PresentationDavid WindleyJefferies LLC, Research Division All right. Good morning, everybody. Hope you're well. Hope you got a good night sleep. Maybe go out and drink a few glasses of wine, hit the pillow. Appreciate your attendance here at Jefferies London Healthcare Conference. I'm Dave Windley. I'm based in the States and equity research. I'll tell this tired joke again, but I've covered CROs for a long time in ICON since way back in the 1900s. So the management team has heard me say that too many time ...

Group 1 - David Windley from Jefferies LLC has over 25 years of experience covering Contract Research Organizations (CROs) [1] - Charles River Laboratories is represented by COO Birgit Girshick and lead IR Todd Spencer at the event [2]

澳大利亚阿德莱德, Nov. 10, 2025 (GLOBE NEWSWIRE) -- 为生物技术企业提供全球合同研究组织服务的合作机构 Avance Clinical 宣布成立肾脏与心血管代谢卓越中心。 该中心旨在加快临床研发进程，具体举措包括在研究设计初期即纳入治疗领域专家、强化患者招募与留存工作，同时为研究项目提供从试验方案设计到研究收尾阶段的全流程指导。 患者招募与留存一直是临床试验面临的难题，这导致肾脏与心血管代谢疾病相关后期研究屡屡出现延期，耗费大量成本。 尽管行业内普遍设立科学顾问委员会，但许多试验方案在设计初期仍缺乏足够的治疗领域专业支撑。 合同研究组织 (CRO) 与研究人员之间的沟通断层则进一步加剧了这些问题。 新设立的卓越中心从项目启动之初便推动科研专家与研究人员开展协作，以解决上述各类难题。 “我们通过在招募问题发生前就加以解决，从而加快试验进程，”高级总监兼肾脏与心血管代谢业务运营战略负责人 Manthinda (Manthi) Hettiarachchi 博士表示。 “例如，亚太地区在肾脏疾病、糖尿病和心脏病方面的疾病负担最重，这使得患者获取渠道的搭建至关重要。 通过从一开始就让 ...

Q3 2025 Earnings Presentation 11.05.2025 Nasdaq: FTRE Learn more at fortrea.com. ©2025 Fortrea Inc. All rights reserved. Fortrea Q3'2025 Earnings presentation FORWARD-LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES Forward-Looking Statements Disclosure. Certain information in this presentation contains "forward-looking" statements. You should not place undue reliance on these statements. Forward-looking statements include information concerning our possible or assumed future results of operations, includin ...

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $659.9 million, representing a year-over-year increase of 23.7% [5][6] - Year-to-date revenue as of September 30, 2025, was $1.82 billion, an increase of 15.9% [7] - EBITDA for Q3 2025 was $148.4 million, up 24.9% from $118.8 million in Q3 2024 [7][8] - Net income for Q3 2025 was $111.1 million, a 15.3% increase compared to $96.4 million in the prior year [8] - Full-year 2025 total revenue is expected to be in the range of $2.48 billion to $2.53 billion, representing growth of 17.6% to 20% over 2024 [9] Business Line Data and Key Metrics Changes - Net new business awards entering backlog in Q3 increased 47.9% year-over-year to $789.6 million, resulting in a net book-to-bill ratio of 1.20 [5][6] - Ending backlog as of September 30, 2025, was approximately $3 billion, a 2.5% increase from the prior year [5][6] Market Data and Key Metrics Changes - Pass-through costs are expected to remain high, representing between 41% and 42% of revenue [5] - The therapeutic mix has shifted to faster-burning studies, impacting the concentration of reimbursable costs [7] Company Strategy and Development Direction - The company is focused on refilling its pipeline of opportunities and anticipates low double-digit revenue growth for 2026 [4] - Management indicated that the pass-through costs may peak in Q4 2025 and then decrease in 2026 [14] - The company is experiencing a competitive environment with an increase in the number of CROs bidding for projects, but maintains a strong competitive position [49][50] Management's Comments on Operating Environment and Future Outlook - Management noted that cancellations have been a significant factor affecting business, rather than a weak funding environment [25] - The overall business environment remains stable, with improvements in funding and fewer cancellations expected to continue [41] - Management expressed confidence in the ability to convert backlog into revenue, with a larger pre-backlog bucket of awarded studies [22][39] Other Important Information - The company repurchased approximately 14,649 shares for $4.5 million in Q3 2025, with $821.7 million remaining under the share repurchase authorization program [8][9] - The effective tax rate for 2025 is projected to be between 18.25% and 18.75% [9] Q&A Session Summary Question: How should we think about the pass-throughs in relation to the increase in metabolic work? - Management indicated that pass-through costs are expected to level off and may decrease in 2026, driven by the timing of projects and the nature of new studies [12][14] Question: Why is the EBITDA growth lower than revenue growth? - The primary driver for the lower EBITDA growth is attributed to pass-through costs, along with other challenges such as exchange rates [16][18] Question: How does the conversion rate of pre-backlog factor into future revenue? - Management noted that the pre-backlog of awarded studies is larger than the current backlog and is expected to improve backlog conversion in 2026 [22][39] Question: What is the competitive landscape like? - Management stated that while competition has increased, their win rate remains stable, and they do not see a significant deterioration in competitive position [49][50] Question: Can you provide more detail on the metabolic indexing? - Management confirmed that GLP-1 accounts for a significant portion of their metabolic work, but there are also other therapeutic areas contributing to growth [74][75]

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]