Group 1 - Fortrea sponsors the SCRS Collaborate Forward working group to enhance collaboration and efficiency in clinical trials [1][3] - The working group consists of 16 Global Impact Partner organizations focused on reducing administrative burdens in clinical research [2] - The initiative aims to improve internal processes, making clinical research sites more sustainable and trials more efficient [2][4] Group 2 - Fortrea's involvement signifies a commitment to industry-wide innovation and prioritizing clinical research sites in trial planning [3][4] - The Collaborate Forward group will initially focus on study startup, sharing success stories and data-driven insights [4] - SCRS encourages other sponsors and CROs to join the effort for a more effective clinical research landscape [5] Group 3 - The Society for Clinical Research Sites (SCRS) represents over 11,000 research sites globally, advocating for site-focused initiatives [6] - Fortrea provides comprehensive clinical development solutions across various therapeutic areas, emphasizing its role in healthcare innovation [7][8]

Core Insights - Pomerantz LLP is investigating claims on behalf of investors of Fortrea Holdings Inc. regarding potential securities fraud or unlawful business practices [1] - Fortrea's stock has experienced significant declines following downgrades from Jefferies and Baird due to concerns over its business model and abrupt cancellations of scheduled conferences [2][3] Group 1: Company Performance - On September 25, 2024, Jefferies downgraded Fortrea, leading to a stock price drop of $2.73 per share, or 12.29%, closing at $19.48 per share [2] - On December 6, 2024, Baird downgraded Fortrea to neutral from outperform, resulting in a stock price decline of $1.90 per share, or 8.06%, closing at $21.67 per share [3] Group 2: Legal Investigation - Pomerantz LLP is recognized for its expertise in corporate, securities, and antitrust class litigation, and is currently investigating Fortrea for potential securities fraud [1][4]

Company Overview - Fortrea (Nasdaq: FTRE) is a leading global contract research organization (CRO) that provides clinical development solutions to the life sciences industry [3] - The company partners with biopharmaceutical, biotechnology, medical device, and diagnostic companies to accelerate healthcare innovation and deliver life-changing therapies to patients [3] - Fortrea offers services including phase I-IV clinical trial management, clinical pharmacology, and consulting, leveraging over 30 years of experience across more than 20 therapeutic areas [3] Financial Results Announcement - Fortrea will release its fourth quarter and full year 2024 financial results on March 3, 2025, before the market opens [1] - A conference call will be held at 9:00 am ET on the same day to review the financial results and conduct a Q&A session [1][2] Participation Details - Participants can register for the earnings call online at the Fortrea Investor Relations website and are advised to join at least 10 minutes early to avoid delays [2] - A replay of the conference call will be available shortly after the event on the Fortrea Investor Relations website [2]

Group 1 - The article highlights that while investors are focused on tech stocks in 2024, the healthcare sector is also experiencing significant innovation [1] - There is a suggestion that the healthcare industry may offer comparable investment opportunities as the tech sector, despite being overlooked [1] Group 2 - The author has a beneficial long position in the shares of FRTE, indicating a personal investment interest in the stock [1] - The article emphasizes the author's experience and success in the stock market, with an average stock return of over 31% from previous articles [2]

DURHAM, N.C., Nov. 26, 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 Citi Global Healthcare Conference on Wednesday, December 4, 2024 at 1:45 pm ET. The live webcast will be available to investors and other interested parties by accessing the Fortrea Investor Relations website. A webcast replay will be available after th ...

Core Viewpoint - Fortrea, a leading global contract research organization, is set to present at the Evercore HealthCONx Conference on December 5, 2024, highlighting its role in clinical development solutions for the life sciences industry [1]. Company Overview - Fortrea (Nasdaq: FTRE) specializes in providing clinical development solutions to the life sciences sector, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies to enhance healthcare innovation [3]. - The company offers a range of services including phase I-IV clinical trial management, clinical pharmacology, and consulting, leveraging over 30 years of experience across more than 20 therapeutic areas [3]. - Fortrea operates in approximately 100 countries, emphasizing a strong investigator site network and a commitment to scientific rigor and exceptional insights [3].

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $674.9 million, a decline of 5.4% year-on-year, primarily due to lower service fee and pass-through revenues [22][28] - Adjusted EBITDA for the quarter was $64.2 million, a decrease of 5.9% year-on-year, but increased 16.3% sequentially [28] - The book-to-bill ratio for the quarter was 1.23, with a trailing 12-month ratio of 1.15 [28] - Adjusted net income increased by 3% to $20.7 million compared to $20.1 million in the prior year [29] Business Line Data and Key Metrics Changes - The clinical pharmacology business saw strong bookings and a solid pipeline, with significant wins in various therapeutic areas including oncology and Alzheimer's [12][15] - The consulting and science segments are differentiating factors, contributing to the overall performance and bookings [14][17] Market Data and Key Metrics Changes - The backlog grew by 6.2% over the past 12 months, reaching approximately $7.6 billion [28] - Customer concentration remains high, with the top 10 customers accounting for 51% of revenues, and one customer representing 15.1% [29] Company Strategy and Development Direction - The company is focused on improving operational efficiency and margin expansion, with a commitment to infrastructure investments and organic growth [34][39] - Plans to exit the Transition Services Agreement (TSA) with the former parent company are on track, with over 90% of IT systems migrated [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline for Q4, with a mix of large pharma and biotech opportunities providing predictability [62] - The overall environment for large pharma is mixed, with some firms increasing R&D spending while others are restructuring [70][72] Other Important Information - The effective tax rate for continuing operations was a benefit of 48.3%, reflecting an updated split of domestic versus foreign earnings [27] - Cash flow from operating activities for the nine months ended September 30, 2024, was $245.7 million, compared to $150 million in the prior year [30] Q&A Session Summary Question: Can you discuss the nature of studies in clinical pharmacology and the overall Phase 1 market? - Management indicated that the clinical pharmacology business has a diverse range of studies beyond GLP-1s, with strong exposure to various therapeutic areas [54][55] Question: What changed in the bookings environment to achieve a book-to-bill of 1.23? - Management noted a favorable mix of large pharma and biotech opportunities, contributing to the improved book-to-bill ratio [62] Question: How is the company managing the decision-making processes in biotech? - The company has implemented a new forecasting process to better manage biotech decision-making and improve consistency in bookings [84][85] Question: Have there been any increases in project cancellations? - Management confirmed that there has not been an increase in cancellations, with any project changes being more about strategy adjustments rather than outright cancellations [89][90] Question: What is the significance of exiting the TSA? - Exiting the TSA is critical for improving operational efficiency and reducing costs, allowing the company to implement new processes and systems [96][98]

Fortrea Holdings Inc. (FTRE) came out with quarterly earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.27 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -14.81%. A quarter ago, it was expected that this company would post earnings of $0.07 per share when it actually produced a loss of $0.03, delivering a surprise of -142.86%.Over the last four quarters, the c ...

For the three months ended September 30, 2024, from continuing operations: Revenues of $674.9 millionGAAP net loss of $(18.5) millionAdjusted EBITDA of $64.2 millionGAAP and adjusted net income (loss) per diluted share of $(0.21) and $0.23, respectivelyBook-to-bill ratio of 1.23x, resulting in 1.15x book-to-bill for the trailing 12 months DURHAM, N.C., Nov. 08, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (“CRO”), today reported financial r ...

Fortrea Holdings Inc. (FTRE) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released o ...