Fortrea Holdings Inc

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

Fortrea Holdings Inc (FTRE) reports solid Q2 performance and focuses on margin improvement and growth opportunities

Fortrea Holdings Inc (FTRE) delivered a solid quarter with a strategic focus on margin improvement, cost reductions, and innovative offerings despite challenges in biotech predictions.
The company's strengths in diversified portfolio, value proposition, and customer-centric approach position it well for future growth and financial performance enhancements.
While facing challenges in book-to-bill ratio and future accruals, Fortrea Holdings is actively addressing these issues through restructuring and efficiency initiatives.
Opportunities in margin improvement, AI tools utilization, and potential Q4 activity in large pharma offer avenues for growth and enhanced financial performance in the coming quarters.

Fortrea Holdings Inc (FTRE) reports solid Q3 performance and addresses growth challenges

Fortrea Holdings Inc (FTRE) showcased resilience and success in large pharma and biotech projects, despite revenue decline.
The company's focus on cost reductions, cash flow generation, and transitioning from their parent company reflects strategic adaptability.
Challenges in revenue decline, margin improvement, and project mix management are being addressed to capitalize on growth opportunities.

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Fortrea Holdings, Inc. engages in the provision of clinical development and commercialization services. It operates under the Clinical Services and Enabling Services Segments. The Clinical Services segment provides services across the clinical pharmacology, clinical development, and other clinical service spectrum utilizing enabling services and technology through multiple delivery models. The Enabling Services segment provides technology solutions directly to customers that streamline complex randomization and optimize the trial drug supply process, while minimizing operational costs and supporting timely and accurate patient dosing. The company was founded on January 31, 2023 and is headquartered in Durham, NC.

Leverages real-world data, patient insights and a systematic process to design, operationalize and measure the effectiveness of diversity action plans in clinical trials Leverages real-world data, patient insights and a systematic process to design, operationalize and measure the effectiveness of diversity action plans in clinical trials

Fortrea Introduces Comprehensive Solution to Improve Diversity and Inclusion in Clinical Research

DURHAM, N.C., May 16, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (“CRO”), today announced the appointment of Machelle Sanders to the Company's Board of Directors. Ms. Sanders has served as North Carolina's Secretary of Commerce since February 2021 and brings strong domain expertise from more than 30 years of operational and quality assurance roles in pharmaceutical and biotechnology companies.

Fortrea Appoints Machelle Sanders to Board of Directors

Fortrea Holdings Inc. (NASDAQ:FTRE ) Q1 2024 Earnings Conference Call May 13, 2024 8:00 AM ET Company Participants Tom Pike - Chairman, Chief Executive Officer Jill McConnell - Chief Financial Officer Hima Inguva - Head of Investor Relations, Corporate Development Conference Call Participants David Windley - Jefferies Elizabeth Anderson - Evercore Patrick Donnelly - Citi Eric Coldwell - Baird Max Smock - William Blair Michael Ryskin - Bank of America Rishi Parekh - JP Morgan Operator Ladies and gentlemen, thank you for standing by. Welcome to the Fortrea first quarter 2024 earnings conference call.

Fortrea Holdings (FTRE) Q1 2024 Earnings Call Transcript

For the three months ended March 31, 2024, from continuing operations: Revenues of $662.1 million GAAP net loss of $81.6 million Adjusted EBITDA of $29.5 million GAAP and adjusted diluted earnings (loss) per share of $(0.91) and $(0.04), respectively Book-to-bill ratio of 1.11x, resulting in >1.2x book-to-bill for the trailing nine months Planned divestiture of assets relating to the Endpoint Clinical and Patient Access businesses on track DURHAM, N.C., May 13, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today reported financial results for the first quarter ended March 31, 2024.

Fortrea Reports First Quarter 2024 Results

DURHAM, N.C., May 06, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced an updated issuance date for the company's first quarter 2024 financial results. The Company requires additional time to work through accounting and discontinued operations matters primarily as a result of entering into a definitive agreement in March 2024 to divest assets relating to the Company's Enabling Services segment.

Fortrea Reschedules Release of First Quarter 2024 Financial Results and Conference Call

DURHAM, N.C., April 11, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced that it will release its first quarter 2024 financial results before the market opens on Tuesday, May 7, 2024. Fortrea will host a conference call at 9:00 am ET that day to review its financial results and conduct a question-and-answer session.

Fortrea Announces Date for First Quarter 2024 Financial Results and Conference Call

Fortrea Holdings Inc. (NASDAQ:FTRE ) Q4 2023 Earnings Conference Call March 11, 2024 9:00 AM ET Company Participants Hima Inguva - Head of Investor Relations and Corporate Development Tom Pike - Chief Executive Officer Jill McConnell - Chief Financial Officer Conference Call Participants David Windley - Jefferies Elizabeth Anderson - Evercore Max Smock - William Blair Justin Bowers - DB Patrick Donnelly - Citi Derik De Bruin - Bank of America Operator Ladies and gentlemen, thank you for standing by. Welcome to Fortrea Fourth Quarter 2023 Earnings Conference Call.

Fortrea Holdings Inc. (FTRE) Q4 2023 Earnings Call Transcript

Contract research firm Fortrea Holdings on Monday said it will sell two of its businesses to private equity firm Arsenal Capital Partners for up to $345 million.

