Q3 2025 FINANCIAL RESULTS OCTOBER 22, 2025 FORWARD LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward- looking statements, including without limitation, statements regarding our forecasted financial results and the effective tax rate ...

Group 1 - Evercore ISI analyst Elizabeth Anderson raised the price target on Charles River (CRL) to $200 from $190, maintaining an Outperform rating on the shares [1] - The firm's survey indicates a positive outlook for preclinical CROs, with rising budgets and declining cancellations [1] - There is stable demand for discovery and toxicology services projected into 2025 and 2026 [1]

Core Insights - hVIVO PLC reported first-half revenue of £24 million, driven by growth in diversified services, particularly in laboratory operations and the newly acquired Clinical Research Services (CRS) [2][5] - The company maintains a debt-free status with cash deposits of approximately £23 million [2][6] - The integration of CRS and Cryostore is progressing well, with CRS contributing £5.2 million in revenue and Cryostore adding £300,000 [3][7] Financial Performance - EBITDA margins for the first half stood at around 12%, supported by operational efficiencies and upfront non-refundable fees from cancelled contracts [2][6] - The company aims for £47 million in revenue for 2025, with low single-digit EBITDA expected due to cost control measures [5][11] Market Conditions - Macroeconomic headwinds, including U.S. regulatory shifts and biotech funding pressures, have delayed clinical trial decisions [4][8] - Despite these challenges, the order book was £40 million at the end of June, with proposals submitted in 2025 already exceeding those of 2024 [4][10] Strategic Outlook - hVIVO is diversifying beyond infectious diseases, focusing on areas like cardio-metabolic trials, which positions the company for broader growth [5][12] - The company is optimistic about the sales pipeline, having submitted more proposals in the first half of 2025 than in all of 2024 [9][10] Integration and Acquisitions - The integration of CRS and Cryostore is largely complete, with operational teams aligned and backend integration ongoing [3][8] - The acquisitions were made for around £11 million, net of cash acquired, laying a foundation for long-term growth [7][8] Future Plans - The company is actively recruiting a new chair, with due diligence ongoing and an announcement expected soon [11] - hVIVO is confident in delivering strong results, supported by a strong foundation and a diverse service offering [12]

Group 1 - Medpace (NASDAQ: MEDP) reported its Q2 2025 financial results on July 21, 2025, exceeding expected earnings guidance for the quarter [2] - The company has raised its full-year 2025 revenue guidance, indicating positive growth prospects [2]

Financial Performance - Revenue for Q2 2025 was $603.3 million, a 14.2% increase compared to $528.1 million in Q2 2024 [13, 21] - Year-to-date revenue reached $1,161.9 million, an 11.8% increase from $1,039.1 million in 2024 [13, 21] - EBITDA for Q2 2025 was $130.5 million, a 16.2% increase compared to $112.3 million in Q2 2024 [21] - Year-to-date EBITDA reached $249.1 million, a 9.3% increase from $227.9 million in 2024 [21] - Net income for Q2 2025 was $90.3 million, a 2.2% increase compared to $88.4 million in Q2 2024 [21] - Net income per diluted share for Q2 2025 was $3.10, a 12.7% increase compared to $2.75 in Q2 2024 [21] Business Trends - Net new business awards for Q2 2025 were $620.5 million, a 12.6% increase compared to $551.0 million in Q2 2024 [13] - Ending backlog was $2,873.6 million, a 1.8% decrease compared to $2,924.9 million in Q2 2024 [13] Cash Flow - Free cash flow for Q2 2025 was $142.4 million, compared to $103.5 million in Q2 2024 [39, 41] - Free cash flow conversion was 109.2% for Q2 2025, compared to 92.2% in Q2 2024 [39, 41] Guidance - Full year 2025 revenue guidance is $2,420.0 million - $2,520.0 million, representing a 14.7% - 19.5% growth rate [28, 43] - Full year 2025 EBITDA guidance is $515.0 million - $545.0 million, representing a 7.3% - 13.5% growth rate [28, 43]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Fortrea Holdings Inc. due to allegations of misleading statements and financial misrepresentations that have led to significant investor losses [2][4]. Group 1: Legal Investigation and Claims - Investors who suffered losses exceeding $50,000 in Fortrea between July 3, 2023, and February 28, 2025, are encouraged to contact Faruqi & Faruqi to discuss their legal options [1]. - A federal securities class action has been filed against Fortrea, with an August 1, 2025, deadline for investors to seek the role of lead plaintiff [2]. Group 2: Allegations Against Fortrea - The complaint alleges that Fortrea overestimated revenue contributions from Pre-Spin Projects and overstated cost savings from exiting Transition Services Agreements (TSAs), leading to inflated EBITDA targets for 2025 [4]. - The company's public statements regarding its business model and financial prospects were deemed materially false and misleading [4]. Group 3: Stock Performance and Analyst Downgrades - On September 25, 2024, Jefferies downgraded Fortrea from buy to hold, citing weaknesses in its business model and a stock price drop of $2.73 per share (12.29%) [5]. - Baird Equity Research downgraded Fortrea to neutral on December 6, 2024, after the company canceled two scheduled conferences, resulting in a stock price decline of $1.90 per share (8.06%) [6]. - Following the announcement of disappointing financial results on March 3, 2025, Fortrea's stock price fell by $3.47 per share (25.05%) [7].

