Shares of clinical services provider Medpace tumbled after the company reported a drop in new business awards in the second quarter and cut its full-year revenue guidance in its second-quarter earnings release.
The stock was down 12% in aftermarket trading. Shares were up 43% this year through the close on Monday.
Despite increasing profit and revenue for the second quarter, the company posted a 4.1% decline in new business awards.
Medpace cut its full-year revenue guidance to between $2.13 billion and $2.18 billion, compared to its prior outlook for between $2.15 billion to $2.2 billion, even as it raised its profit guidance.
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