Company Overview - Fortrea Holdings Inc. (FTRE) is expected to report a year-over-year decline in earnings, with a projected loss of $0.08 per share, indicating a -100% change compared to the previous year [3] - Revenues for the upcoming quarter are anticipated to be $610.37 million, reflecting a decrease of 7.8% from the same quarter last year [3] Earnings Expectations - The consensus EPS estimate has been revised down by 28.64% over the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate for Fortrea Holdings is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +113.10% [10][11] Historical Performance - Fortrea Holdings has not been able to beat consensus EPS estimates in any of the last four quarters, with a notable surprise of -50% in the last reported quarter [12][13] Market Sentiment - The stock may experience upward movement if the actual results exceed expectations in the upcoming earnings report scheduled for May 12 [2] - Conversely, if the results fall short, the stock may decline [2] Industry Comparison - In the Zacks Medical - Biomedical and Genetics industry, Acadia Pharmaceuticals (ACAD) is expected to post earnings of $0.06 per share, representing a -40% year-over-year change, with revenues projected at $241.74 million, up 17.5% from the previous year [17] - Acadia's consensus EPS estimate has been revised down by 0.8% over the last 30 days, but it has a positive Earnings ESP of 17.37%, suggesting a likelihood of beating the consensus EPS estimate [18]

Core Insights - Fortrea has been recognized as a "Leader" in pharmacovigilance operations by Everest Group in its annual Pharmacovigilance Operations PEAK Matrix Assessment 2025, highlighting its strong position in both pre-and post-approval PV operations [1][2] Company Overview - Fortrea is a leading global contract research organization (CRO) that provides clinical development solutions to the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies [4] - The company offers end-to-end safety solutions that cover the entire product lifecycle, from early clinical phases to post-approval [2][3] Industry Context - The pharmacovigilance landscape is evolving with increased therapeutic complexity, regulatory scrutiny, and patient safety expectations, prompting sponsors to seek service providers that offer integrated scientific insights and strategic support [3] - Fortrea's dual-strength capabilities in clinical-stage safety services and robust post-marketing operations distinguish it in the market, supported by a global Qualified Person Responsible for Pharmacovigilance (QPPV) and technology-led innovations [3] Assessment Details - The Everest Group report evaluated 29 PV operations providers, assessing their service focus, solution offerings, and domain investments through a comprehensive RFI process and client reference checks [2] - Fortrea's strengths in scientific depth, scalability, and global reach have been consistently recognized by clients, contributing to its leadership position in the assessment [3]

NEW YORK, April 21, 2025 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Fortrea Holdings Inc. ("Fortrea" or the "Company") (NASDAQ: FTRE). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980. The investigation concerns whether Fortrea and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On March 3, ...

Company Announcement - Fortrea will release its first quarter 2025 financial results on May 12, 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] 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] Company Overview - Fortrea is a leading global provider of clinical development solutions to the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies [3] - The company offers phase I-IV clinical trial management, clinical pharmacology, and consulting services, leveraging over 30 years of experience across more than 20 therapeutic areas [3] - Fortrea operates in about 100 countries, providing focused and agile solutions to its customers globally [3]

NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Fortrea Holdings Inc. (NASDAQ:FTRE) and Ibotta, Inc. (NYSE:IBTA). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided. Fortrea Holdings Inc. (NASDAQ:FTRE) On March 3, 2025, For ...

NEW YORK, March 18, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Fortrea Holdings Inc. (“Fortrea” or the “Company”) (NASDAQ:FTRE) on behalf of Fortrea stockholders. Our investigation concerns whether Fortrea has violated the federal securities laws and/or engaged in other unlawful business practices. Click here to participate in the action. On March 3, 2025, Fortrea announced its fourth quarter and full y ...

Core Insights - Fortrea Holdings Inc. is under investigation for potential violations of federal securities laws and unlawful business practices [1] - The company reported disappointing financial results for Q4 and full year 2024, indicating that pre-spin projects are underperforming and negatively impacting future revenue and profitability [2] - Following the financial announcement, Fortrea's stock price experienced a significant decline of 25.05%, closing at $10.38 per share [2] Financial Performance - Fortrea disclosed that projects from before its spin-off from LabCorp are "late in their life cycle" and are expected to generate less revenue and profitability in 2025 [2] - The company indicated that the mix of older versus newer projects will continue to adversely affect its financial performance throughout 2025 [2] Legal Investigation - Bragar Eagel & Squire, P.C. is investigating potential claims on behalf of Fortrea stockholders who may have suffered losses [1][3] - The law firm is reaching out to long-term stockholders and those with information regarding the situation [3]

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Core Insights - Kirby McInerney LLP is investigating potential claims against Fortrea Holdings Inc. regarding possible violations of federal securities laws and unlawful business practices [1][3] Financial Performance - On March 3, 2025, Fortrea reported its fourth quarter and full year 2024 financial results, indicating that projects from before its spinoff from LabCorp are "late in their life cycle" with lower revenue and profitability than expected for 2025 [3] - The company stated that "post-spin work is not coming on fast enough to offset the pre-spin contract economics," leading to a negative impact on financial performance throughout 2025 [3] - Following the announcement, Fortrea's share price fell by $3.74, approximately 25%, from $13.85 on February 28, 2025, to $10.38 on March 3, 2025 [3]

