MEDP

Medpace's third quarter saw steady growth, with management attributing performance to robust demand for clinical research services and a healthy pipeline of new business awards. CEO August James Troendle pointed to a record level of net new business awards and a strong win rate, particularly in traditional oncology studies. The company also noted that project cancellations, while at the higher end of normal, did not significantly impact results. CFO Kevin Brady highlighted improved utilization and low employee turnover as supporting factors for the company's margin expansion this quarter. Is now the time to buy MEDP? Find out in our full research report (it's free). - Revenue: $716 million vs analyst estimates of $713.7 million (8.5% year-on-year growth, in line) - EPS (GAAP): $4.84 vs analyst estimates of $4.43 (9.4% beat) - Adjusted EBITDA: $172.1 million vs analyst estimates of $159.4 million (24% margin, 8% beat) - The company reconfirmed its revenue guidance for the full year of $2.85 billion at the midpoint - EPS (GAAP) guidance for the full year is $18.15 at the midpoint, beating analyst estimates by 3.2% - EBITDA guidance for the full year is $645 million at the midpoint, above analyst estimates of $627.6 million - Operating Margin: 23.1%, up from 21.5% in the same quarter last year - Market Capitalization: $18.29 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. - Michael Cherny (Lee Partners) asked about the drivers behind strong net bookings and competitive dynamics in biotech. CEO August James Troendle cited a strong win rate and favorable mix in oncology, noting, "our win rate has been strong" and that the environment is currently healthy. - Jailendra Singh (Truist Securities) sought clarity on guidance and the sustainability of direct fee gross margins. CFO Kevin Brady pointed to some quarter-to-quarter volatility but indicated no significant disruption expected in near-term margins. - Ann Hynes (Mizuho) questioned the factors behind lower implied growth rates for next year and the impact of project cancellations. Troendle highlighted that cancellations have been higher than preferred but are largely due to product failures, not funding issues. - Eric Coldwell (Baird) probed margin drivers and staffing trends, specifically turnover and wage pressures. Brady emphasized ongoing low turnover and said wage inflation was within expectations, with no abnormal pressures anticipated for the coming year. - Luke Sergott (Barclays) asked about large pharma business dynamics and pricing power in RFPs. Troendle explained that growth from large pharma is mostly tied to acquisitions of existing biotech clients, and that pricing has returned to a more normalized, quality-focused environment. In the coming quarters, the StockStory team will be watching (1) whether Medpace can maintain strong new business awards and backlog conversion rates, (2) the impact of the Cincinnati expansion on cost structure and margins, and (3) any shifts in project cancellation rates, particularly as product failures or industry headwinds emerge. Progress on operational efficiency and sustained demand in core therapeutic areas will also be important indicators. Medpace currently trades at $650.48, down from $664 just before the earnings. Is there an opportunity in the stock? Find out in our full research report (it's free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren't just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week's Strong Momentum stocks — FREE. Get Our Strong Momentum 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.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. - Net new business awards reached an all-time high, driven by a combination of a robust biotech funding environment and improved internal win rates. - Management attributed the improved win rate to meaningful process adjustments implemented in late 2025 to enhance how the firm addresses RFP opportunities. - The therapeutic mix is shifting back toward traditional oncology, with a temporary moderation in metabolic demand, though the metabolic RFP pipeline remains active. - Revenue growth has faced pressure from a higher cancellation profile over the last few years, primarily due to client product failures rather than funding constraints. - The competitive environment has normalized as aggressive pricing strategies from peers seen in previous years have largely subsided. - Operational efficiency and high utilization rates supported strong EBITDA margins, even as the company continued high single-digit sequential headcount growth. - Large pharma revenue growth remains primarily tied to supporting existing biotech clients that were subsequently acquired by larger entities. - Management deferred formal 2027 guidance until February to allow for more accurate modeling of Q4 award conversions and year-end cancellation patterns. - Current internal modeling for 2027 aligns with analyst consensus, though management noted that the growth profile has moderated compared to historical levels. - A significant campus expansion in Cincinnati is expected to add approximately $20 million in operating costs starting in 2027. - The company expects approximately $1.99 billion of current backlog to convert to revenue over the next 12 months. - Management anticipates Q4 could see another record for awards, provided the high volume of pending client decisions continues to move forward at a normal pace. - The Board of Directors approved a new $1 billion share repurchase authorization effective October 20, 2026, replacing the previous program. - Cancellations in the current quarter were at the higher end of the expected range but were characterized as manageable random events related to safety signals or product efficacy. - Net income growth outpaced EBITDA growth due to higher interest income and a lower effective tax rate compared to the prior year period. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. - Management credited a strong business environment and internal process changes made in late 2025 for the record award notifications. - The current market was described as 'normalized,' with fewer instances of clients bidding out RFPs excessively or competitors using irrational pricing. - The decision to wait was driven by the fact that the 2027 outlook is still 'shaping up,' with Q4 awards and cancellation trends being critical variables. - Management noted they saw no 'large disconnect' with consensus, making an early, potentially less accurate guide unnecessary. - Cancellations are currently driven by clinical product failures or safety signals rather than a lack of client funding. - While cancellations were slightly higher than preferred this quarter, they remain within a manageable range and are not indicative of a broader trend. - Voluntary turnover remains very low and stable, contrary to some industry peers seeing a return to higher attrition. - Wage and benefit inflation is described as persistent but within the company's expectations, with no abnormal pressures noted heading into 2027.

This article first appeared on GuruFocus. - Revenue: $716 million in Q3 2026, up 8.5% year over year; nine-month revenue $2.13 billion, up 16.9%. - EBITDA: $172.1 million in Q3, up 16% from $148.4 million; year-to-date $474.9 million, up 19.5%. - EBITDA Margin: 24% in Q3 vs. 22.5% prior year, aided by lower reimbursable costs; year-to-date 22.3% vs. 21.8%. - Net Income: $137.5 million in Q3, up 23.7% from $111.1 million; year-to-date $382.7 million, up 21.1%. - Diluted EPS: $4.84 in Q3 vs. $3.86 prior year; year-to-date $13.37 vs. $10.64. - Net New Business Awards: $873.4 million in Q3, up 10.6% year over year; trailing 12-month awards $3.02 billion, up 23.9%. - Backlog: Approximately $3.2 billion as of September 30, 2026, up 5.6% year over year; ~$1.99 billion projected to convert to revenue over next 12 months; Q3 backlog conversion 23.8% of beginning backlog. - Cash Flow from Operations: $216.6 million in Q3. - Net Days Sales Outstanding: Negative 66 days. - Cash: $705.3 million at quarter end. - Customer Concentration: Top 5 and top 10 customers represent ~31% and ~39% of trailing 12-month revenue, respectively. - Share Repurchase Authorization: Board terminated existing authorization and approved new authorization of up to $1 billion effective October 20, 2026. - FY2026 Revenue Guidance: $2.835 billion to $2.855 billion, representing 12% to 12.8% growth over 2025 revenue of $2.53 billion. - FY2026 EBITDA Guidance: $638 million to $652 million, representing 14.4% to 16.9% growth over 2025 EBITDA of $557.7 million. - FY2026 Net Income Guidance: $514 million to $524 million. - FY2026 EPS Guidance: $17.97 to $18.32 per diluted share. - FY2026 Guidance Assumptions: Effective tax rate of 19% to 19.5%, interest income of $22.9 million, 28.6 million diluted weighted average shares outstanding, no additional share repurchases assumed, FX rates as of September 30, 2026. - Warning! GuruFocus has detected 7 Warning Signs with BDN. - Is MEDP fairly valued? Test your thesis with our free DCF calculator. Release Date: October 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - Net new business awards reached an all-time high in Q3 2026, with last 12-month growth of 23.9%. - Revenue increased 