Medpace Holdings, Inc. reported strong financial performance for the third quarter and the first nine months of 2024, with notable increases in revenue and net income compared to the same periods in 2023. For the three months ended September 30, 2024, the company generated net revenue of $171.5 million, up from $164.4 million in the prior year, marking an increase of 8.3%. For the nine months ended September 30, 2024, net revenue reached $514.6 million, a 13.3% increase from $474.0 million in 2023.
The company's income from operations also saw significant growth, with $112.3 million for Q3 2024 compared to $84.9 million in Q3 2023, and $321.5 million for the nine-month period, up from $249.5 million in the previous year. Net income for Q3 2024 was reported at $96.4 million, an increase from $70.6 million in Q3 2023, while net income for the nine months was $287.4 million, compared to $204.5 million in 2023.
Total operating expenses for the three months ended September 30, 2024, were $421.0 million, slightly higher than $407.6 million in the same quarter of 2023. For the nine-month period, operating expenses totaled $1.25 billion, up from $1.14 billion in 2023. The increase in expenses was attributed to higher direct costs and selling, general, and administrative expenses.
Medpace's cash and cash equivalents as of September 30, 2024, stood at $656.9 million, a significant increase from $245.4 million at the end of 2023. The company reported net cash provided by operating activities of $418.1 million for the nine months ended September 30, 2024, compared to $277.0 million in the same period of 2023.
The company also noted strategic developments, including a share repurchase program with a remaining authorization of $308.8 million as of September 30, 2024. No repurchases were executed in Q3 2024 or Q3 2023. Additionally, Medpace amended its Loan Agreement in March 2024, reducing its borrowing capacity to $10.0 million and extending the revolving credit note expiration to March 31, 2025.
In terms of business operations, Medpace reported advanced billings of $670.9 million as of September 30, 2024, up from $559.9 million at the end of 2023. The company had approximately $3.5 billion in performance obligations remaining for active projects, an increase from $2.9 billion at the end of 2023. The company continues to focus on its core mission of providing clinical research-based drug and medical device development services, primarily targeting small- and mid-sized biopharmaceutical companies.
About Medpace Holdings, Inc.
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