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Medpace is a Clinical Research Organization (CRO) that provides outsourced clinical development services to the pharmaceutical, biotechnology, and medical device industries. Here are 1-2 analogies:

• It's like **AWS for clinical trials**, providing the essential, scalable infrastructure and services that drug companies need to run their R&D.
• It's like **Foxconn for drug development**, where Medpace handles the complex, high-volume execution of clinical studies for other companies.

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Major Services of Medpace (MEDP)

• Clinical Trial Management: Manages and executes all phases of clinical trials (Phase I-IV) for pharmaceutical, biotechnology, and medical device companies.
• Regulatory Affairs and Medical Writing: Provides strategic regulatory guidance and prepares essential documentation for drug and device development submissions.
• Biometrics and Data Management: Offers comprehensive services in biostatistics, data collection, and statistical programming for clinical trial data analysis.
• Central Laboratory Services: Delivers specialized laboratory testing and bioanalysis services required for clinical trials worldwide.
• Pharmacovigilance: Monitors and reports adverse events and drug safety information throughout the product lifecycle.
• Early Phase Clinical Development: Conducts complex Phase I studies, including first-in-human trials, in dedicated research units.

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Medpace (MEDP) is a Contract Research Organization (CRO) that provides a full range of clinical development services, from early-stage to post-marketing trials, to bring new medical therapies to market. As such, Medpace primarily sells its services to other companies, specifically those involved in the development of pharmaceuticals, biotechnologies, and medical devices.

Due to the confidential nature of their client relationships and the extensive number of companies they serve across various clinical trials, Medpace does not publicly disclose a specific list of its "major customer companies" by name. Their customer base typically includes a diverse portfolio of organizations across the life sciences industry, which can be categorized as:

• Pharmaceutical Companies: Large, established pharmaceutical firms developing a wide range of drugs across various therapeutic areas.
• Biotechnology Companies: Companies focused on developing biologic drugs, gene therapies, and other advanced biotechnologies, ranging from large, established biotechs to smaller, emerging firms.
• Medical Device Companies: Manufacturers developing new medical devices and diagnostics that require clinical validation.

These entities are the "sponsors" of clinical trials, who outsource the design, execution, and reporting of these trials to CROs like Medpace.

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August J. Troendle, M.D. Chief Executive Officer and Chairman of the Board

Dr. Troendle founded Medpace in July 1992. He previously served as a manager at Sandoz (now Novartis) from 1987 to 1992, where he was responsible for the clinical development of lipid-altering agents. From 1986 to 1987, Dr. Troendle worked as a Medical Review Officer at the FDA's Division of Metabolic and Endocrine Drug Products. He has served on the boards of several public and private healthcare companies, including Coherus BioSciences, Inc., Xenon Pharmaceuticals Inc., Symplmed Pharmaceuticals, LLC, LIB Therapeutics, LLC, and CinRx Pharma, LLC. Medpace was acquired by CCMP Capital in 2011 and subsequently by Cinven in 2014, before becoming a publicly traded company in 2017.

Jesse Geiger President

Mr. Geiger joined Medpace in October 2007 as Corporate Controller. He was appointed Chief Financial Officer in March 2011 and expanded his role to include Chief Operating Officer, Laboratory Operations in November 2014. Mr. Geiger was appointed President on August 1, 2021. Prior to Medpace, he served as Corporate Controller and Manager of Financial Planning and Analysis for SENCORP from 2004 to 2007, and as Director of Capital Markets for Cincinnati Bell from 2002 to 2004. He began his career in the audit practice at Arthur Andersen LLP. Mr. Geiger has also served as a director for private companies such as LIB Therapeutics, LLC and CinRx Pharma, LLC.

Kevin Brady Chief Financial Officer

Mr. Brady joined Medpace in 2018 and was appointed Chief Financial Officer effective August 1, 2021. He previously served as Executive Director of Finance and Treasurer for Medpace. Before joining Medpace, he was the Vice President of Finance for Myriad Genetics, Inc. from 2015 to 2018. Prior to Myriad, he spent 10 years at Procter & Gamble in various finance and accounting leadership positions (2003-2014). His experience also includes serving as Vice President & Corporate Controller of Assurex Health (2015-2016) and Corporate Controller of Champion Window Manufacturing (2014-2015). Mr. Brady began his career in the audit practice at Ernst & Young LLP.

Susan Burwig Executive Vice President, Operations

Ms. Burwig joined Medpace in August 1993 and has held various key leadership roles within the Clinical Operations department. She served as Senior Vice President, Clinical Operations from February 2003 to May 2015, where she oversaw clinical trial management, monitoring, start-up activities, and new business proposals. In June 2015, Ms. Burwig was appointed Senior Vice President, Operations, and in January 2017, she was named Executive Vice President, Operations. Before joining Medpace, she led heart failure clinical research studies at the University of Cincinnati.