8.5% year-over-year to $716 million, and EBITDA grew 16% to $172.1 million. - EBITDA margin improved to 24% from 22.5% in the prior year period, driven by lower reimbursable costs. - Backlog ended at approximately $3.2 billion, up 5.6% year-over-year, with $1.99 billion expected to convert to revenue in the next 12 months. - Strong cash flow generation with $216.6 million from operating activities and a negative net days sales outstanding of 66 days. - Backlog cancellations were toward the higher end of the expected range, impacting ultimate performance. - 2027 revenue growth is expected to be lower than historical levels, partly due to cancellation pressure. - A significant expansion in Cincinnati will add about $20 million of operating costs in 2027, creating a headwind. - Pass-through revenue mix is expected to be around 40-40.5%, which can influence growth rates and margin volatility. - The company did not provide specific 2027 guidance, citing uncertainty around Q4 awards and cancellation patterns. Q: Michael Cherny of Leerink Partners asked about the drivers behind the strong net bookings performance, the evolving competitive environment in biotech, and Medpace's ability to differentiate and price within its core biotech customer base.A: CEO August Troendle attributed the strength to a combination of a strong business environment and a solid win rate. He noted a mix shift toward more traditional oncology and somewhat less metabolic demand, and said cancellations in the quarter were toward the higher end of the expected range but not a help to results. Q: Ann Hynes of Mizuho asked why implied 2027 growth looks lower than Medpace's historical pace, and whether recent interest rate increases or other factors are weighing on next-year demand.A: CEO August Troendle said growth has dropped over the past few years largely due to cancellation pressure, especially this past year. He said the environment remains strong and that revenue expectations for 2027 are improving month-to-month, but Q4 awards and the Q4 cancellation pattern remain key variables. CFO Kevin Brady added that the pass-through mix relative to revenue will also influence the growth rate. Q: Justin Bowers of Deutsche Bank asked why Medpace chose to wait until February to guide 2027, and whether awards or cancellations are the bigger factor.A: CEO August Troendle said the company's view on 2027 has been moving and is expected to keep moving, so a firmer guide is possible in February. He said current consensus does not look drastically off and the company saw no need to issue a potentially inaccurate guide now. Q: Eric Coldwell of Baird asked about the drivers of the very strong EBITDA margin, including project or therapeutic mix, hiring, turnover, efficiencies, or one-timers, and whether this level is a sustainable jumping-off point.A: CFO Kevin Brady said there was nothing specific to call out beyond normal quarter-to-quarter volatility and some timing and ASC 606 effects. He said the direct service business is performing very well and attrition is in a very good spot, with no major degradation expected in Q4, though 2027 will absorb headwind from the Cincinnati campus expansion. Q: Eric Coldwell of Baird asked about turnover, hiring, salaries, wages, benefits, and inflation trends going into 2027, noting peers are seeing turnover normalize and hiring resume.A: CEO August Troendle said turnover remains very low and there are no abnormal pressures on salaries, wages, or benefits at this point. He said compensation increases are ongoing but within expectations and there has been no real change over the past year. Q: Eric Coldwell of Baird asked for help framing Q4 bookings, noting less commentary on the second-half ramp and some mentions of higher cancellations out of backlog.A: CEO August Troendle said he feels no different and expects another record awards quarter if things go right. He said he prefers award growth and trailing-12-month awards over book-to-bill, and expects sequential improvement in awards moving into backlog, with the main variable being unusual cancellations. Q: Jailendra Singh of Truist asked for clarification that the "consensus is in the right range" comment applies to both revenue and EBITDA, and for color on direct fee revenue versus pass-through mix for 2027.A: CEO August Troendle declined to comment specifically on direct versus pass-through mix. CFO Kevin Brady said more color will come in February, reiterated that consensus looks reasonable relative to current modeling including pass-through assumptions, and flagged roughly $20 million of added operating costs in 2027 from the Cincinnati expansion. Q: Tucker Remmers of UBS asked what drove the strong service fee margin despite high-single-digit sequential headcount growth, and why the margin can hold at this level.A: CFO Kevin Brady cited good overall performance, solid utilization, and revenue growing faster than headcount at the moment. He noted some timing and ASC 606 lumpiness can affect any given quarter. Q: Ann Hynes of Mizuho asked for incremental color on cancellations, including whether anything surprised the company or whether funding is the driver.A: CEO August Troendle said cancellations are now primarily driven by product failure, including safety signals and programs not living up to expectations, with some prioritization effects. He said funding is no longer a main driver and there is no real trend, describing cancellations as random and unexpected events. Q: Justin Bowers of Deutsche Bank asked how the RFP and award funnel looks for the rest of the year.A: CEO August Troendle said the total dollar value of pending opportunities is up nicely even though RFP counts are down somewhat. He said award decisions and project starts are moving at a normal pace, and strong Q4 wins with in-range cancellations would support improving 2027 expectations. Q: Ryan Halsted of RBC asked how much of the new awards momentum reflects pre-backlog items clearing gating factors and moving into backlog, and for color on win-rate initiatives.A: CEO August Troendle said most awards come from previously notified wins, with study start being the main gating factor for backlog recognition. He said process adjustments made in late 2025 to address a lower win rate appear very successful so far, though it is difficult to assess over just a couple of quarters. Q: Christine Rains of William Blair asked whether the prior 41% to 42% pass-through mix expectation for the second half still holds and whether pass-through mix should step up in Q4.A: CFO Kevin Brady said he expects pass-through mix around where Q3 finished, roughly 40% to 40.5% based on the current model. Q: Luke Sergott of Barclays asked about the step-up in large pharma work and whether Medpace is adding new logos or benefiting from existing relationships progressing through the pipeline.A: CEO August Troendle said most large pharma opportunities come from a limited number of providers and are often tied to biotech clients that were acquired. He said the company is not doing direct outreach to win large pharma work at new clients but is supporting existing relationships. Q: Luke Sergott of Barclays asked about pricing and competitiveness on RFPs, and whether a recovering market is allowing price increases on full-service work.AFor 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 delivered strong third-quarter results: Revenue rose 8.5% to $716 million, net income increased 23.7% to $137.5 million, and diluted EPS grew to $4.84. EBITDA margin expanded to 24% from 22.5% a year earlier. - Management raised its 2026 outlook to $2.835 billion-$2.855 billion in revenue, $638 million-$652 million in EBITDA and diluted EPS of $17.97-$18.32. - Record awards strengthened future visibility: Third-quarter net new business awards reached $873.4 million, backlog grew 5.6% to approximately $3.2 billion, and the board authorized up to $1 billion in share repurchases. The 2027 outlook will depend largely on fourth-quarter awards and cancellation trends. - Can Medpace Stock Keep up this Pace? Medpace (NASDAQ:MEDP) reported third-quarter 2026 revenue growth of 8.5% and record net new business awards, while management said the clinical research organization continues to see a strong operating environment marked by healthy request-for-proposal activity, initial award notifications and win rates. Revenue totaled $716 million for the quarter, compared with the prior-year period, while net income rose 23.7% to $137.5 million. Diluted earnings per share increased to $4.84 from $3.86 a year earlier. CEO August Troendle said the company's net new business awards reached an all-time high during the quarter, with trailing 12-month awards growing 23.9%. → Aurora Rejects Curaleaf's Higher Bid, But the Takeover Fight Isn't Over Chief Financial Officer Kevin Brady said third-quarter EBITDA rose 16% year over year to $172.1 million, producing an EBITDA margin of 24%, up from 22.5% in the prior-year quarter. The margin benefited from lower reimbursable costs, he said. For the first nine months of 2026, Medpace generated revenue of $2.13 billion, up 16.9% from the comparable period in 2025. Year-to-date EBITDA increased 19.5% to $474.9 million, and net income rose 21.1% to $382.7 