Why Medpace Stock Soared Today
Shares of Medpace Holdings (NASDAQ: MEDP) surged 37.7% on Tuesday after the clinical contract research organization (CRO) delivered strong third-quarter results and issued an optimistic financial forecast for the year ahead.
Medpace's revenue jumped 30% year over year to $383.7 million, easily outpacing Wall Street's estimates of roughly $357 million. The healthcare company, which helps pharmaceutical, biotechnology, and medical device companies conduct clinical trials, also saw its backlog grow by 21% to $2.2 billion as of the end of September.
Despite a challenging economic environment that's making it harder for many research organizations to obtain the funding they need, Medpace was awarded a whopping $470.9 million in new business. That's up from $408 million in the year-ago quarter.
Source Fool.com
