Fortrea Holdings Inc. reports news on its role as a global contract research organization serving the life sciences industry. The company provides phase I-IV clinical trial management, clinical pharmacology and consulting services for biopharmaceutical, biotechnology, medical device and diagnostic customers.
Recurring Fortrea updates include quarterly and annual financial results, book-to-bill trends, guidance, debt and capital actions, executive and board matters, equity award disclosures and technology used in clinical trial operations. Company announcements also cover platforms such as Fortrea Intelligent Technology and Xcellerate, which support trial workflow, oversight and site-facing processes.
Fortrea (FTRE) has released its Q4 and full-year 2024 financial results, reporting Q4 revenue of $697.0 million and full-year revenue of $2,696.4 million. The company posted a Q4 GAAP net loss of $(73.9) million and full-year net loss of $(271.5) million.
Key highlights include:
- Q4 book-to-bill ratio of 1.35x, with trailing twelve-month ratio at 1.16x
- Q4 adjusted EBITDA of $56.0 million; full-year adjusted EBITDA of $202.5 million
- Backlog of $7,699 million as of December 31, 2024
- Cash position of $118.5 million with gross debt of $1,142.0 million
For 2025, Fortrea projects revenue between $2,450-2,550 million and adjusted EBITDA of $170-200 million. The company has also secured a credit agreement amendment providing additional financial covenant flexibility through Q4 2026.
Fortrea (FTRE), a leading global contract research organization, has announced the appointment of Erin L. Russell to its Board of Directors through a cooperation agreement with Starboard Value LP, which owns 5.4% of Fortrea's outstanding common stock. Russell, a financial and healthcare executive, brings extensive experience from her roles including board positions at Modivcare (MODV), eHealth (EHTH), and Kadant (KAI), as well as 16 years as a principal at Vestar Capital Partners.
The agreement includes standard provisions such as a standstill and voting agreement with Starboard, which also retains the right to appoint a representative to the Board starting August 2025. Russell's appointment will be effective immediately prior to the next regularly scheduled Board meeting.
Fortrea (Nasdaq: FTRE) has announced its sponsorship of the SCRS Collaborate Forward working group, joining 16 leading Global Impact Partner organizations. The initiative aims to reduce administrative burdens in clinical research and improve trial efficiency through enhanced collaboration.
The working group will focus initially on study startup, developing best practices and solutions that can be implemented across the clinical research ecosystem. The group's efforts will concentrate on improving internal processes to enhance site sustainability and trial efficiency, ultimately benefiting patient experience.
Progress updates will be shared throughout 2025 via SCRS Site Solutions Summits and publications. The partnership represents a significant step toward fostering industry-wide innovation and emphasizes Fortrea's commitment to placing research sites at the center of clinical trial planning.
Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), has announced it will release its fourth quarter and full year 2024 financial results before market opens on Monday, March 3, 2025. The company will host a conference call at 9:00 am ET on the same day, featuring a financial results review and a question-and-answer session.
Participants interested in joining the earnings call should register through the Fortrea Investor Relations website and are advised to join at least 10 minutes before the call starts. A replay of the conference call will be made available on the events and presentations section of the company's Investor Relations website after the event.
Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), has announced its participation in the Citi Global Healthcare Conference. Chairman and CEO Tom Pike, along with CFO Jill McConnell, will deliver a presentation on Wednesday, December 4, 2024, at 1:45 pm ET.
The presentation will be accessible via live webcast on the Fortrea Investor Relations website, with a replay option available after the event.
Fortrea (FTRE), a global contract research organization, has announced its participation in the upcoming Evercore HealthCONx Conference. Chairman and CEO Tom Pike and CFO Jill McConnell will deliver a presentation on Thursday, December 5, 2024, at 10:00 am ET. Interested parties can access the live webcast through Fortrea's Investor Relations website, with a replay available after the event.
Fortrea (FTRE) reported Q3 2024 financial results with revenues of $674.9 million, down from $713.8 million in Q3 2023. The company posted a GAAP net loss of $(18.5) million and adjusted EBITDA of $64.2 million. Notable metrics include a book-to-bill ratio of 1.23x and backlog of $7,571 million. The company has updated its full-year 2024 revenue guidance to $2,700-2,725 million, while maintaining adjusted EBITDA guidance at $220-240 million. Cash position stood at $105.3 million with gross debt of $1,142.0 million as of September 30, 2024.
Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), has released its inaugural Corporate Social Responsibility report, 'Fortrea for Better'. The report outlines the company's environmental, social, and governance (ESG) activities across four key areas: responsible environmental practices, people practices, societal practices, and governance practices.
Key highlights include:
- Refurbishment of a UK warehouse into a 100-bed clinic with environmental certification
- Establishment of eight Employee Resource Groups with nearly 4,000 active members
- Joining the UN Global Compact Initiative and commitment to the Science Based Targets Initiative
- CEO Tom Pike's pledge to support DEI through CEO Action for Diversity & Inclusion™
- Inaugural submission to EcoVadis and development of first environmental report for CDP
Fortrea aims to meet expected reporting regulations by 2026 and demonstrates its commitment to sustainability and ethical practices as a newly independent public company.
Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), has announced the date for its third quarter 2024 financial results release and conference call. The company will release its financial results before the market opens on Friday, November 8, 2024. A conference call will be hosted at 8:00 am ET on the same day to review the results and conduct a question-and-answer session.
Participants can register for the earnings call on the Fortrea Investor Relations website. To avoid delays, it is recommended 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) 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.