million. → Could Quantinuum's Breakthrough Make Its Sell-Off a Bargain? The company raised its full-year 2026 outlook. Medpace now expects: - Revenue of $2.835 billion to $2.855 billion, representing growth of 12% to 12.8% from 2025. - EBITDA of $638 million to $652 million, representing growth of 14.4% to 16.9% from 2025. - Net income of $514 million to $524 million. - Diluted earnings per share of $17.97 to $18.32. The guidance assumes a full-year effective tax rate of 19% to 19.5%, interest income of $22.9 million and 28.6 million diluted weighted-average shares outstanding. Brady said the company's outlook does not assume additional share repurchases. → IonQ's Bold Expansion Could Leave Shareholders Paying the Price Net new business awards entering backlog increased 10.6% year over year to $873.4 million in the third quarter. Over the past 12 months, awards totaled $3.02 billion. Ending backlog stood at approximately $3.2 billion as of Sept. 30, up 5.6% from a year earlier. Medpace expects about $1.99 billion of backlog to convert into revenue during the next 12 months. Backlog conversion in the third quarter represented 23.8% of beginning backlog. Troendle said the company's opportunity funnel remains strong. While the number of RFPs has declined somewhat, the total dollar value and quality of pending opportunities have increased. He said client award decisions and project progress are occurring at a relatively normal pace, rather than being delayed. Management said the therapeutic mix has shifted somewhat toward more traditional oncology work, while demand in metabolic programs has been lower recently. However, Troendle said Medpace is again seeing a significant number of pending metabolic opportunities. Medpace plans to provide formal 2027 guidance with its fourth-quarter results in February. Troendle said the company does not see a large disconnect between current analyst consensus estimates and its internal modeling, though management wants more visibility before issuing detailed projections. "Our view on 2027 has moved, and we expect it to continue to move," Troendle said, explaining that fourth-quarter awards and cancellation trends will be important inputs to the company's forecast. The company characterized third-quarter cancellations as toward the higher end of its expected range, though not significant enough to warrant separate disclosure. Troendle said current cancellations are primarily tied to product failures, including products not meeting expectations or encountering safety signals, rather than funding constraints. He added that cancellations can be unpredictable, but said Medpace sees no reason to expect unusually high cancellation levels. If fourth-quarter awards remain strong and cancellations stay within a normal range, management expects its 2027 outlook to improve. Brady said direct-service operations performed well in the third quarter, supported by solid utilization and revenue growth that outpaced headcount growth. He cautioned that quarterly margins can fluctuate because of contract timing and accounting effects, but said he does not anticipate a significant margin decline in the fourth quarter. Looking ahead, management expects a headwind in 2027 from a Cincinnati campus expansion that is expected to add about $20 million in operating costs. Troendle said employee turnover remains very low and that wage and benefit cost increases remain within the company's expectations. Medpace generated $216.6 million in operating cash flow during the quarter and ended the period with $705.3 million of cash. Its net days sales outstanding was negative 66 days. The company's top five and top 10 customers accounted for roughly 31% and 39%, respectively, of revenue over the trailing 12 months. Separately, the board on Oct. 20 terminated the prior share-repurchase authorization and approved a new authorization allowing the company to repurchase up to $1 billion of its shares. Medpace Holdings, Inc is a contract research organization (CRO) that provides clinical development services to biotechnology, pharmaceutical and medical device companies. The company supports sponsors throughout the development process, from early-stage planning and regulatory submissions through clinical trial execution, data management, analysis and reporting. Medpace's services include Phase I through Phase IV clinical research, clinical monitoring, biostatistics, data management, medical writing, pharmacovigilance, regulatory consulting and central laboratory services. 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 Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Image source: The Motley Fool. Thursday, Oct. 22, 2026 - Director of Investor Relations - Lauren Morris - Chief Executive Officer - August James Troendle - Chief Financial Officer - Kevin Brady Operator: Good day, ladies and gentlemen. And welcome to the Medpace Third Quarter 26 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' remarks, there will be a Q&A session. If your question has been answered and you would like to remove yourself from the queue, simply press *11 again. 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. Lauren Morris: Good morning. And thank you for joining Medpace's third quarter 26 Earnings Conference Call. Also on the call today is our CEO, August James Troendle 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 2 thousand. 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 in our Form 10-Ks and other filings with the SEC, Please note that we assume no obligation to update forward-looking statements even if estimates change. Accordingly, you should not rely on any of today's forward-looking statements as representing our views as of any date after today. During this call, we will also be referring to certain non GAAP financial measures. These non GAAP measures are not superior to or a replacement for the comparable GAAP measures. But we believe these measures help investors gain a more complete understanding of results. A reconciliation of such non GAAP financial measures to the most directly comparable GAAP measures is available in the earnings press release and earnings call presentation slides provided in connection with today's call. The slides are available in the Investor Relations section of our website at investor.medpace.com. With that, I would now like to turn the call over to August Troendle. August James Troendle: Thanks, David. Good morning, everyone. The business environment remains strong in quarter 26. We saw high quality RFP activity strong initial award notifications, and a good win rate. Net new business awards reached an all time high in the quarter and our last 12-month closing awards was 23.9%. We will provide guidance for 2027 at the end of our Q4 reporting. At the time of our Q4 reporting in February, however, we see no large disconnect between analyst consensus estimates and our current modeling of 2027. Kevin will now review our financial results for Q3 and our updated 2026 guide. Kevin Brady: Thank you, and good morning to everyone listening in. Revenue was $716 million in the third quarter of 26. This represented a year over year increase of 8.5%. Revenue for the 9 months ended September 30, 2026 was $2.13 billion, and increased 16.9%. EBITDA of $172.1 million increased 16% compared to $148.4 million in the third quarter of 25. Year to date EBITDA was $474.9 million an increase of 19.5% from the comparable prior year period. EBITDA margin for the third quarter was 24% compared to 22.5% in the prior year period. EBITDA margins benefited from lower reimbursable costs. Year to date EBITDA margin was 22.3%, compared to 21.8%. In the third quarter of 26, net income of $137.5 million increased 23.7% compared to net income of $111.1 million in the third quarter of 25. Net income growth above EBITDA growth was primarily driven by higher interest income and a lower effective tax rate compared to the prior year period. Year to date net income was $382.7 million compared to $316 million in the comparable prior year period. Which represents a 21.1% increase. Net income per diluted share for the quarter was $4.84, compared to $3.86 in the prior year period. Year to date net income per diluted share was $13.37 compared to net income per diluted share of $10.04 in the comparable prior year period. Net new business awards entering backlog in the third quarter increased 10.6% from the prior year to $873 million Net new business awards entering backlog over the last 12 months increased $3.02 billion representing a year over year increase of 23.9%. Ending backlog as of September 30, 2026 was approximately $3.2 billion an increase of 5.6% from the prior year. We project that approximately $1.99 billion of backlog will convert to revenue in the next 12 months. Backlog conversion in the third quarter was 23.8%, of beginning backlog. Regarding customer concentration, our top 5 and top 10 customers represent roughly 31%, 39%, respectively, of our last 12 months revenue. In the third quarter, we generated $217 million in cash flow from operating activities. And our net days sales outstanding was -66 days. Cash ended the quarter at $705.3 million Effective 10/20/2026, the board terminated the company's current share repurchase authorization