US clinical research firm Medpace Holdings reported first quarter earnings of $2.27 per share after the New York market close on Monday, beating the analyst consensus estimate of $1.80 by 26.11%. Shares soared in after-hours trading following the announcement.
This is a 34.32% increase from earnings of $1.69 per share reported for the same period last year.
In addition to these impressive earnings-per-share, MedPace reported first-quarter revenue of $434.07 million. This beat the analyst consensus estimate of $401.8 million by 8.03% and represents a 31.16% increase from revenue of $330.95 million in the same period last year.
Shares of MedPace (NASDAQ:MEDP) fell 0.93% to close at $187.26 during regular trading hours in New York on Monday, but surged 21.76% to $228.00 in after-hours trading after the quarterly earnings report.
MedPace, headquartered in Cincinnati, Ohio, projects fiscal 2023 revenue of $1.75 billion to $1.8 billion, higher than the analyst consensus of $1.7 billion, and expects full-year earnings of $7.81 to $8.40 per share.
MedPace is a renowned clinical research organization providing first-class outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries.