, Oct. 18, 2024 (GLOBE NEWSWIRE) -- (CRO) Fortrea (Nasdaq: FTRE) Fortrea (Fortrea for Better) Fortrea.com Fortrea (ESG) | --- | --- | --- | |---------|-------|-------| | | | | | Fortrea | | | | Fortrea | | | | Fortrea | | | | Fortrea | | | "Fortrea " ESG Sandy Kennedy Fortrea 100 300 "" (ERG) Fortrea 4,000 Fortrea (CSR) ESG Fortrea Tom Pike 2,500 CEO Action for Diversity & Inclusion™ () (DEI) Fortrea EcoVadis CDP—— Fortrea 2026 ""Tom Pike "" Fortrea Fortrea (Nasdaq: FTRE) Fortrea I IV Fortrea 20 100 / Fortr ...

Core Insights - Fortrea has released its inaugural Corporate Social Responsibility report titled "Fortrea for Better," highlighting its commitment to environmental, social, and governance (ESG) practices [1][4] Group 1: Environmental Practices - The report showcases Fortrea's achievements as an independent public company, including the refurbishment of an old mail-order warehouse in the UK into a 100-bed clinic, which received environmental certification for energy conservation, material usage, water consumption, and waste disposal [2] Group 2: Social Practices - Fortrea emphasizes the importance of Employee Resource Groups (ERGs), which are voluntary, employee-led groups aimed at supporting historically marginalized communities. Currently, there are eight ERGs with nearly 4,000 active members [3] Group 3: Governance Practices - The company has established a multi-year ESG roadmap, joined the United Nations Global Compact Initiative, and committed to the Science Based Targets Initiative. The CEO has pledged support for diversity, equity, and inclusion (DEI) as part of the CEO Action for Diversity & Inclusion™ [4] - Fortrea has made its first submission to EcoVadis for sustainability ratings and is developing its first environmental report for CDP, positioning itself to meet reporting regulations expected in 2026 [4] Group 4: Company Overview - Fortrea is a leading global provider of clinical development solutions, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies to drive healthcare innovation. The company operates in about 100 countries and offers phase I-IV clinical trial management and consulting services [5]

NEW YORK, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Fortrea Holdings Inc. ("Fortrea" or "the Company") (NASDAQ: FTRE). Investors who purchased Fortrea securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/FTRE. Investigation Details On September 25, 2024, Jefferies downgraded Fortrea, citing perceived weaknesses in the Comp ...

Financial Data and Key Metrics Changes - Revenues for Q2 2024 were $662.4 million, a decline of 8.6% year-on-year, primarily due to lower pass-through revenues and service fee revenues [16][19] - Adjusted EBITDA for the quarter was $55.2 million, down 23.2% year-on-year, but increased by 103.7% sequentially from Q1 2024 [20][28] - The book-to-bill ratio for the quarter was 0.96, while the trailing 12-month book-to-bill was 1.16 [19] Business Line Data and Key Metrics Changes - The clinical pharmacology business showed strong performance with attractive book-to-bill ratios and increased win rates in Phase 1b and 2 studies [7] - New offerings, including a diversity and inclusion solution and an AI Innovation Studio, were launched to enhance productivity and patient access [8][9] Market Data and Key Metrics Changes - The pipeline at the beginning of Q2 was 11% larger than the average of the previous three quarters, indicating a strong outlook for the second half of the year [12][13] - The company has seen a shift towards larger pharma clients, which is expected to provide more predictable revenue streams [31][44] Company Strategy and Development Direction - The company aims to improve margins while delivering quality work and is focused on enhancing operational efficiency through restructuring and cost management [6][24] - Fortrea is positioning itself as a partner for both biotech and large pharma, emphasizing productivity and scientific expertise [62] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in predicting biotech contracting timelines but expressed confidence in the strong pipeline and upcoming opportunities [31][44] - The company is targeting a revenue range of $2.7 billion to $2.75 billion for 2024, reflecting a decline of around 4% compared to 2023 [26][27] Other Important Information - The company has exited approximately 60% of its TSA agreements with its former parent and has significantly reduced its balance sheet leverage by paying down $500 million of spin-related debt [14][23] - The effective tax rate for continuing operations was negative 12.1%, primarily due to a forecasted pre-tax loss and changes in evaluation allowance [18][19] Q&A Session Summary Question: Can you quantify the impact of service fee revenue and pass-throughs? - Management noted that pass-through revenues were significantly impacted by biomarker studies normalizing, which had previously inflated revenues [37] Question: What were the drivers behind the reduction in operating costs? - The reduction was attributed to ongoing restructuring efforts and improved IT spending, with expectations for continued benefits in Q3 and Q4 [39][40] Question: What gives confidence in the upcoming book-to-bill ratio? - Confidence stems from a strong pipeline with more large pharma opportunities, which tend to be more predictable compared to biotech [44] Question: How are margins expected to improve in 2025? - Margins are expected to improve through a combination of gross margin enhancements and SG&A reductions as the company exits TSA services [47] Question: How is the pricing environment in biotech versus large pharma? - Pricing in biotech remains disciplined, while large pharma is seeing competitive pricing, particularly in full-service outsourcing [55][56]

Fortrea Holdings Inc. (FTRE) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of $0.07. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -142.86%. A quarter ago, it was expected that this company would post a loss of $0.01 per share when it actually produced a loss of $0.04, delivering a surprise of -300%. Over the last four quarters, the company has surpas ...

For the three months ended June 30, 2024, from continuing operations: Revenues of $662.4 million GAAP net loss of $(99.3) million Adjusted EBITDA of $55.2 million GAAP and adjusted diluted loss per share of $(1.11) and $(0.03), respectively Book-to-bill ratio of 0.96x, resulting in 1.16x book-to-bill for the trailing 12 months Completed divestiture of assets relating to the Endpoint Clinical and Patient Access businesses Debt paydown of $504 million in the quarter using initial divestiture and securitizatio ...

To participate in the earnings call, participants should register online at the Fortrea Investor Relations website. To avoid potential delays, please join at least 10 minutes prior to the start of the call. The conference call can also be accessed through the following earnings webcast link. About Fortrea Fortrea Contacts: A replay of the live conference call will be available shortly after the conclusion of the event and accessible on the events and presentations section of the Fortrea Investor Relations w ...

DURHAM, N.C., July 17, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the "Company"), a leading global contract research organization (CRO), today announced that it will release its second quarter 2024 financial results before the market opens on Monday, August 12, 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. To participate in the earnings call, participants should register online at the Fortrea Investor Relatio ...

Parks brings three decades of experience to the role. Starting his career in public accounting at Ernst & Young LLP, he served clients in global and regulated industries, including defense and construction. He was senior vice president and corporate controller at Quintiles, now IQVIA, and CAO at Syneos, a leading biopharmaceutical solutions organization. Most recently, Parks served as CAO at SailPoint Technologies Holdings, a leader in identity security software. He is a certified public accountant and earn ...

"We are pleased to welcome Bobby to the Fortrea team, bringing his broad and deep experience from CROs and other fast-paced environments," said Fortrea Chief Financial Officer Jill McConnell. "Bobby has a track record of managing Sarbanes-Oxley Act requirements and internal controls, including for CROs, in a public-company setting. He is a strategic thinker who understands our customers and our business priorities. I look forward to Bobby making a fast start as CAO and a significant contribution to Fortrea' ...