and approved a new share repurchase authorization of up to $1 billion. Moving now to our updated guidance for 2026. Full year 2026 total revenue is now expected in the range of $2.835 billion to $2.855 billion representing growth of 12% to 12.8% over 2025 total revenue of $2.53 billion Our 2026 EBITDA is now expected in the range of $638 million to $652 million representing growth of 14.4% to 16.9% compared to EBITDA of $557.7 million in 2025. We forecast 2026 net income in the range of $514 million to $524 million. This guidance assumes a full year 2026 effective tax rate of 19% to 19.5% interest income of $22.9 million, and $28.6 million diluted weighted average shares outstanding for 2026. There are no additional share repurchases assumed in our guidance. Earnings per diluted share is now expected to be in the range of $17.97 to $18.32. Guidance is based on foreign exchange rates as of September 30, 2026. With that, I will turn the call back over to the operator so we can take your questions. Operator: Thank you. As a reminder, to ask a question, please press *1 on your telephone and wait for your name to be announced. To withdraw your question, please press *1 again. And our first question comes from Michael Cherny of Lee Partners. Your line is open. Michael, your line is open. Michael Cherny: Hi. Can you hear me? Can hear you now. Okay. My apologies there. August, maybe just to dive into a bit more about your bookings commentary. Clearly, net bookings performance in the quarter is really strong. As you think about where that is coming from, how do you see the evolving competitive environment within the biotech world? And how do you think about where either pricing lies or your ability to continue to push forward in your differentiation within your core biotech customer? Any more color you can give on the competitive components and what led to some of this bookings growth in what is a healthy market would be great. Thank you. August James Troendle: August, you might be on mute. Yes, I am sorry. I am August Troendle here. Yes, I guess you are kind of ultimately addressing win rate. I guess, how we are performing versus how much is environment. The business environment is a strong 1. I think really across the board, I think that things have changed a little bit in terms of the mix of what we are seeing, and it is a little bit more traditional oncology are generally a large area, a little bit less metabolic demand at current time point, but I think there is a lot of good opportunities And our win rate has been strong. So I think it is a combination of the 2. I think we are booking good work, and a lot of it has been in the past certainly, you know, few years here. it is been a lot of cancellations have driven ultimate performance in terms of awards and revenue growth. And I hope that is somewhat reduced going forward. Our cancellations, backlog cancellations this quarter were not something to call out, but also not a help. They were toward the higher end, but within the kind of range we would expect. So I think that is what I can provide. Thank you. Operator: And our next question comes from Jalandra Singh of Truist Securities. Your line is open. Jailendra Singh: Thank you and thanks for taking my questions. First, a quick clarification, August, about your comment about current consensus being in the right range. I am assuming that applies to both revenue and EBITDA. And then on the revenue expectation, I think Street is modeling 6% growth. Anything you can share in terms of how you think about direct fee revenue versus pass-through? Just mix will be. That will be really helpful. August James Troendle: Yeah. I do not. we do not comment on direct pass-through, etcetera. If you see our pass through expenses, I think that is a kind of a way to try to back into it, not accurately, but at least directionally. I do not know. Kevin, do you want me to comment on that? Kevin Brady: No. I mean, I think we will provide more color, Jailendra, in terms of what that will look like in February. But I would just kind of reiterate what August said that consensus looks reasonable relative to our current modeling, and that would include some assumptions on pass throughs at the current moment. We will have to see how bookings progress in the next quarter. The only other thing that I would pull out, you know, while we do agree with the percentages, just a reminder that we do have a new expansion, significant expansion coming online here in Cincinnati, which will add about $20 million Of operating costs in 2027. Okay. that is helpful. Jailendra Singh: And then quick follow-up on the direct fee gross margin in the quarter. Really good trends there. Anything to call out in particular? Just trying to figure out if there was anything out of the ordinary in terms of mix or change orders or timing. If these Q3 direct fee gross margins levels are sustainable. Kevin Brady: I would just say, Jailendra, written quarter-to-quarter, there is certainly volatility. That can occur in our numbers. And I know that everybody uses pass-through as a proxy for what direct service fee revenue is, but that is not exactly how 606 works. Your margins, again, are good, very good. But they can be lumpy from quarter to quarter. But I do not see anything that would significantly disrupt kind of the margin performance in Q4. Great. Thanks a lot. Operator: Thank you. And our next question comes from Kevin Caliendo of UBS. Your line is open. Kevin Caliendo: Hello. This is Kevin Caliendo calling in for Kevin Caliendo here. I am going to probably double click on the last question on the margin. So head count grew high single digits sequentially. And, yeah, you were able to maintain that margin level. And so kind of like what drove to receive margin being so strong? Why would it know, essentially maintain at this level going forward? Kevin Brady: Yeah. You know, again, there can be some timing things that happen in a given quarter. There can be some lumpiness caused by 606. But, no, it is good performance overall across the business. Utilization continues to be in a good spot. And while we are growing, headcount, you know, the revenue is growing faster than that at the given moment. Kevin Caliendo: Okay. And then maybe if I can just follow-up quickly. This is mostly a question on the mix of servicing and pass-throughs essentially in the backlog. And so pass-throughs obviously dipped down in the quarter. And so does that essentially imply that service fee bookings are higher in backlog? And so the question is essentially, like, would Medpace be able to maintain this 10%-plus service growth in the foreseeable future? Assuming that the pass-throughs are kind of maintaining at this 40% level. Kevin Brady: Yeah. I mean. you know, again, in terms of service fee growth, obviously, the bookings over the last couple of quarters have been good. We will have to see what happens in the fourth quarter, but that will then influence what 2027 looks like. So in terms of growth rates, nothing to comment on in terms of 2027 at the moment other than what we have already said. In that, we do not see a major disconnect with where consensus is right now. Okay. Thank you. Operator: Thank you. And our next question comes from Ann Hynes of Mizuho. Ann Hynes: Good morning. Thank you. So when I look at the implied growth rates for 2027, definitely lower than what Medpace usually does. Is that just a factor of even though bookings were very strong this quarter, I know last 3 quarters were just below historically what you got? Or is there anything you are seeing in the environment maybe over the past couple of weeks as interest rates have gone up that you think is gonna impact demand next year? Thanks. August James Troendle: Yeah. No. I. Ann, I think that our growth profile has dropped quite a bit over the last, you know, few years related to primarily, though, pressure from cancellations has been, you know, 1 of the biggest things. Particularly this past year, we have had good opportunities. The business environment has been strong this year. And it continues to be. And 1 reason we decided to not provide any real guidance on next year yet is it is still shaping up quite a bit? And Q4 awards, there is still a important component of next year revenue. But more importantly is kind of where we shake out in terms of cancellation, you know, pattern. Here in Q4 and going into next year. But things are, you know, improving month-to-month in terms of us increasing our revenue expectations for 2027. And, you know, hopefully, that continues. But, again, a large part of that will be kind of what the cancellation profile is in Q4. We see no reason for high cancellations, but these are kind of things that just come out of the blue. They were a little bit higher than we would have liked in the current quarter. But manageable. And hopefully, that continues for the rest of the year anyway. Kevin Brady: And maybe just a quick 1 comment. Yeah. Ann, just another comment that remember the mix of pass-throughs relative to revenue will also influence that growth rate as well. Right? Ann Hynes: Yeah. And then just maybe any incremental color on the cancellations, Did anything surprise you about them in the quarter? Is it just funding? What. I