Medpace Holdings: Interesting Backlog Growth & Book-to-Bill Ratios But Is It Enough? 

Medpace Holdings, Inc. recently announced its financial results for the first quarter of 2025, revealing a nuanced performance amid a challenging industry landscape. Regarding revenue, Medpace achieved $558.6 million, marking a year-over-year increase of 9.3%. This growth was somewhat driven by an increase in reimbursable costs, which constituted a significant part of the revenue. Despite revenue growth, Medpace reported a decline in both its net awards and backlog. Net new business awards decreased by 18.8% from the prior year, with a resulting net book-to-bill ratio of 0.9, indicative of lower incoming projects compared to revenue generation. The ending backlog also dropped to approximately $2.8 billion, a 2.1% decrease compared to the previous year.