Medpace Holdings Drops 10% Despite Earnings Beating Street View

(RTTNews) - Shares of clinical contract research organization Medpace Holdings, Inc. (MEDP) are down more than 10% Tuesday morning at $132.7 despite first-quarter earnings topping estimates.

Monday, the company reported net income of $61.3 million, or $1.69 per share in the first quarter, compared with $43.3 million, or $1.14 per share in the same quarter a year ago. The consensus estimate of analysts polled by Thomson Reuters was for $1.26 per share.

Revenue for the quarter increased 27.3% year-on-year to $330.95 million.

Looking forward, Medpace forecasts 2022 revenue in the range of $1.400 billion to $1.460 billion and earnings per share to be in the range of $5.72 to $6.06.

Analysts expect earnings of $5.61 per share on revenue of $1.41 billion for the period.

MEDP has traded in the range of $132.46-$231 in the past 52 weeks.