Medpace Holdings, Inc.: Initiation Of Coverage – Does It Have A Sustainable Competitive Advantage?

Medpace, in their second quarter 2024 earnings call, provided a detailed overview of their financial and
operational performance. The company faced challenges in the quarter, notably with net new business awards
entering backlog decreasing by 4.1% year over year to $551 million, influenced by higher cancellations. Despite
this setback in the backlog, Medpace reported a revenue increase of 14.6% year-over-year, totaling $528.1
million for the quarter. The company also reported an increase in EBITDA by 34.2% year-over-year to $112.3
million, benefiting from continued productivity and favorable foreign exchange rates.