Medpace Holdings, Inc. (NASDAQ: MEDP), a leading global provider of clinical research services, reported strong third-quarter 2024 financial results on Friday, but the company's stock plunged in after-hours trading.
For the quarter ended September 30, 2024, Medpace posted revenue of $533.3 million, an 8.3% increase from the same period last year. However, this figure narrowly missed analysts' consensus estimate of $540.5 million.
On the profitability front, the company reported net income of $96.4 million, or $3.01 per diluted share, representing a significant 36.7% year-over-year increase. This exceeded Wall Street's expectations of $2.77 per share.
Medpace's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the third quarter rose 31.7% to $118.8 million, with an EBITDA margin of 22.3%, reflecting improved operational efficiency and cost management.
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