Newly IPO’d Medpace sees Q3 revenue jump

Medpace ($MEDP) saw net service revenue hit $94.8 million for Q3, a jump of 16.1% compared to last year, as it enjoys life after its $160 million summer IPO.

The Cincinnati, OH-based CRO’s backlog at the end of September grew 14% to $480.4 million, while net new business awards were $109.1 million, representing a net book-to-bill ratio of 1.15x, for the third quarter.

Looking at the last nine months, net new business awards were $327.2 million, representing a book-to-bill ratio of 1.19x.

These past three quarters were up on last year’s given its growth in oncology, CV and antiviral anti-infective therapeutic areas, the company said.

During Q3, Medpace also used the net proceeds from its IPO, as well as its available cash, to repay $210 million worth of loans, lowering its debt to $165 million.

The CRO’s cash and cash equivalents were $14.6 million at Sept. 30, 2016, while it made $42.2 million in cash flow from operating activities during Q3.

Medpace, which has a market cap of $1.29 billion, was up 2.4% on Monday, with its shares worth $31.72. It sold 8 million of its shares in its IPO back in mid-August for $23 apiece.