Fortrea Holdings Stock Price, News & Analysis

Fortrea (Nasdaq: FTRE) reported its Q2 2024 financial results, showing a revenue of $662.4 million and a GAAP net loss of $(99.3) million. The company's adjusted EBITDA was $55.2 million, with a book-to-bill ratio of 0.96x. Fortrea completed divestitures of Endpoint Clinical and Patient Access businesses, reducing debt by $504 million. The company revised its full-year guidance, projecting revenue between $2,700 million to $2,750 million and adjusted EBITDA of $220 million to $240 million. CEO Tom Pike expressed confidence in the company's direction despite challenges, citing progress with customers and important new opportunities.

Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), has announced the date for its second quarter 2024 financial results release and conference call. The company will release its financial results before the market opens on Monday, August 12, 2024. A conference call is scheduled for 9:00 am ET on the same day to review the results and conduct a Q&A session.

Participants can register for the earnings call on the Fortrea Investor Relations website and are advised to join at least 10 minutes before the call starts. The call can also be accessed through an earnings webcast link. A replay of the live conference call will be available shortly after the event concludes and can be accessed on the events and presentations section of the Fortrea Investor Relations website.

Fortrea (Nasdaq: FTRE) has appointed Robert “Bobby” Parks as its new Chief Accounting Officer (CAO). Parks will be responsible for overseeing Fortrea’s accounting functions, including financial reporting, risk management, and compliance with standards and regulations. He brings three decades of experience, having previously held senior roles at Quintiles (now IQVIA), Syneos, and SailPoint Technologies Holdings. A certified public accountant, Parks will start in August, succeeding Amanda Warren, who will remain as an advisor until November.

Fortrea (Nasdaq: FTRE) has announced the launch of its AI Innovation Studio, aimed at revolutionizing clinical trial execution with advanced AI and ML technologies. The studio will enhance speed, quality, and patient safety by automating repetitive tasks and empowering human-centric trial processes. Key innovations include smartphone-enabled data collection, large language models, and advanced predictive analytics. These initiatives are expected to improve patient recruitment, protocol optimization, and overall trial efficiency, contributing to Fortrea's vision for the future of the CRO industry.

Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), announced that its Chief Financial Officer, Jill McConnell, will participate in a virtual fireside chat hosted by Elizabeth Anderson, senior managing director at Evercore ISI. The event is scheduled for Thursday, June 20, 2024, at 2:00 pm ET, and will last for 30 minutes. Registration is required for the live event, and a replay will be available on the Fortrea Investor Relations website after the event.

Fortrea (Nasdaq: FTRE) has finalized the divestiture of its Endpoint Clinical and Fortrea Patient Access businesses to Arsenal Capital Partners. The deal allows Fortrea to focus on its core mission as a clinical contract research organization (CRO) while using the proceeds to reduce its debt structure. Endpoint Clinical and Fortrea Patient Access, both leaders in their respective fields, will benefit from Arsenal's expertise and resources. Sam Osman, former head of Fortrea's Enabling Services, will lead the newly independent entities as CEO, with Ray Hill serving as chairman.

Fortrea (Nasdaq: FTRE), a prominent global contract research organization (CRO), announced that its Chairman and CEO, Tom Pike, along with CFO Jill McConnell, will present at the Jefferies Global Healthcare Conference on June 5, 2024, at 11:00 am ET.

The presentation will be webcast live and accessible via Fortrea's Investor Relations website. A replay will be available post-event.

Fortrea (Nasdaq: FTRE), a global contract research organization, announced the appointment of Machelle Sanders to its Board of Directors on May 16, 2024.

Ms. Sanders, who has been North Carolina's Secretary of Commerce since February 2021, brings over 30 years of experience in operational and quality assurance roles within the pharmaceutical and biotechnology sectors.

Tom Pike, Fortrea’s chairman and CEO, highlighted her life sciences background and leadership skills as valuable assets for advancing Fortrea's differentiation strategy and delivering life-changing treatments faster.

Ms. Sanders expressed her enthusiasm for joining the Board and acknowledged the critical role of CROs in bringing new treatments to market.

Fortrea (Nasdaq: FTRE) reported financial results for Q1 2024 with revenues of $662.1 million, a GAAP net loss of $81.6 million, and adjusted EBITDA of $29.5 million. The company plans to divest assets related to Endpoint Clinical and Patient Access businesses. The book-to-bill ratio was 1.11x, with a backlog of $7.4 billion. Fortrea aims to be a top choice for clinical research organizations and is focused on differentiation to drive growth.