Fortrea sells enabling services and patient access businesses for up to $345 mln

Proposed divestiture of Endpoint Clinical and Fortrea Patient Access businesses further streamlines Fortrea's strategic focus as a pure-play contract research organization

Fortrea Signs Definitive Agreement to Divest Endpoint Clinical and Patient Access Businesses to Arsenal Capital Partners

For the three months and full year ended December 31, 2023: Revenues of $775.4 million for the fourth quarter, $3,109.0 million for the full year GAAP net loss of $(36.0) million for the fourth quarter, $(3.4) million for the full year Adjusted EBITDA of $67.2 million for the fourth quarter, $267.3 million for the full year Fourth-quarter book-to-bill ratio of 1.30x DURHAM, N.C., March 11, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today reported financial results for the fourth quarter and full year ended December 31, 2023.

Fortrea Reports Fourth Quarter and Full-Year 2023 Results; Issues Full-Year 2024 Guidance

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Fortrea's non-commercial specialty pharmacy expansion delivers flexible, scalable solutions to customers and life-changing medications direct to patients Fortrea's non-commercial specialty pharmacy expansion delivers flexible, scalable solutions to customers and life-changing medications direct to patients

Fortrea Increases Patient Access Capabilities and Cold Chain Expertise with FortreaRx™ Expansion

DURHAM, N.C., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), today announced that Chairman and Chief Executive Officer, Tom Pike and Chief Financial Officer, Jill McConnell will present at the Barclays 26th Annual Global Healthcare Conference on Tuesday, March 12, 2024 at 11:15 am ET.

Fortrea to Present at the Barclays 26th Annual Global Healthcare Conference

DURHAM, N.C., Jan. 29, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced that it will release its fourth quarter and full year 2023 financial results before the market opens on Monday, March 11, 2024. Fortrea will host a conference call at 9:00 am ET that day to review its financial results and conduct a question-and-answer session.

Fortrea Announces Date for Fourth Quarter and Full Year 2023 Financial Results and Conference Call

Companies partner to provide patients and sites with easy access to study information in one integrated solution Companies partner to provide patients and sites with easy access to study information in one integrated solution

Fortrea Establishes Industry Partnership with Veeva and Advarra to Streamline Patient and Site Clinical Trial Experience

DURHAM, N.C., Jan. 08, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE), a leading global contract research organization (“CRO”), today previewed key updates that Tom Pike, chairman and chief executive officer, and Jill McConnell, chief financial officer, plan to present at the 42nd Annual J.P. Morgan Healthcare Conference.

Fortrea Previews J.P. Morgan Healthcare Conference Updates

Cognizant Technology Solutions

Cognizant to help Fortrea deploy a modern, secure digital ecosystem to help bring treatments to patients faster TEANECK, N.J. and DURHAM, N.C.

FORTREA SELECTS COGNIZANT AS ITS TECHNOLOGY TRANSFORMATION PROVIDER

DURHAM, N.C., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), today announced that Chairman and Chief Executive Officer, Tom Pike and Chief Financial Officer, Jill McConnell will present at the 42nd Annual J.P. Morgan Healthcare Conference on Wednesday, January 10 at 3:00 pm PST.

Fortrea to Present at the 42nd Annual J.P. Morgan Healthcare Conference

Fortrea's Site Advisory Board brings research leaders together to focus on evolving site, sponsor and patient relationships Fortrea's Site Advisory Board brings research leaders together to focus on evolving site, sponsor and patient relationships

Fortrea Convenes New Site Advisory Board

Collaboration leverages Medidata AI to improve access and participation of diverse population groups in clinical studies Collaboration leverages Medidata AI to improve access and participation of diverse population groups in clinical studies

Fortrea Announces AI-Driven Partnership with Medidata to Increase Diversity in Clinical Trials

The contract healthcare research specialist posted quarterly earnings Monday morning. It handily beat analyst expectations on both the top and bottom lines.

Why Fortrea Holdings Stock Climbed Nearly 10% Higher Today

For the three months ended September 30, 2023: Revenues of $776.4 million GAAP net loss of $13.1 million Adjusted EBITDA of $70.5 million GAAP and adjusted diluted earnings (loss) per share of ($0.15) and $0.24, respectively Quarterly book-to-bill ratio of 1.24x DURHAM, N.C., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today reported financial results for the third quarter ended September 30, 2023.

Fortrea Reports Third Quarter 2023 Results

Activist Starboard Value recently disclosed a position in Fortrea Holdings. The firm may be able to take a friendly approach to building shareholder value.

Starboard may be poised to build value amicably at contract research firm Fortrea

GoDaddy

News Corp

NEW YORK--(BUSINESS WIRE)--Starboard Value LP (together with its affiliates, "Starboard" or “we”) today announced that Jeffrey Smith, the firm's Chief Executive Officer and Chief Investment Officer, delivered a presentation at the 2023 Active-Passive Investor Summit to highlight value creation opportunities at three companies: News Corporation (Nasdaq: NWSA), Fortrea Holdings Inc. (Nasdaq: FTRE) and GoDaddy Inc. (NYSE: GDDY). The full presentation and the respective presentations for the aforem.

Starboard Value Issues Presentation Delivered at 13D Monitor's 2023 Active-Passive Investor Summit

The activist investor plans to push for changes that could boost margins among other initiatives aimed at share-price appreciation.

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