guess, what is driving the cancellations? Or any change from what is been driving them over the past few quarters? August James Troendle: Yeah. No. These were. Our cancellations now are primarily those of product failure A little bit more clearly product failure. You know? it is always. Well, some of it prioritization too. You could say that is related. To total level of funding possible, but no real signs funding is now a main driver of many of the cancellations. it is products that are not living up to expectation, safety signals, other things that are causing programs to stop. So it is kind of the. Yeah. Everything surprises me about them. You know? it is. they are all just, you know, random events and unexpected. So no real trend there. Okay. Great. Thank you. Operator: Thank you. And our next question comes from Justin Bowers of Deutsche Bank. Your line is open. Justin Bowers: Hi, good morning everyone. Just a continuation of the last question. In terms of the decision to wait until February to guide, Is it what is more of a factor here? Is it more about the awards? Or is it more about cancellations? Just trying to get a better sense here of why the change from last year. August James Troendle: Yeah. No. I am not sure I, you know, I can sort that out. it is just that our over the last quarter, our view on 2027 has moved. And we expect it to continue to move. And it just seemed that we cannot provide a very firm you know, guide. We feel we can provide a much more firm guide in February than we would be able to now. And we did not see a real need to come out with some commentary on what we expected relative to consensus, it looked somewhat in line. I am not saying it is the same, but it did not look drastically off. So we decided that in making a poor guide that might not be very accurate in retrospect. So that is really it. Justin Bowers: Understood. And then just a couple of quick follow ups there. How does the funnel look in terms of potential awards and RFPs through the, like, the funnel or the pipeline in terms of RFPs and for the rest of the year? August James Troendle: No. Look. Sort of the awards the pending RFPs is up to total dollar value of opportunities that we are looking at. Is up nicely. I mean, our fee numbers are actually down some, but I feel that is not a. Like I said, I kind of ignored the argument. The quality and the total pending decisions by clients is very large. And they are not being held up. And this is just because of volume of opportunities that have come in. it is not that things are not being awarded. Things are actually moving along at a relatively normal pace in terms of you know, of word decisions, projects moving forward, you know, getting funding in place. Things are actually going very well, but the total number of opportunities has increased and, you know, is a good. very good high. I think that if we can win well in Q4 and certainly as anywhere near as well as in Q3 and cancellations are not really out of range. You know, I think things are going to improve toward our 2027 expectations. Okay. Great. I will jump back in queue. Thank you. Operator: Thank you. And our next question comes from Ryan Halsted of RBC. Your line is open. Ryan Halsted: Maybe going back to the new awards and good to see that they are growing healthy. I guess do you have any way of I guess, clarifying how much of that new awards, momentum is a result of, you know, the pre backlog that you called out in the prior year period, kind of clearing those gating factors and moving into backlog? August James Troendle: Well, I. Most of our awards come from something that was previously notified that we were you know, being. We were chosen as the, you know, CRO to do this. So most of it is the. those gating factors if you consider the start of the study being a gating factor, which, you know, we do. So, you know, we bring things into backlog when the study starts actually operationally in the field. Now if you are asking how much is that versus other gating factors, I mean, still the biggest 1 is, you know, getting, you know, started in the trial. it is a minor number of additional amounts of backlog added because there was some gating factor on a award that was already partially in backlog. I do not know if that answers your question, but most things that are awards in a given quarter were in our suspense, our pre backlog. Ryan Halsted: Got it. Okay. And then just you know, you mentioned a few quarters ago, some initiatives you are putting in place to address your win rates and clearly, they are bearing fruit. I mean, any more color you can share on just how those initiatives have been. have been working and generating success. August James Troendle: No. I am not going to give details on what they were. Yeah. Again, I wanted to point out we recognized our win rate was not as high as we would like in 2025. And toward the end of 2025, we made some meaningful adjustments in our processes and how we address things. And I think they have been. I. You know, it is very difficult over even just a couple quarters to you know, assess that, but I think our assessment to date is that they have been very successful, and we hope to continue to improve going forward. Great. Thank you. Operator: Thank you. And our next question comes from David Windley of Jefferies. Your line is open. David Windley: Hi, thanks for taking my question. Good morning. I wanted to ask a question around kind of composition of work And what I am driving at is August, your intent, I think, consistent intent to do full service work for your clients I think you have a minimum kind of composition of the trial that you wanna control in order to really want to engage with a client What we are hearing is some additional, I guess, carve out of biometrics work within trials, you know, otherwise FSO type trials. And then biotechs that you know, somewhat counterintuitive to me, but biotechs that are interested in engaging in FSP discussions, which I do not think you are interested in. So I wanted to probe if there are. If you are seeing changes in the way your target client base wants to engage around projects? Thanks. August James Troendle: You know, David, I would not say that I see a certainly a meaningful change in that. I mean, there. there is always been clients that want to carve out biometrics, sometimes internally, sometimes with another chosen provider. We do prefer totally full service opportunities. But as long as we are able to add real value in terms of you know, managing the recruitment you know, quality of the trial, execution overall. So if we have all of the you know, front end operations and they wanna keep even data in house as well as, you know, biometrics, as well as statistics and medical writing. That may be an opportunity that is of interest to us. Yes. But I have not really seen a step increase in the number of clients that are doing that, really. It depends on it is dependent on size of client to a good extent. If it is truly functional, you know, you are right. We are not interested at all. But, certainly, if it is front end only, we do projects that are front end only. Got it. Thanks. David Windley: And then maybe too, you commented about therapeutic mix shifting back toward more traditional oncology, little less cardiometabolic, Ryan asked the question about the topic that you kind of raised last time about having some trials that have these interim looks or contingencies that may be removed midstream I guess I am wondering if there is an interrelationship between those 2, which therapeutic areas tend to have that interim look? How prevalent are those things, Maybe the simplest way to ask the question is we did see the backlog beyond the next 12 months kind of regrow or kind of inflate a little bit where it has not for a while, and I. I am just again, probing around some of those moving parts in the backlog long term versus next 12 months? Thanks. August James Troendle: Yeah. Okay. I guess fair question. I just do not have the analytics in front of me. And, I mean, I know, generally, I will look at that, but it is possible that is related to. you know, I do not know that there is any real shift in the amount that rolling in. Versus new awards, etcetera. You know, our awards have pivoted more towards, you know, both in terms of notifications and you know, things being recognized in the backlog awards. Have and to some extent, RFPs, you know, have pivoted more back towards oncology. Although we also are seeing, in terms of RFPs, quite a bit of metabolic work again. Sort of there was a little bit of a drop, and so the notifications and a awards are down in the metabolic area, but there is a lot of pending opportunities for metabolic for us currently. But yeah, what is driving the increase in duration Is it new projects that are entered? And very short remaining projects that are coming out that is driving it. I think that is probably the bigger factor. But was there any gates that were reached that opened up that caused a meaningful, you know, increase in the duration of projects. I do not know. I doubt it is therapeutic related. It may be true that oncology has a bit more likely to have gaits. They tend to be longer trials and have more gating. So