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Fortrea Holdings Inc. due to allegations of misleading statements and financial misrepresentations that have negatively impacted investors [3][5]. Group 1: Legal Investigation and Claims - Investors who suffered losses exceeding $50,000 in Fortrea between July 3, 2023, and February 28, 2025, are encouraged to contact Faruqi & Faruqi to discuss their legal options [1]. - A federal securities class action has been filed against Fortrea, with a deadline of August 1, 2025, for investors to seek the role of lead plaintiff [3]. Group 2: Allegations Against Fortrea - The complaint alleges that Fortrea overestimated revenue contributions from Pre-Spin Projects and overstated cost savings from exiting Transition Services Agreements (TSAs), leading to inflated EBITDA targets for 2025 [5]. - The company's public statements regarding its business model and financial prospects were claimed to be materially false and misleading [5]. Group 3: Stock Performance and Analyst Downgrades - On September 25, 2024, Jefferies downgraded Fortrea from buy to hold, citing weaknesses in the business model and a subsequent stock price drop of $2.73 per share (12.29%) to close at $19.48 [6]. - Baird Equity Research downgraded Fortrea to neutral on December 6, 2024, after the company canceled two scheduled conferences, resulting in a stock price decline of $1.90 per share (8.06%) to close at $21.67 [7]. - Following the announcement of disappointing financial results on March 3, 2025, Fortrea's stock fell by $3.47 per share (25.05%) to close at $10.38, with the company acknowledging that its revenue and EBITDA expectations for 2025 were not met [8].

Market Overview - The current Fortrea total addressable market size is over approximately $35 billion[8] - The Pharma & Biotech clinical development spend is over approximately $100 billion[8] - The industry projects a 6-9% long-term CRO market growth and a 3-5% near-term CRO market growth[8] - The industry projects an approximate 4% annual increase in CRO outsourcing rate[8] - Total Pharma R&D spend is projected to increase from $262 billion in 2023E to $302 billion in 2028E[8] Fortrea's Strategy and Operations - Fortrea was formed as an independent, publicly-listed company on July 1, 2023[12] - Fortrea conducts operations in over 90 countries[16] - More than one third of TSAs were exited by December 31st, 2023, with the remainder targeted for exit by December 31st, 2024[27] Quality and Compliance - Fortrea has conducted 797 customer audits and 391 regulatory inspections since 2020[32] - Fortrea has over 129 QA professionals globally, with over 42% having 5+ years tenure with Fortrea[32]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Fortrea Holdings Inc. for alleged violations of federal securities laws, with a deadline for investors to seek lead plaintiff status by August 1, 2025 [3][5]. Group 1: Allegations Against Fortrea - The complaint alleges that Fortrea and its executives made false and misleading statements regarding revenue expectations from Pre-Spin Projects and overstated cost savings from exiting Transitional Service Agreements (TSAs) [5]. - It is claimed that Fortrea's previously announced EBITDA targets for 2025 were inflated, leading to an overstatement of the company's business model viability and financial prospects [5]. - The company's public statements were deemed materially false and misleading at all relevant times [5]. Group 2: Stock Performance and Analyst Downgrades - On September 25, 2024, Jefferies downgraded Fortrea from buy to hold, citing weaknesses in the business model and a stock price drop of $2.73 per share (12.29%) to close at $19.48 [6]. - Following the cancellation of two scheduled conferences, Baird Equity Research downgraded Fortrea to neutral on December 6, 2024, resulting in a stock price decline of $1.90 per share (8.06%) to close at $21.67 [7]. - On March 3, 2025, Fortrea announced that its revenue and adjusted EBITDA projections for 2025 were not aligned with prior expectations, leading to a significant stock price drop of $3.47 per share (25.05%) to close at $10.38 [8]. Group 3: Legal Proceedings and Investor Actions - Investors who purchased Fortrea securities between July 3, 2023, and February 28, 2025, are encouraged to contact Faruqi & Faruqi to discuss their legal rights [1][3]. - The court-appointed lead plaintiff will be the investor with the largest financial interest in the relief sought, who will oversee the litigation on behalf of the class [9]. - Faruqi & Faruqi is also seeking information from whistleblowers, former employees, and shareholders regarding Fortrea's conduct [10].

Core Viewpoint - Fortrea Holdings Inc. is facing potential legal claims due to allegations of misleading statements regarding its financial performance and business model, particularly related to its Pre-Spin Projects and cost savings from exiting Transitional Service Agreements (TSAs) [4]. Group 1: Legal Investigation and Class Action - Faruqi & Faruqi, LLP is investigating claims against Fortrea and has set an August 1, 2025 deadline for investors to seek lead plaintiff status in a federal securities class action [2]. - Investors who suffered losses in Fortrea between July 3, 2023, and February 28, 2025, are encouraged to contact the firm to discuss their legal options [1]. Group 2: Financial Performance and Stock Price Impact - The complaint alleges that Fortrea overestimated revenue contributions from Pre-Spin Projects and overstated cost savings from exiting TSAs, leading to inflated EBITDA targets for 2025 [4]. - Following a downgrade by Jefferies on September 25, 2024, Fortrea's stock price fell by $2.73, or 12.29%, closing at $19.48 per share [5]. - A subsequent downgrade by Baird on December 6, 2024, after the cancellation of two conferences, resulted in a further stock price decline of $1.90, or 8.06%, closing at $21.67 per share [6]. - On March 3, 2025, Fortrea announced that its revenue and adjusted EBITDA expectations for 2025 were not aligned with prior forecasts, leading to a significant stock price drop of $3.47, or 25.05%, closing at $10.38 per share [7].