Medpace spikes 27% or $51 per share after Q1 results guidance beat estimates

The company spiked to approximately $240 per share after reporting Q1 revenue for the three months ended March 31 increased 31.2% to $434.1M, compared to $330.9M for the comparable prior-year period. constant currency basis, revenue for the first quarter of 2023 increased 31.8% compared to the first quarter of 2022. Backlog as of March 31 increased 17.8% to $2,460.1M from $2,088M as of March 31 . Net new business awards were $555.8M representing a net book-to-bill ratio of 1.28x for the first quarter of 2023, as compared to $423.0 million for the comparable prior-year period. The Company calculates the net book-to-bill ratio by dividing net new business awards by revenue.