that is probably true overall. But I do not know if that is influencing our. You know, what our outside of 12 months backlog. June. Yeah. Okay. Great. Thank you. Operator: Thank you. And our next question comes from Jared Haas of William Blair. Your line is open. Christine Rains: Hi, good morning. it is Christine Rains on for Jared. Thanks for taking our questions. The pass through revenue mix came in nicely below your prior 41% to 42% expectation for the second half. Is that range still the right expectation for 2H? And should we expect pass through mix to step up in 4Q? Kevin Brady: Yeah, good question. I expect it to be somewhere around where we finished the third quarter. So kind of 40 to 40.5% based on our. Great. Christine Rains: Perfect. that is very helpful. And then would you characterize customer decision timelines in the quarter as healthy? And overall, did you see any notable decline in time lines sequentially and relative to last year? Thank you. August James Troendle: Yeah. I think things are moving along faster than last year. I think we are kind of in a pretty good place in terms of projects moving along well. The RFPs not being bid a thousand times and, things moving along towards award and then project start-up. So I think things are pretty normalized environment in terms of, we are getting opportunities that clients wanna move forward on in the current time frame, not sometime in the future. Perfect. Appreciate the color. Thank you. Operator: And as a reminder, if you have a question, please press *1. And our next question comes from Eric Coldwell of Baird. Your line is open. Eric Coldwell: Obviously, a very strong margin in the quarter and clearly the lower reimbursable revenue is a contributor to that optically. But I am curious if there were other drivers in the quarter that you would highlight, whether that be project or therapeutic mix, hiring perhaps being lower than you were anticipating or turnover being lower than you were anticipating. Other efficiencies, any accounting oddities or 1-timers. I am just continually impressed by your EBITDA margin, and I think this was the second highest quarter since, ASC 606. So would love to get a sense on if there is anything unique to the quarter that, barring the optics of pass throughs up or down, that we would be using this as some kind of a jumping off point or have a reason to have sustainably higher expectations here. Kevin Brady: No, Eric. Nothing to specifically call out. Just other than what I mentioned earlier, that certainly there is volatility in our margin percentages quarter-to-quarter. Right? There can be some timing aspects to when certain contracts are signed. The business is performing very well on the direct service side to your point. Attrition rates are in a very good spot. And the business continues to deliver. So but some of it certainly can be influenced by just the volatility that we see in some of the 606 impacts. But, again, I do not expect there to be a major degradation in the fourth quarter. You know, again, there is some level of headwind 2027 as we absorb the Cincinnati campus expansion, but we will provide more color on that in February. Okay. Eric Coldwell: And then on. You, I think you touched on it. But I did wanna specifically ask about turnover rates, hiring, salaries, wages, benefits, inflation, what your thoughts are going into 2027. I have recently conversed with a few of your peers, some of the mid tier biotech focused privates, etcetera, and what I am picking up is that everybody had, almost everybody had exceptionally low turnover in recent years on. in many cases. Actually record low turnover. Voluntary turnover at least, But we are picking up some signs that turnover levels are starting to come back that a number of firms are starting to hire again, You know, people are more willing to jump ship if there is more options, and companies need to start paying up for talent. So I am just curious what your overall view on the staff marketplace looks like as we go into 2027. August James Troendle: Turnover looks very low. So, I mean, I think we have continued with low turnover. I do not know what else I can say on that. No. Eric Coldwell: And no pressures on incremental or ab. Abnormal pressures on salaries, wages, benefits at this point? August James Troendle: No. No, it is pretty. you know, they keep sticking. You know, it is an ongoing thing, but no, I do not think there is any real change over the past over the past year. that is great. And then terms of rate. Obviously, it is always increasing some, but, you know, it is. within our expectations. Yeah. No. that is that is where I was going, so thank you for that. And then last 1 for me. Eric Coldwell: Last quarter, August, you seemed a lot more upbeat about. I do not know. Maybe it is just the focus of what we are talking about today, but there was a lot more commentary on I think, bookings and the big second half ramp that you expected. You were, obviously, accurate with book to bill getting you know, back above that 1.2 ZIP code and strong awards that came in this quarter. It felt like there was a little less commentary on that in the fourth quarter, some modest mentions of higher cancels out of backlog. I am just. help us get to the right spot for the fourth quarter if. that is always a. August James Troendle: Look. it is gonna be cancellations. But, no, I do not feel any different. I think that Q4, if things go right, it is going to be another record awards. I know, I hate to look at book to bill. I just think it is a bad measure. You know, I would rather focus on, you know, award growth and, you know, trailing 12 awards. And I would expect another step up. Things look very good. We have a lot of stuff in the pipeline. You know, both in terms of opportunities, RFPs that are, you know, pending award, A lot of. We had very strong quarter in terms of awards and. Of notifications, you know, themselves. And I would expect, you know, business awards, things moving into backlog to continue to move upward. Going forward next year, next quarter and, you know, sequentially. So. But no, no real difference on that. It just comes down to where the. whether we get some unusual cancellations or not. Thank you so much. that is very helpful. Have a great day. Thanks. Yeah. Operator: Thank you. Thank you. And our next question comes from Luke Sergott of Barclays. Your line is open. Luke Sergott: Hey, thanks again for the question. The. You guys had a pretty big step up in the large pharma side. And I just wanted to know kind of what you are seeing there from a share dynamic. Especially over the last couple of years. I know that the revenue is really contingent on what you won over the last 2 years ago. So just give a sense of, like, where. Are there any specific indications or you adding new logos, or is this just kind of more about assets and where those existing relations progressing through the development pipeline? August James Troendle: Yeah. Most of our large pharma opportunities have. Come from a limited number of providers. And often, it is related to biotech clients we had that got acquired. So it is not really a, you know, direct outreach from us to try to you know, win large pharma work at new clients. So it is supporting existing clients that largely are there because we had an acquisition of a former client of ours. Mhmm. So, you know, I think that is it. Okay. So just more of the same that is been going on there. Luke Sergott: And then I guess, can you talk about pricing and competitiveness on RFPs? I mean, you guys are investing there to add capacity. It feels like market's in full recovery mode right now. So are things starting to tighten up? And you are able to maybe get some price in some types of services on the full service side? August James Troendle: We have not really gone to you know. I mean, I think there were some that really focused on pricing. You know, we focus on quality of our deliverables. And I do think that some of the crazy approaches taken by some in the past few years have died out. I think we are kind of back to a normalized environment. Good to hear. Thanks. Operator: Thank you. I am showing no further questions at this time. I would like to turn it back to Lauren Morris for closing remarks. Lauren Morris: Thank you for joining us on today's call and for your interest in Medpace. We look forward to speaking with you again on our fourth quarter 26 earnings call. Operator: This concludes today's conference call. Thank you for participating and you may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Medpace. The Motley Fool has a disclosure policy. Medpace (MEDP) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

