MEDP Medpace (MEDP) Q1 FY26 earnings call
Medpace reported Q1 FY26 results marked by strong revenue and EBITDA growth, but faced significant headwinds from rising backlog cancellations and weak gross bookings, leading to a net book-to-bill of 0.88. Management acknowledged concerns about future sequential revenue growth and is implementing initiatives to improve win rates and expand the pipeline, while maintaining full-year guidance.
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MEDP operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Net book-to-bill ratio | 0.88 ratioNet bookings were below the level of -- seen in Q4, but well above those in Q1 2025 with a net book-to-bill ratio of 0.88.Source: earnings call transcript | 1.13 ratioNet new business awards entering backlog in the second quarter increased 28.2% from the prior year to $795.7 million, resulting in a 1.13 net book-to-bill.Source: earnings call transcript | — | +28.4% |
| Net new business awards | $618.4MNet new business awards entering backlog in the first quarter increased 23.7% from the prior year to $618.4 million, resulting in a 0.88 net book-to-bill.Source: earnings call transcript | $795.7MNet new business awards entering backlog in the second quarter increased 28.2% from the prior year to $795.7 million, resulting in a 1.13 net book-to-bill.Source: earnings call transcript | $873.4MNet new business awards entering backlog in the third quarter increased 10.6% from the prior year to $873.4 million.Source: earnings call transcript | +9.8% |
| Backlog | ~$2.9BEnding backlog as of March 31, 2026, was approximately $2.9 billion, an increase of 2.9% from the prior year.Source: earnings call transcript | ~$3BEnding backlog as of June 30, 2026, is approximately $3 billion an increase of 4.9% from the prior year.Source: earnings call transcript | ~$3.2BEnding backlog as of September 30, 2026, was approximately $3.2 billion, an increase of 5.6% from the prior year.Source: earnings call transcript | — |
| Backlog conversion rate | 23.3%We project that approximately $1.94 billion of backlog will convert to revenue in the next 12 months, and backlog conversion in the first quarter was 23.3% of beginning backlog.Source: earnings call transcript | 24.1%Backlog conversion in the second quarter was 24.1% of beginning backlog.Source: earnings call transcript | 23.8%Backlog conversion in the third quarter was 23.8% of beginning backlog.Source: earnings call transcript | -0.3 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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