Shares of Medpace Holdings Inc. (MEDP) plummeted over 10% in pre-market trading on Tuesday, October 22, as the clinical contract research organization lowered its revenue guidance for the full year 2024.
The company now expects revenue for 2024 to range between $2.09 billion and $2.13 billion, down from its previous guidance of $2.125 billion to $2.175 billion. Despite the lower revenue outlook, Medpace raised its earnings guidance for the year.
The revised guidance, which disappointed investors, led to a sharp sell-off in Medpace's stock during the pre-market session. The company's shares were trading at around $170, down over 10% from the previous close, reflecting the market's reaction to the lowered revenue expectations.
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