Medpace tumbles after bookings disappoint
** Medpace's MEDP.O shares down 13.6% premarket to three-mth low $377.91 after clinical contract research organization's bookings miss expectations
** Co late Mon reported Q2 new business awards decreased 4% yr/yr for net book-to-bill ratio (number of orders received to those fulfilled) of 1.04x
** TD Cowen, which rates MEDP "buy", pointed out that consensus called for book-to-bill ratio of 1.23x
** While unclear what drove bookings weakness, some explanations might include higher cancellations, lower win rates, and/or lower pass-throughs, TD Cowen said in note to clients
** MEDP said Q2 rev grew 14.6% to $528.1 mln and posted adj EPS of $2.75. LSEG estimates were $528.6 mln and $2.54
** Co lowered FY rev guidance to $2.13-$2.18 bln vs prior forecast of $2.15-$2.2 bln, though hiked profit guidance to $11.24-$11.93 from previous outlook of $10.79-$11.47
** In comparison, peer IQVIA IQV.N on Mon reported its Q2 book-to-bill ratio rose to 1.27x from 1.23x in Q1. IQV shares on Mon closed up ~9%
** Through Mon close, MEDP shares up ~43% YTD and up nearly 80% over the past 12 months
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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