Financial Performance - Fortrea's revenues for the year ended December 31, 2024, were $2,696.4 million, a decrease of 5.1% compared to $2,842.5 million in 2023, primarily due to a 5.2% decrease in organic revenues [284]. - The company experienced a decrease in organic revenues in 2024 due to lower service revenues and a slower backlog burn rate [285]. - Revenues for 2024 were $2,696.4 million, a decrease of 5.1% from $2,842.5 million in 2023 [376]. - Operating loss for 2024 was $(161.9) million, compared to an operating income of $32.0 million in 2023 [376]. - Net loss for 2024 was $(328.5) million, significantly higher than the net loss of $(25.2) million in 2023 [378]. - Basic and diluted earnings per share from continuing operations for 2024 were $(3.03), compared to $(0.36) in 2023 [376]. - Comprehensive loss for 2024 was $(395.9) million, compared to a comprehensive income of $34.1 million in 2023 [378]. Expenses and Costs - Direct costs for 2024 were $2,162.2 million, a decrease of 4.0% from $2,251.9 million in 2023, with direct costs as a percentage of revenues increasing to 80.2% [287]. - Selling, general and administrative expenses increased by 25.1% in 2024 to $560.7 million, driven by higher professional fees and costs associated with exiting the Transition Services Agreement with Labcorp [290]. - Total costs and expenses increased to $2,858.3 million in 2024, up from $2,810.5 million in 2023, reflecting a rise of 1.7% [376]. - Restructuring and other charges increased significantly to $50.1 million in 2024, a 136.3% rise from $21.2 million in 2023, and down from $25.9 million in 2022 [294]. - Interest expense rose to $123.8 million in 2024, a 77.6% increase from $69.7 million in 2023, primarily due to a higher debt balance and a $12.2 million write-off of debt issuance costs [297]. Cash Flow and Liquidity - Net cash provided by operating activities for 2024 was $262.8 million, an increase of $94.4 million from $168.4 million in 2023 [311]. - Net cash provided by investing activities was $251.6 million in 2024, a significant turnaround from $(31.8) million in 2023, primarily due to proceeds from the sale of the Enabling Services Segment [313]. - Net cash used for financing activities increased to $(497.8) million in 2024 from $(140.8) million in 2023, mainly due to principal payments on term loans [315]. - Cash and cash equivalents at December 31, 2024, totaled $118.5 million, up from $108.6 million in 2023 [310]. Assets and Liabilities - As of December 31, 2024, total assets decreased to $3,579.2 million from $4,332.6 million in 2023, reflecting a decline of approximately 17.3% [374]. - Current liabilities increased to $949.5 million in 2024, up from $778.4 million in 2023, representing a rise of about 21.9% [374]. - Long-term debt, less current portion, decreased to $1,049.7 million in 2024 from $1,565.9 million in 2023, a reduction of approximately 32.9% [374]. - The company reported an accumulated deficit of $397.0 million as of December 31, 2024, compared to $68.5 million in 2023, indicating a significant increase in losses [374]. - Accounts receivable and unbilled services decreased to $659.5 million in 2024 from $988.5 million in 2023, a decline of approximately 33.3% [374]. Spin-off and Corporate Structure - Fortrea completed its spin-off from Labcorp on June 30, 2023, and began trading as a separate public company on NASDAQ under the ticker FTRE on July 3, 2023 [273]. - Following the spin-off, Fortrea has established primary office locations in five countries, including the United States, the United Kingdom, China, India, and Singapore, to enhance its global market access [385]. - Fortrea's financial statements for periods prior to the spin-off were prepared on a "carve-out" basis, reflecting the historical financial position and results of operations derived from Labcorp's consolidated financial statements [393]. Goodwill and Impairment - The company recorded no goodwill and other asset impairments in 2024, compared to an impairment charge of $9.8 million in 2022 [291]. - The Company has recorded $1,710.4 million and $1,739.4 million of goodwill as of December 31, 2024 and 2023, respectively [332]. - The fair value of the Clinical Development reporting unit exceeded the book value by approximately 10% based on the annual goodwill impairment testing conducted on October 1, 2024 [340]. - The Company recognized a goodwill impairment charge of $24.0 million in the first quarter of 2024 related to the Enabling Services Segment [453]. Revenue Recognition and Contracts - The Company recognizes revenue from software-as-a-service (SaaS) arrangements on a straight-line basis over the contracted hosting period [323]. - The Company’s contracts generally take the form of fixed-price, fee-for-service, or software-as-a-service arrangements, with revenue recognized based on performance obligations [321]. - Fortrea's contracts typically include a single performance obligation, with revenue recognized based on the proportional-performance basis for fixed-price contracts [405]. Market Risks and Financial Flexibility - The Second Credit Amendment increased the maximum quarterly Total Leverage Ratio from 5.30:1.00 to 6.00:1.00 for certain fiscal quarters, providing additional financial flexibility [275]. - The company expects to continue facing market risks associated with interest rate movements on its variable rate debt, with a hypothetical 1% increase in interest rates potentially resulting in increased interest expenses of $5.7 million [349]. - The Company utilizes a program of risk management to address exposure to market risks, including foreign currency exchange rates and interest rates [344]. Customer Concentration - As of December 31, 2024, two pharmaceutical customers accounted for approximately 22.2% and 13.8% of the Company's combined gross accounts receivable and unbilled services [420]. - For the year ended December 31, 2024, two customers accounted for approximately 14.3% and 10.5% of revenue, compared to 11.6% and 11.4% for the year ended December 31, 2023 [420].