Medpace Earnings: Healthy Outsourcing Demand Drives Growth and Supports Narrow Moat

Medpace reported strong second-quarter results highlighted by revenue of nearly $461 million, representing a 31% increase from the prior-year period. Medpace is tracking our expectations, and we maintain our fair value estimate of $227 per share. Strong intangible assets and high customer switching costs support the company’s narrow economic moat. We continue to have a positive long-term outlook for Medpace, and we forecast low-double-digit to high-single-digit revenue growth over our 10-year forecast period.