Shares of drug and medical device development services provider Medpace Holdings (NASDAQ:MEDP) are soaring today on the back of its blowout third-quarter performance.
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Revenue surged ~30% year-over-year to $383.7 million, comfortably outperforming estimates by $26.5 million. EPS at $2.05 too, handily beat estimates by $0.57.
The company clocked $470.9 million in net new business awards during the quarter while backlog at the end of September 30 stood at $2.2 billion (a ~21% increase over the prior year).
Looking ahead, for 2022, Medpace sees revenue landing in the range between $1.44 billion and $1.46 billion.
Further, for 2023, revenue is expected to hover between $1.68 billion and $1.74 billion.
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