Company Overview - Fortrea Holdings Inc. (NASDAQ:FTRE) is a contract research organization that provides biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology, and medical device customers worldwide [4] Financial Performance - For Q2 2025, Fortrea reported revenue of $710.3 million, an increase from $662.4 million in Q2 2024 [2] - The company experienced a GAAP net loss of $374.9 million, which included a non-cash goodwill impairment charge of $309.1 million, resulting in a GAAP loss of $4.14 per diluted share [2] - Despite the loss, Fortrea achieved a positive adjusted net income of $17.6 million, or $0.19 per diluted share, a turnaround from an adjusted net loss of $2.3 million in Q2 2024 [3] - Fortrea is increasing its 2025 revenue guidance to a range of $2,600 to $2,700 million and affirming its adjusted EBITDA guidance for the full year in the range of $170 million to $200 million [3] Market Sentiment - Jefferies raised the price target on Fortrea to $9.50 from $7 while maintaining a Hold rating, driven by stronger biotech funding in the last three months and improved bookings across the contract research organization industry [1][3]
Jefferies Raises Fortrea (FTRE) PT to $9.50 Amid Improved Biotech Funding