Medpsace Holdings, Inc. (NASDAQ:MEDP) shares are trading higher Tuesday. The company reported second-quarter earnings on Monday after the market closed.
What To Know: Medspace reported earnings per share of $3.10, beating the consensus estimate of $2.97. In addition, the company reported sales of $603.30 million, beating the consensus estimate of $537.97 million and representing a 14.2% year-over-year increase.
Net new business awards rose 12.6% year-over-year to $620.5 million, resulting in a net book-to-bill ratio of 1.03x. Backlog totaled $2.87 billion as of June 30, down 1.8% from the same period last year.
Medpace repurchased $518.5 million worth of its common stock in the second quarter and had $826.3 million remaining under its share repurchase program as of June 30.
The company ended the quarter with $46.3 million in cash and cash equivalents and generated $148.5 million in cash flow from operations throughout the quarter.
FY25 Outlook: Medspace raised its 2025 earnings per share guidance from between $12.26 to $13.04 to $13.76 and $14.53, versus the consensus estimate of $12.69. Furthermore, the company raised its outlook for sales from between $2.14 billion to $2.24 billion to $2.42 billion to $2.52 billion, versus the consensus estimate of $2.18 billion.
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MEDP Price Action: At the time of publication, Medpace shares are trading 53.6% higher at $474.90, according to data from Benzinga Pro.
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