Core Insights - Medpace Holdings, Inc. reported a revenue increase of 23.7% for Q3 2025, reaching $659.9 million compared to $533.3 million in Q3 2024 [1] - On a constant currency basis, revenue growth for Q3 2025 was 23.4% compared to the same period in the previous year [1] - The company's backlog as of September 30, 2025, indicates strong future revenue potential [1]

Core Insights - Inotiv, Inc. is actively participating in several upcoming healthcare conferences, showcasing its commitment to engaging with institutional investors and stakeholders in the healthcare sector [1][2]. Group 1: Conference Participation - Inotiv's President and CEO, Robert Leasure Jr., and CFO, Beth Taylor, will represent the company at the UBS Global Healthcare Conference on November 10-11, 2025, in Palm Beach Gardens, FL, focusing on one-on-one institutional investor meetings [2]. - The company will also present at the Jefferies Global Healthcare Conference in London on November 18, 2025, at 4:00 PM GMT/11:00 AM ET, which will include a presentation and one-on-one meetings [2]. - Additionally, Beth Taylor will participate in the Craig-Hallum Alpha Select Conference in New York, NY, on November 18, 2025, which will also be focused on one-on-one institutional investor meetings [2]. Group 2: Company Overview - Inotiv, Inc. is a leading contract research organization that specializes in nonclinical and analytical drug discovery and development services, as well as research models and related products [3]. - The company's services aim to enhance the efficiency and data quality of drug and medical device development while reducing associated costs [3]. - Inotiv is dedicated to supporting research and development objectives, contributing to the advancement of healthcare and safety [3].

Core Viewpoint - Fortrea has initiated a debt tender offer to purchase up to $75,744,000 in outstanding 7.500% Senior Secured Notes due 2030, primarily to comply with indenture provisions following a divestiture [1][2]. Group 1: Tender Offer Details - The tender offer is subject to the satisfaction or waiver of specific terms outlined in the Offer to Purchase dated October 20, 2025 [2]. - The tender offer will expire at 5:00 p.m. New York City time on November 18, 2025, unless extended or terminated [3]. - Each $1,000 principal amount of the Notes validly tendered will receive $1,000 in cash, plus accrued and unpaid interest from the last interest payment date to the settlement date [3][5]. Group 2: Conditions and Procedures - The tender offer is contingent upon the satisfaction or waiver of conditions described in the Offer to Purchase [6]. - Notes must be transferred to the Tender Agent through DTC's Automated Tender Offer Program for holders wishing to tender [4]. - If the total purchase price of validly tendered Notes exceeds the Maximum Amount, proration may occur [5]. Group 3: Company Overview - Fortrea is a leading global provider of clinical development solutions, partnering with biopharmaceutical, biotechnology, and medical device companies [9]. - The company offers services across various phases of clinical trials and has extensive experience in over 20 therapeutic areas [9][10].

Core Insights - Fortrea, a leading global contract research organization (CRO), will release its third quarter 2025 financial results on November 5, 2025, before market opens [1] - A conference call will be held at 8:00 am ET on the same day to discuss the financial results and conduct a Q&A session [1] Company Overview - Fortrea is a prominent 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 three decades of experience across more than 20 therapeutic areas [3] - Fortrea operates in approximately 100 countries, delivering focused and agile solutions to its global customers [3]

Core Viewpoint - Fortrea has appointed William Sharbaugh to its Board of Directors, bringing over three decades of experience in the pharmaceutical industry, which will enhance the company's leadership and strategic direction [2][3][4]. Company Overview - Fortrea (Nasdaq: FTRE) 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 [5]. - 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 [5]. Leadership Appointment - William Sharbaugh's extensive background includes roles as chairman of the board of Ora LLC and board member of Launch Therapeutics, Inc., along with previous positions at PPD, Inc. and Bristol-Myers Squibb [4]. - Sharbaugh's experience in both CRO and pharmaceutical companies is expected to provide practical insights to Fortrea's Board, aligning with the company's mission to deliver life-changing treatments to patients [3][4]. Strategic Focus - The appointment of Sharbaugh is seen as a strategic move to enhance Fortrea's capabilities in drug development and to strengthen its position as a trusted partner to clients [3][4].

Group 1: Fund Performance - Madison Mid Cap Fund (Class Y) returned 5.2% in Q2 2025, underperforming the Russell Midcap Index which increased by 8.5% [1] - The fund's top five holdings were highlighted, indicating its best investment picks for 2025 [1] Group 2: Medpace Holdings, Inc. Overview - Medpace Holdings, Inc. (NASDAQ:MEDP) is a clinical research-based drug and medical device development services provider [2] - The stock of Medpace Holdings, Inc. had a one-month return of 8.26% and a 52-week gain of 37.25%, closing at $501.94 per share with a market capitalization of $14.101 billion on September 18, 2025 [2] Group 3: Investment Insights on Medpace Holdings, Inc. - Madison Mid Cap Fund added Medpace Holdings, Inc. as a new investment in Q2 2025, emphasizing its focus on providing clinical trial services to small biotech companies [3] - The company, led by founder Dr. August Troendle, has a differentiated expertise in oncology and metabolic disorders, with only a ~5% share of the addressable market, indicating significant growth potential [3] - Medpace Holdings, Inc. reported revenue of $603.3 million in Q2 2025, reflecting a year-over-year increase of 14.2% [4]