Stephen P. Ewald General Counsel, Chief Compliance Officer & Corporate Secretary

Mr. Ewald joined Medpace in 2012. Previously, he served as the Managing Director and Chief Legal Officer of Brevet Capital Management.

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The key risks to Medpace's business (NASDAQ: MEDP) include the company's reliance on funding within the biopharmaceutical sector, the impact of evolving healthcare regulations, and broader market volatility affecting research and development budgets.

1. Reliance on Small and Mid-Sized Biopharmaceutical Clients and Contract Risks: Medpace primarily serves small and mid-sized biopharmaceutical companies, which may have limited access to capital. A significant risk stems from the potential for a sudden, sustained decrease in new business awards or an increase in project cancellations if these clients face funding constraints. Furthermore, the loss, delay, or non-renewal of contracts, or non-payment for services rendered, could adversely impact Medpace's financial results. The conversion rate of the company's backlog into actual revenue is also subject to fluctuations.
2. Regulatory Changes and Healthcare Reform: The clinical research industry is subject to stringent and evolving regulatory requirements. Changes in government regulations, compliance standards, or healthcare reform policies, such as mandates for drug price reductions or cuts in healthcare expenses, could lead to increased operational costs, delays in clinical trial timelines, reduced demand for Medpace's services, or negative impacts on profitability.
3. Market Volatility and Economic Downturns: Economic downturns or general volatility within the biotechnology and pharmaceutical sectors can significantly influence research and development budgets. Such market conditions may lead to reduced demand for Medpace's clinical development services, impacting the company's growth trajectory and financial performance.

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The addressable market for Medpace's main products and services, which primarily fall under the Contract Research Organization (CRO) sector providing comprehensive clinical trial services, is substantial both globally and within the United States.

For the **global** market, the Contract Research Organization (CRO) services market size in 2025 is estimated to be between approximately USD 77.00 billion and USD 92.27 billion. This market is projected to grow significantly, with some estimates reaching USD 149.34 billion by 2034 and USD 175.53 billion by 2032.

For the **U.S.** market, the Contract Research Organization (CRO) services market size in 2025 is estimated to be between approximately USD 15.01 billion and USD 24.1 billion. The U.S. market is also expected to grow, with projections suggesting it could reach USD 37.63 billion by 2034 and USD 49.56 billion by 2032.

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Medpace (MEDP) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Continued Growth in Pharmaceutical and Biotechnology R&D Spending: The broader clinical research organization (CRO) industry, including Medpace, is poised to benefit from sustained increases in pharmaceutical and biotechnology research and development (R&D) expenditures. This trend is fueled by the escalating complexity of clinical trials and the global nature of drug development, creating a persistent demand for outsourced clinical services.
2. Conversion of Existing Backlog and Robust Net New Business Awards: Medpace consistently reports on its substantial backlog of awarded projects, a significant portion of which is anticipated to convert into revenue within the next 12 months. The company also aims for a normalized book-to-bill ratio exceeding 1.15 in the second half of 2025, indicating strong acquisition of new business that will translate into future revenue.
3. Strategic Expansion of Operational Capacity and Workforce: Medpace is undertaking a significant investment in expanding its Cincinnati headquarters. This includes constructing new office buildings and a Clinical Pharmacology Unit, a project valued at $327 million. This expansion is projected to nearly double the campus's total seating capacity and create 1,500 new jobs over six years, directly enhancing Medpace's ability to take on and execute more clinical trials.
4. Deep Therapeutic Expertise and Focus on High-Growth Therapeutic Areas: Medpace's scientifically-driven approach and deep therapeutic expertise, particularly in high-growth areas such as Metabolic, Oncology, and Central Nervous System, enable the company to attract specialized and complex clinical trials. This specialized focus allows Medpace to capture a significant share of R&D spending in these critical therapeutic segments.

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Share Repurchases

• Medpace repurchased approximately $912.9 million in shares year-to-date through Q3 2025, with $821.7 million remaining under its authorized share repurchase program as of Q3 2025.
• In 2024, the company repurchased $174.2 million in shares and announced a $600 million increase to its stock repurchase program.
• In 2022, Medpace repurchased approximately $847.7 million in shares.

Share Issuance

• Medpace's basic shares outstanding have shown a net decline over the last few years, indicating a focus on share repurchases rather than new issuances. For example, annual basic shares outstanding for 2023 were $0.031 billion, a 5.14% decline from 2022, and for 2022 were $0.032 billion, a 9.69% decline from 2021.

Inbound Investments

• No significant inbound investments by third-parties were identified in the provided information for the specified period.

Outbound Investments

• No significant outbound investments or acquisitions by Medpace were identified in the provided information for the specified period.

Capital Expenditures

• Medpace's capital expenditures were $36.5 million (1.7% of revenue) in 2024, $36.6 million (1.9% of revenue) in 2023, and $36.9 million (2.5% of revenue) in 2022.
• These expenditures are primarily focused on infrastructure investments in facilities, equipment, and technology.
• Medpace generally operates with a "CapEx light business model," with capital expenditures typically around 2% of revenue.