Medpace (MEDP) came out with quarterly earnings of $4.84 per share, beating the Zacks Consensus Estimate of $4.45 per share. This compares to earnings of $3.86 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +8.76%. A quarter ago, it was expected that this provider of outsourced clinical development services would post earnings of $4.08 per share when it actually produced earnings of $4.25, delivering a surprise of +4.17%. 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 $716 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.02%. This compares to year-ago revenues of $659.9 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 added about 10.8% since the beginning of the year versus the S&P 500's gain of 12.7%. 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 mixed. 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 #3 (Hold) for the stock. So, the shares are expected to perform in line with 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 $4.64 on $714.03 million in revenues for the coming quarter and $17.54 on $2.84 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 bottom 34% 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. Another stock from the same industry, PACS Group, Inc. (PACS), has yet to report results for the quarter ended September 2026. This company is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of +75%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. PACS Group, Inc.'s revenues are expected to be $1.45 billion, up 8.1% 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 PACS Group, Inc. (PACS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

- Revenue of $716.0 million in the third quarter of 2026 increased 8.5% from revenue of $659.9 million for the comparable prior-year period, representing a backlog conversion rate of 23.8%. - Net new business awards were $873.4 million in the third quarter of 2026, representing an increase of 10.6% from net new business awards of $789.6 million for the comparable prior-year period. - Third quarter of 2026 GAAP net income was $137.5 million, or $4.84 per diluted share, versus GAAP net income of $111.1 million, or $3.86 per diluted share, for the comparable prior-year period. Net income margin was 19.2% and 16.8% for the third quarter of 2026 and 2025, respectively. - EBITDA was $172.1 million for the third quarter of 2026, an increase of 16.0% from EBITDA of $148.4 million for the comparable prior-year period, resulting in an EBITDA margin of 24.0%. CINCINNATI, October 21, 2026--(BUSINESS WIRE)--Medpace Holdings, Inc. (Nasdaq: MEDP) ("Medpace") today announced financial results for the third quarter ended September 30, 2026. Third Quarter 2026 Financial Results Revenue for the three months ended September 30, 2026 increased 8.5% to $716.0 million, compared to $659.9 million for the comparable prior-year period. On a constant currency basis, revenue for the third quarter of 2026 increased 8.6% compared to the third quarter of 2025. Backlog as of September 30, 2026 increased 5.6% to $3,167.2 million from $3,000.6 million as of September 30, 2025. Net new business awards were $873.4 million, as compared to $789.6 million for the comparable prior-year period. For the third quarter of 2026, total direct costs were $492.1 million, compared to total direct costs of $463.0 million in the third quarter of 2025. Selling, general and administrative (SG&A) expenses were $51.8 million in the third quarter of 2026, compared to SG&A expenses of $48.1 million in the third quarter of 2025. GAAP net income for the third quarter of 2026 was $137.5 million, or $4.84 per diluted share, versus GAAP net income of $111.1 million, or $3.86 per diluted share, for the third quarter of 2025. This resulted in a net income margin of 19.2% and 16.8% for the third quarter of 2026 and 2025, respectively. EBITDA for the third quarter of 2026 increased 16.0% to $172.1 million, or 24.0% of revenue, compared to $148.4 million, or 22.5% of revenue, for the comparable prior-year period. On a constant currency basis, EBITDA for the third quarter of 2026 increased 16.0% from the third 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 nine months ended September 30, 2026 was $2,129.9 million, and increased 16.9% on a reported basis and 16.7% on a constant currency basis from the comparable prior-year period. Year-to-date 2026 GAAP net income was $382.7 million, or $13.37 per diluted share, compared to $316.0 million, or $10.64 per diluted share, for the comparable prior-year period. Year-to-date 2026 EBITDA was $474.9 million, or 22.3% of revenue, and increased 19.5% on a reported basis and 20.4% on a constant currency basis from the comparable prior-year period. Balance Sheet and Liquidity The Company's Cash and cash equivalents were $705.3 million at September 30, 2026, and the Company generated $216.6 million in cash flow from operating activities during the third quarter of 2026. There were no share repurchases in the third quarter of 2026. As of September 30, 2026, the Company had $527.0 million remaining under its authorized share repurchase program. Effective October 20, 2026 ("Effective Date"), the Company's Board of Directors ("Board") terminated the Company's current stock repurchase authorization of the Company's common stock, $0.01 par value ("common stock") which was set to expire on December 31, 2026. As of the Effective Date, this repurchase authorization had $527.0 million remaining. Effective as of the Effective Date, the Board approved a new stock repurchase authorization, pursuant to which the Company is authorized to repurchase up to $1.0 billion shares of common stock until December 31, 2028, at the discretion of the Company's management. Repurchases under this new authorization may be made, from time to time, in amounts and at prices the Company deems appropriate, subject to alternative uses of capital, prevailing market conditions, applicable regulatory requirements, and other considerations. Under the new authorization, any such repurchases may be executed using open market purchases, privately negotiated transactions, transactions in accordance with Rule 10b5-1 of the Exchange Act, or other transactions, and will be funded from cash on hand. The new authorization does not obligate the Company to acquire any minimum amount of common stock and the new authorization may be modified, limited, extended, suspended or terminated by the Board at any time without prior notice. 2026 Financial Guidance The Company forecasts 2026 revenue in the range of $2.835 billion to $2.855 billion, representing growth of 12.0% to 12.8% over 2025 revenue of $2.530 billion. GAAP net income for full year 2026 is forecasted in the range of $514.0 million to $524.0 million. Additionally, full year 2026 EBITDA is expected in the range of $638.0 million to $652.0 million. Based on forecasted 2026 revenue of $2.835 billion to $2.855 billion and GAAP net income of $514.0 million to $524.0 million, diluted earnings per share (GAAP) is forecasted in the range of $17.97 to $18.32. This guidance assumes a full year 2026 tax rate of 19.0% to 19.5%, interest income of $22.9 million, foreign exchange rates as of September 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 September 30, 2026. Conference Call Details Medpace will host a conference call at 9:00 a.m. ET, Thursday, October 22, 2026, to discuss its third 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 6,600 people across 46 countries as of September 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," "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. MEDPACE HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | | | (Amounts in thousands, except per share amounts) | Three Months Ended September 30, | | Nine Months EndedSeptember 30, | 2026 | | 2025 | | 2026 | | 2025 Revenue, net | $ | 716,000 | | $ | 659,903 | | | $ | 2,129,935 | | $ | 1,821,784 | Operating expenses: | | | | | | | Direct service costs, excluding depreciation and amortization | | 204,851 | | | 186,335 | | | | 605,680 | | | 549,977 | Reimbursed out-of-pocket expenses | | 287,264 | | | 276,629 | | | | 902,407 | | | 716,505 | Total direct costs | | 492,115 | | | 462,964 | | | | 1,508,087 | | | 1,266,482 | Selling, general and administrative | | 51,765 | | | 48,082 | | | | 147,785 | | | 152,643 | Depreciation | | 6,425 | | | 6,813 | | | | 19,731 | | | 20,284 | Amortization | | 155 | | | 236 | | | | 465 | | | 709 | Total operating expenses | | 550,460 | | | 518,095 | | | | 1,676,068 | | | 1,440,118 | Income from operations | | 165,540 | | | 141,808 | | | | 453,867 | | | 381,666 | Other income, net: | | | | | | | Miscellaneous income (expense), net | | 17 | | | (489 | ) | | | 841 | | | (5,180 | ) Interest income, net | | 5,349 | | | 1,517 | | | | 15,452 | | | 9,058 | Total other income, net | | 5,366 | | | 1,028 | | | | 16,293 | | | 3,878 | Income before income taxes | | 170,906 | | | 142,836 | | | | 470,160 | | | 385,544 | Income tax provision | | 33,446 | | | 31,701 | | | | 87,468 | | | 69,554 | Net income | $ | 137,460 | | $ | 111,135 | | | $ | 382,692 | | $ | 315,990 | Net income per share attributable to common shareholders: | | | | | | | Basic | $ | 4.92 | | $ | 3.95 | | | $ | 13.58 | | $ | 10.88 | Diluted | $ | 4.84 | | $ | 3.86 | | | $ | 13.37 | | $ | 10.64 | Weighted average common shares outstanding: | | | | | | | Basic | | 27,940 | | | 28,136 | | | | 28,184 | | | 29,033 | Diluted | | 28,372 | | | 28,817 | | | | 28,630 | | | 29,710 | | | | | | | | | | | | | | MEDPACE HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | | | (Amounts in thousands, except share amounts) | | | | As of | September 30, 2026 | | December 31, 2025 ASSETS | | | Current assets: | | | Cash and cash equivalents | $ | 705,315 | | | $ | 497,049 | Accounts receivable and unbilled, net | | 447,642 | | | | 