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]

Market Overview - China's blue-chip CSI300 Index increased by 2.3%, reaching its highest level since March 2022, while the Shanghai Composite Index rose by 1.7% [6] - The STAR50 Index, which focuses on technology and artificial intelligence stocks, has gained 34% year-to-date, indicating strong market performance in these sectors [6] AI and Technology Sector - Onshore AI shares experienced a significant jump of 6.8%, marking the largest single-day gain since October 18, 2024, with Cambricon Technologies leading the surge at 9% [6] - Shares of optical module companies Zhongji Innolight and Eoptolink Technology rose by 14% and 13%, respectively, reflecting investor confidence in the optical technology segment [6] Biotech Sector - Biotech shares faced initial declines due to reports of potential U.S. restrictions on Chinese drug imports, but losses were mitigated by market close, with the CSI Brand Name Drug Index down only 0.8% [4][6] - Analysts from Orient Securities suggested that the proposed draft targeting Chinese innovative drugs is unlikely to be effectively implemented, citing challenges in patient access to treatments [5][6] Hong Kong Market - Technology shares in Hong Kong opened lower but stabilized by market close, with Alibaba's stock slightly increasing after announcing plans to raise $3.2 billion through a zero-coupon convertible bond [5][6] Agriculture Sector - Shares of pig producers, particularly Muyuan, rose by 5.6% following reports that the Chinese government is engaging with major pig breeders to discuss production cuts [6]

Core Viewpoint - Inotiv, Inc. is actively participating in several upcoming investment conferences, showcasing its commitment to engaging with investors and promoting its services in the drug discovery and development sector [1][2]. Company Overview - Inotiv, Inc. is a leading contract research organization that specializes in nonclinical and analytical drug discovery and development services, as well as research models and related products [3]. - The company focuses on enhancing efficiency, improving data quality, and reducing costs associated with bringing new drugs and medical devices to market [3]. - Inotiv aims to support researchers in achieving their research and development objectives while contributing to a healthier and safer world [3]. Conference Participation - Inotiv's management, including President and CEO Robert Leasure Jr. and CFO Beth Taylor, will participate in the following conferences: - Baird Global Healthcare Conference on September 9, 2025, at 12:50 PM Eastern Time [2]. - H.C. Wainwright 27th Annual Global Investment Conference on September 10, 2025, at 12:30 PM Eastern Time [2]. - Lake Street Capital Markets 9th Annual Best Ideas Growth Conference on September 11, 2025, with a focus on 1-on-1 institutional investor meetings [2].

Core Viewpoint - Inotiv, Inc. reported a significant increase in revenue for the third quarter of fiscal 2025, driven by growth in its Research Models and Services segment, while also showing improvements in operating loss and adjusted EBITDA compared to the previous year [1][9][11]. Financial Performance - Q3 FY 2025 revenue increased by 23.5% to $130.7 million compared to $105.8 million in Q3 FY 2024, with Research Models and Services (RMS) revenue rising by 34.1% and Discovery and Safety Assessment (DSA) revenue increasing by 8.9% [2][6][9]. - Year-to-date revenue for FY 2025 reached $374.9 million, a 4.0% increase from $360.3 million in FY 2024, primarily due to a $13.8 million increase in RMS revenue [12][11]. - The consolidated net loss for Q3 FY 2025 was $17.6 million, or 13.5% of total revenue, compared to a net loss of $26.1 million, or 24.7% of total revenue, in Q3 FY 2024 [11][9]. - Adjusted EBITDA for Q3 FY 2025 was $11.6 million, or 8.9% of total revenue, compared to $0.1 million, or 0.1% of total revenue, in Q3 FY 2024 [11][9]. Segment Performance - DSA revenue for Q3 FY 2025 was $48.2 million, up from $44.2 million in Q3 FY 2024, while RMS revenue was $82.5 million, compared to $61.6 million in the same period last year [2][6]. - The DSA net awards increased by 25% year-over-year in Q3 FY 2025, following a 27% increase in the previous quarter, indicating strong growth in quoting and awards [4][3]. Operational Insights - The company experienced a significant improvement in operating loss, reducing it from $20.8 million in Q3 FY 2024 to $5.7 million in Q3 FY 2025, largely due to increased revenue and decreased operating expenses [10][11]. - The book-to-bill ratio for DSA services was 1.07x for Q3 FY 2025, indicating a healthy demand for services [11]. Recent Developments - The SEC concluded its investigation related to non-human primate importations without recommending enforcement action against the company [11]. - The company recorded a $10.0 million accrual for ongoing securities class action lawsuits, expecting to recover the full amount under existing insurance policies [11].