Investors" section of Medpace’s website at medpace.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call. A supplemental slide presentation will also be available at the "Investors" section of Medpace’s website prior to the start of the call. About Medpace Medpace is a scientifically-driven, global, full-service clinical contract research organization (CRO) providing Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace’s mission is to accelerate the global development of safe and effective medical therapeutics through its high-science and disciplined operating approach that leverages regulatory and therapeutic expertise across all major areas including oncology, cardiology, metabolic disease, endocrinology, central nervous system and anti-viral and anti-infective. Headquartered in Cincinnati, Ohio, Medpace employs approximately 6,500 people across 46 countries as of June 30, 2026. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding our forecasted financial results and the effective tax rate used for non-GAAP adjustment purposes. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "guidance," "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," "forecast," "may," "could," "likely," "anticipate," "project," "goal," "objective," "potential," "range," "estimate," "preliminary," "opportunity," "outlook," "trend," "can," "might," "drives," "hope," "future," "predict" and similar expressions, and variations or negatives of these words. However, the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are largely based on management’s current expectations and projections about future events and financial trends that we believe may affect, among other things, our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other factors that may cause our financial condition, actual results, performance (including share price performance), or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the potential loss, delay or non-renewal of our contracts, or the non-payment by customers for services we have performed; the failure to convert backlog to revenue at our present or historical conversion rate(s); the failure to maintain or generate new business awards; fluctuation in our results between fiscal quarters and years; the risks and uncertainties related to disruptions to or reductions in business operations or prospects due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; decreased operating margins due to increased pricing pressure or other factors; our failure to perform our services or operate our business in accordance with contractual requirements, government regulations and ethical considerations; the impact of underpricing our contracts, overrunning our cost estimates or failing to receive approval for or experiencing delays with documentation of change orders; the failure of third parties to provide us critical support services; our failure to increase our market share, grow our business, successfully execute our growth strategies or manage our growth effectively; the impact of a failure to retain key executives or other personnel or recruit qualified personnel; the risks associated with our information systems infrastructure, including potential cybersecurity breaches and other disruptions which could compromise patient information or our information; risks from use of machine learning and generative artificial intelligence ("AI"), including risks from insufficient human oversight of AI or lack of controls and procedures monitoring AI use; adverse results from customer or therapeutic area concentration; the risks associated with doing business internationally, including the effects of tariffs and trade wars; the risks associated with the Foreign Corrupt Practices Act and other anti-corruption laws; future net losses; the impact of changes in tax laws and regulations; our failure to attract suitable investigators and patients to our clinical trials; the liability risks associated with our research and development services, including risks of liability resulting from harm to patients; inadequate insurance coverage for our operations and indemnification obligations; fluctuations in exchange rates; general economic conditions, including inflation, in the markets in which we and our customers operate, including financial market conditions; the impact of unfavorable economic conditions, including conditions caused by the uncertain international economic environment and current and future international conflicts; the impact of a natural disaster or other catastrophic event; negative outsourcing trends in the biopharmaceutical industry and a reduction in aggregate expenditures and research and development budgets; our inability to compete effectively with other CROs; the impact of healthcare reform; the impact of consolidation in the biopharmaceutical industry; our failure to comply with federal, state and foreign healthcare laws; the effect of current and proposed laws and regulations regarding the protection of personal data; our potential involvement in costly intellectual property lawsuits; actions by regulatory authorities or customers to limit the scope of indications related to or withdraw an approved drug, biologic or medical device from the market; and the impact of industry-wide reputational harm to CROs. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These and other factors discussed under the caption "Risk Factors" in Item 1A, Part I of our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. We cannot guarantee that any forward-looking statement will be realized. Achievement of anticipated results is subject to substantial risks, uncertainties and inaccurate assumptions. If known or unknown risks or uncertainties materialize or if underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events, developments or circumstances cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Non-GAAP Financial Measures Certain financial measures presented in this press release, such as EBITDA and EBITDA margin, are not recognized under generally accepted accounting principles in the United States of America, or U.S. GAAP. Management uses EBITDA and EBITDA margin or comparable metrics as a measurement used in evaluating our operating performance on a consistent basis, as a consideration to assess incentive compensation for our employees, for planning purposes, including the preparation of our internal annual operating budget, and to evaluate the performance and effectiveness of our operational strategies. EBITDA and EBITDA margin have important limitations as analytical tools and you should not consider them in isolation, or as a substitute for, analysis of our results as reported under U.S. GAAP. See the condensed consolidated financial statements included elsewhere in this release for our U.S. GAAP results. Additionally, for reconciliations of EBITDA and EBITDA margin to our closest reported U.S. GAAP measures, refer to the appendix of this press release. We believe that EBITDA and EBITDA margin are useful to provide additional information to investors about certain material non-cash and non-recurring items. While we believe these financial measures are commonly used by investors to evaluate our performance and that of our competitors, because not all companies use identical calculations, this presentation of EBITDA and EBITDA margin may not be comparable to other similarly titled measures of other companies and should not be considered as an alternative to performance measures derived in accordance with U.S. GAAP. EBITDA is calculated as net income attributable to Medpace Holdings, Inc. before income tax expense, interest income, net, depreciation and amortization. EBITDA margin is calculated by dividing EBITDA by Revenue, net for each period. Our presentation of EBITDA and EBITDA margin should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. View source version on businesswire.com: https://www.businesswire.com/news/home/20260722908890/en/ Contacts Investor Contact:David [email protected] Media Contact:Michael [email protected]