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].

Core Insights - Inotiv, Inc. reported a 23.5% increase in revenue for Q3 FY 2025, reaching $130.7 million compared to $105.8 million in Q3 FY 2024, driven by significant growth in Research Models and Services (RMS) and Discovery and Safety Assessment (DSA) segments [1][7][11] - Year-to-date revenue for FY 2025 increased by 4.0% to $374.9 million from $360.3 million in FY 2024, primarily due to higher RMS revenue [1][13][14] - The company experienced a consolidated net loss of $17.6 million in Q3 FY 2025, an improvement from a net loss of $26.1 million in Q3 FY 2024 [1][7][11] Financial Performance - Q3 FY 2025 revenue breakdown: RMS revenue increased by $21.0 million (34.1%) and DSA revenue increased by $3.9 million (8.9%) [3][11] - Adjusted EBITDA for Q3 FY 2025 was $11.6 million, or 8.9% of total revenue, compared to $0.1 million (0.1%) in Q3 FY 2024 [7][11][43] - The book-to-bill ratio for DSA services was 1.07x in Q3 FY 2025, indicating a healthy demand for services [7][11] Segment Analysis - DSA segment revenue for Q3 FY 2025 was $48.2 million, up from $44.2 million in Q3 FY 2024, while RMS segment revenue was $82.5 million, up from $61.6 million [3][34] - Year-to-date RMS revenue increased by 6.1% to $238.6 million, while DSA revenue saw a modest increase of 0.6% to $136.3 million [3][14] Management Commentary - The CEO highlighted progress towards financial goals set during the investor day in May, noting improved revenue and margins compared to the previous quarter [4][6] - The company remains focused on client satisfaction and the delivery of high-quality products and services, with a strong emphasis on operational data monitoring [5][6] Recent Developments - The SEC concluded its investigation related to non-human primate importations without recommending enforcement action against the company [14] - The company recorded a $10.0 million accrual for ongoing securities class action lawsuits, expecting to recover this amount under existing insurance policies [14]

Financial Performance & Guidance - Charles River's 2Q25 revenue reached $1032.1 million, a 0.6% increase year-over-year, but experienced a 0.5% organic decline[12, 36] - Non-GAAP EPS for 2Q25 was $3.12, an 11.4% increase year-over-year[14, 36] - The company is raising its revenue guidance by +150 bps to a 1%-3% decrease organically and Non-GAAP EPS by +$0.55 at midpoint to $9.90-$10.30[15] - The updated 2025 organic revenue growth guidance is a decrease of 3.0%-1.0%[16, 37] - Free cash flow for 2Q25 was $169.3 million, with FY 2025 guidance at $430-$470 million[49] Segment Performance - DSA (Discovery and Safety Assessment) revenue for 2Q25 was $618.0 million, a 1.5% decrease year-over-year, with a 2.4% organic decline[17] - RMS (Research Models and Services) revenue for 2Q25 was $213.3 million, a 3.3% increase year-over-year, with a 2.3% organic increase[26] - Manufacturing Solutions revenue for 2Q25 was $200.8 million, a 4.4% increase year-over-year, with a 2.9% organic increase[30] Demand Trends & Outlook - DSA net book-to-bill dipped back below 1x in 2Q25, to 0.82x [10] - The company now expects DSA revenue to decline at a low- to mid-single-digit rate in 2025, an improvement from the prior outlook of a mid-single-digit decline[21] - NAMs (New Approach Methodologies) portfolio generates approximately $200 million in annual DSA revenue[24]

Core Insights - Fortrea reported a revenue of $710.3 million for Q2 2025, an increase from $662.4 million in Q2 2024, indicating a year-over-year growth of approximately 7.5% [4][21] - The company experienced a GAAP net loss of $(374.9) million in Q2 2025, which included a non-cash goodwill impairment charge of $309.1 million, compared to a net loss of $(99.3) million in Q2 2024 [5][21] - Adjusted net income for Q2 2025 was $17.6 million, with diluted earnings per share of $0.19, contrasting with an adjusted net loss of $(2.3) million and a diluted loss per share of $(0.03) in Q2 2024 [5][34] - The backlog as of June 30, 2025, was $7,547 million, with a book-to-bill ratio of 0.79x for the quarter [6][9] - The company raised its revenue guidance for the full year 2025 to a range of $2,600 million to $2,700 million, while affirming adjusted EBITDA guidance between $170 million and $200 million [11][9] Financial Performance - For the first half of 2025, Fortrea reported revenues of $1,361.6 million, up from $1,324.5 million in the first half of 2024 [7][21] - The GAAP net loss for the first half of 2025 was $(937.8) million, which included a non-cash goodwill impairment charge of $797.9 million, compared to a net loss of $(179.1) million in the first half of 2024 [8][21] - Adjusted EBITDA for Q2 2025 was $54.9 million, slightly down from $55.2 million in Q2 2024 [5][29] Leadership Transition - Anshul Thakral joined Fortrea as CEO on August 4, 2025, succeeding Interim CEO Peter M. Neupert, who remains chairman of the Board [2][3] - Thakral expressed confidence in the company's position to assist customers in navigating the development landscape and emphasized the value of the company's team and operational excellence [3][2] Operational Highlights - The company is on track with cost-saving initiatives, which are expected to enhance operational efficiency [9] - Fortrea's leadership is focused on creating value for customers, employees, and shareholders, as stated by CFO Jill McConnell [2][3]

Group 1 - ICON Public Limited Company (NASDAQ: ICLR) has seen a stock increase of more than 15% over the last two days, primarily influenced by the performance of IQVIA [2] - The Value Lab focuses on long-only value investment strategies, aiming for a portfolio yield of approximately 4% and has achieved significant success over the past five years by engaging in international markets [1][2] - The Valkyrie Trading Society consists of analysts who share high conviction investment ideas that are expected to yield non-correlated and outsized returns in the current economic environment [3]