402,078 | Prepaid expenses and other current assets | | 92,043 | | | | 90,497 | Total current assets | | 1,245,000 | | | | 989,624 | Property and equipment, net | | 175,004 | | | | 131,055 | Operating lease right-of-use assets | | 152,549 | | | | 117,815 | Goodwill | | 662,396 | | | | 662,396 | Intangible assets, net | | 32,955 | | | | 33,420 | Deferred income taxes | | 3,272 | | | | 19,223 | Other assets | | 31,419 | | | | 21,939 | Total assets | $ | 2,302,595 | | | $ | 1,975,472 | LIABILITIES AND SHAREHOLDERS' EQUITY | | | Current liabilities: | | | Accounts payable | $ | 43,682 | | | $ | 28,142 | Accrued expenses | | 443,331 | | | | 408,382 | Advanced billings | | 961,855 | | | | 854,390 | Other current liabilities | | 47,229 | | | | 52,834 | Total current liabilities | | 1,496,097 | | | | 1,343,748 | Operating lease liabilities | | 146,041 | | | | 113,643 | Deferred income tax liability | | 13,657 | | | | 1,355 | Other long-term liabilities | | 61,861 | | | | 57,655 | Total liabilities | | 1,717,656 | | | | 1,516,401 | Commitments and contingencies | | | Shareholders' equity: | | | Preferred stock - $0.01 par-value; 5,000,000 shares authorized; no shares issued and outstanding at September 30, 2026 and December 31, 2025 | | — | | | | — | Common stock - $0.01 par-value; 250,000,000 shares authorized at September 30, 2026 and December 31, 2025; 27,966,686 and 28,370,780 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | | 280 | | | | 284 | Treasury stock - 69,593 and 69,623 shares at September 30, 2026 and December 31, 2025, respectively | | (12,151 | ) | | | (12,156 | ) Additional paid-in capital | | 978,282 | | | | 935,830 | Accumulated deficit | | (373,573 | ) | | | (459,981 | ) Accumulated other comprehensive loss | | (7,899 | ) | | | (4,906 | ) Total shareholders' equity | | 584,939 | | | | 459,071 | Total liabilities and shareholders' equity | $ | 2,302,595 | | | $ | 1,975,472 | | | | | | | | MEDPACE HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | (Amounts in thousands) | Nine Months Ended September 30, | 2026 | | 2025 CASH FLOWS FROM OPERATING ACTIVITIES: | | | Net income | $ | 382,692 | | | $ | 315,990 | Adjustments to reconcile net income to net cash provided by operating activities: | | | Depreciation | | 19,731 | | | | 20,284 | Amortization | | 465 | | | | 709 | Stock-based compensation expense | | 16,870 | | | | 29,166 | Noncash lease expense | | 18,063 | | | | 17,329 | Deferred income tax provision | | 28,220 | | | | 63,366 | Other | | 669 | | | | (433 | ) Changes in assets and liabilities: | | | Accounts receivable and unbilled, net | | (45,148 | ) | | | (77,119 | ) Prepaid expenses and other current assets | | (2,576 | ) | | | (15,607 | ) Accounts payable | | 1,469 | | | | 1,296 | Accrued expenses | | 36,101 | | | | 57,521 | Advanced billings | | 107,465 | | | | 123,743 | Lease liabilities | | (17,807 | ) | | | (18,131 | ) Other assets and liabilities, net | | (15,818 | ) | | | 2,457 | Net cash provided by operating activities | | 530,396 | | | | 520,571 | CASH FLOWS FROM INVESTING ACTIVITIES: | | | Property and equipment expenditures | | (50,886 | ) | | | (26,820 | ) Other | | 115 | | | | 153 | Net cash used in investing activities | | (50,771 | ) | | | (26,667 | ) CASH FLOWS FROM FINANCING ACTIVITIES: | | | Proceeds from stock option exercises | | 25,590 | | | | 34,272 | Repurchases of common stock | | (294,764 | ) | | | (917,389 | ) Net cash used in financing activities | | (269,174 | ) | | | (883,117 | ) EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | | (2,185 | ) | | | 5,128 | INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | 208,266 | | | | (384,085 | ) CASH AND CASH EQUIVALENTS — Beginning of period | | 497,049 | | | | 669,436 | CASH AND CASH EQUIVALENTS — End of period | $ | 705,315 | | | $ | 285,351 | | | | | | | | MEDPACE HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) | | | (Amounts in thousands, except percentages) | Three Months Ended September 30, | | Nine Months Ended September 30, | 2026 | | 2025 | | 2026 | | 2025 RECONCILIATION OF GAAP NET INCOME TO EBITDA | | | | | | | Net income (GAAP) | $ | 137,460 | | | $ | 111,135 | | | $ | 382,692 | | | $ | 315,990 | Interest income, net | | (5,349 | ) | | | (1,517 | ) | | | (15,452 | ) | | | (9,058 | ) Income tax provision | | 33,446 | | | | 31,701 | | | | 87,468 | | | | 69,554 | Depreciation | | 6,425 | | | | 6,813 | | | | 19,731 | | | | 20,284 | Amortization | | 155 | | | | 236 | | | | 465 | | | | 709 | EBITDA (Non-GAAP) | $ | 172,137 | | | $ | 148,368 | | | $ | 474,904 | | | $ | 397,479 | Net income margin (GAAP) | | 19.2 | % | | | 16.8 | % | | | 18.0 | % | | | 17.3 | % EBITDA margin (Non-GAAP) | | 24.0 | % | | | 22.5 | % | | | 22.3 | % | | | 21.8 | % | | | | | | | | | | | | | | | FY 2026 GUIDANCE RECONCILIATION (UNAUDITED) | (Amounts in millions, except per share amounts) | Forecast 2026 | Net Income | | Net income per diluted share | Low | | High | | Low | | High Net income and net income per diluted share (GAAP) | $ | 514.0 | | | $ | 524.0 | | | $ | 17.97 | | $ | 18.32 Income tax provision | | 119.5 | | | | 123.5 | | | | | Interest income, net | | (22.9 | ) | | | (22.9 | ) | | | | Depreciation | | 26.8 | | | | 26.8 | | | | | Amortization | | 0.6 | | | | 0.6 | | | | | EBITDA (Non-GAAP) | $ | 638.0 | | | $ | 652.0 | | | | | View source version on businesswire.com: https://www.businesswire.com/news/home/20261021758492/en/ Contacts Investor Contact: David Ruhe 283-227-6472 [email protected] Media Contact: Michael Maley 283-227-6367 [email protected]

Medpace Holdings (MEDP) is back in focus as investors watch for its upcoming earnings report, with expectations for higher earnings per share and revenue shaping near term sentiment around the contract research group. Recent trading has been upbeat, with a 1-day share price return of 1.94%, a 7-day share price return of 4.84%, and a 90-day share price return of 31.83% lifting Medpace Holdings to US$624.20. That short term momentum sits on top of a 1-year total shareholder return of 25.32% and a 5-year total shareholder return of 226.75%, which indicates that investors have gradually been pricing in higher expectations around earnings and perceived business resilience. Scan beyond Medpace Holdings and compare this setup with a hand picked group of financially solid companies using our list of solid balance sheet and fundamentals (23 results) for fresh ideas while earnings season heats up. Medpace Holdings now trades slightly above both its analyst target and an estimated fair value. Are investors overreaching after this run, or still applying a modest caution discount? According to prajeeshprathap, the most widely followed narrative pegs Medpace Holdings’ fair value at $536, which sits below the recent $624.20 share price and points to a quality business on a full valuation. Medpace appears to be a high-quality CRO because it combines a differentiated small-biotech focus, strong therapeutic expertise, a global full-service platform, operating margins above 20%, low capital requirements, substantial cash and no funded debt. The balanced conclusion is less promotional than “dominates a profitable niche.” Medpace has built a strong position in a difficult-to-replicate part of the CRO market, but its revenue is not locked in, its customers can be financially fragile, and founder control brings related-party governance considerations. See why 5 investors see Medpace Holdings as 16% overvalued. Result: Fair Value of $536 (OVERVALUED) Still, tighter funding for smaller biopharma clients or a pickup in contract cancellations could pressure Medpace Holdings’ backlog and challenge the narrative of a 16.5% overvaluation. Find out about the key risks to this Medpace Holdings narrative. The narrative pegs Medpace Holdings at 16.5% overvalued around $624, yet the current P/E of 35.4x paints a more mixed picture. It is below the peer average of 51.7x and the global Life Sciences mark of 37.8x, but well above a fair ratio of 22.3x, which raises the question of how much valuation risk you are willing to carry for this quality profile. To see how this pricing gap could close over time, and whether the ratio might drift toward that fair ratio, it is worth going deeper into the valuation breakdown See what the numbers say about this price — find out in our valuation breakdown. Mixed views on Medpace Holdings so far in this piece. If you want to move quickly and build your own stance, weigh both sides through the 3 key rewards and 1 important warning sign. If you stop with Medpace Holdings, you only see one angle. Broaden your watchlist now to spot opportunities that others only notice once they have already moved. Target resilient balance sheets by scanning our list of solid balance sheet and fundamentals (23 results) and focus on businesses with financial strength at the core of their story. Hunt for mispriced quality using the 30 high quality undervalued stocks and line up companies where fundamentals and current prices look out of sync. Build a cash flow focused portfolio by reviewing the 7 dividend fortresses and spot income ideas with yields that could complement your long term plan. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MEDP. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]