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Medpace Holdings Inc. (MEDP-0.75%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Medpace's operations as a global provider of clinical research-based drug and medical device development services. The company partners with pharmaceutical, biotechnology, and medical device companies in the development and execution of clinical trials.
Medpace reported net revenue of $2.1 billion for the year ended December 31, 2024, an increase from $1.9 billion in the previous year. The increase was primarily driven by strong activity within the Metabolic, Oncology, Cardiology, and other uncategorized therapeutic areas.
Total direct costs for the year were $1.45 billion, up from $1.36 billion in the prior year. This was attributed to higher reimbursed out-of-pocket expenses and increased personnel costs to support growth in service activities.
Selling, general, and administrative expenses increased to $180.2 million from $161.4 million. This increase was mainly due to higher personnel costs.
Net income for the year was $404.4 million, compared to $282.8 million in the previous year. The effective tax rate for 2024 was 15.0%, compared to 15.8% in 2023.
Medpace had a backlog of $2.9 billion as of December 31, 2024, with approximately $1.62 billion to $1.64 billion expected to convert to revenue in 2025.
The company repurchased 527,160 shares for $174.2 million under its stock repurchase program during 2024. As of December 31, 2024, $134.6 million remained available for repurchase under the program.
The filing also discusses Medpace's financial condition, liquidity, and capital resources, indicating cash and cash equivalents of $669.4 million as of December 31, 2024, an increase from $245.4 million at the end of 2023.
Medpace's operations are principally based in North America, Europe, and Asia, with the majority of revenue attributed to the United States.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Medpace Holdings Inc. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.