Fortrea Holdings Stock Price, News & Analysis

Fortrea (FTRE) reported its Q1 2025 financial results, showing revenues of $651.3 million, down from $662.1 million in Q1 2024. The company posted a significant GAAP net loss of $(562.9) million, largely due to a non-cash goodwill impairment charge of $488.8 million. Adjusted EBITDA improved to $30.3 million from $27.1 million year-over-year.

The company maintained a positive book-to-bill ratio of 1.02x for the quarter and 1.14x for trailing 12 months, with a backlog of $7,721 million. Fortrea reaffirmed its 2025 guidance, projecting revenues of $2,450-$2,550 million and adjusted EBITDA of $170-200 million. Additionally, the company announced a leadership change, with Lead Independent Director Peter M. Neupert replacing Thomas Pike as Interim CEO and Board Chair effective May 13, 2025.

Fortrea (FTRE) announced that CEO Thomas Pike is stepping down from his role as Chief Executive Officer and Chairman of the Board, effective May 13, 2025. Peter M. Neupert, the company's Lead Independent Director, will serve as Interim CEO and Board Chair. The company has already initiated an executive search process at an advanced stage, and Pike will remain as a consultant during the transition period.

Neupert brings significant healthcare and technology industry experience, having served as an Operating Partner at Health Evolution Partners and Corporate Vice President at Microsoft's Health Solutions Group. The leadership change comes as Fortrea approaches its two-year anniversary as an independent contract research organization (CRO).

The company will hold its earnings conference call on May 12, 2025, at 9 a.m. ET.

Fortrea (FTRE) has been named a Leader in Everest Group's Pharmacovigilance Operations PEAK Matrix Assessment 2025, recognized for excellence in both pre- and post-approval pharmacovigilance operations. The assessment evaluated 29 PV operations providers based on market impact, vision, and capability. Fortrea's global end-to-end safety solutions span from early clinical phases through post-approval, supported by dedicated professionals using industry-standard safety systems and proprietary automation. The company's comprehensive services include medical contact centers, case processing, medical review, aggregate reporting, safety surveillance, and QPPV support across 60+ therapeutic areas. Clients particularly praised Fortrea's scientific depth, scalability, and global reach, while Everest Group highlighted their multidisciplinary collaboration model, flexible delivery frameworks, and sustained technology investments.

Fortrea (FTRE), a leading global contract research organization (CRO), has scheduled its first quarter 2025 financial results announcement for Monday, May 12, 2025, before market opening. The company will host a conference call at 9:00 am ET the same day, featuring a financial results review and Q&A session.

Participants interested in joining the earnings call must register through the Fortrea Investor Relations website and are advised to connect 10 minutes before the call starts. A replay will be available in the events and presentations section of the company's IR website after the event.

Fortrea (FTRE) has released its Q4 and full-year 2024 financial results, reporting Q4 revenue of $697.0 million and full-year revenue of $2,696.4 million. The company posted a Q4 GAAP net loss of $(73.9) million and full-year net loss of $(271.5) million.

Key highlights include:

• Q4 book-to-bill ratio of 1.35x, with trailing twelve-month ratio at 1.16x
• Q4 adjusted EBITDA of $56.0 million; full-year adjusted EBITDA of $202.5 million
• Backlog of $7,699 million as of December 31, 2024
• Cash position of $118.5 million with gross debt of $1,142.0 million

For 2025, Fortrea projects revenue between $2,450-2,550 million and adjusted EBITDA of $170-200 million. The company has also secured a credit agreement amendment providing additional financial covenant flexibility through Q4 2026.

Fortrea (FTRE), a leading global contract research organization, has announced the appointment of Erin L. Russell to its Board of Directors through a cooperation agreement with Starboard Value LP, which owns 5.4% of Fortrea's outstanding common stock. Russell, a financial and healthcare executive, brings extensive experience from her roles including board positions at Modivcare (MODV), eHealth (EHTH), and Kadant (KAI), as well as 16 years as a principal at Vestar Capital Partners.

The agreement includes standard provisions such as a standstill and voting agreement with Starboard, which also retains the right to appoint a representative to the Board starting August 2025. Russell's appointment will be effective immediately prior to the next regularly scheduled Board meeting.

Fortrea (Nasdaq: FTRE) has announced its sponsorship of the SCRS Collaborate Forward working group, joining 16 leading Global Impact Partner organizations. The initiative aims to reduce administrative burdens in clinical research and improve trial efficiency through enhanced collaboration.

The working group will focus initially on study startup, developing best practices and solutions that can be implemented across the clinical research ecosystem. The group's efforts will concentrate on improving internal processes to enhance site sustainability and trial efficiency, ultimately benefiting patient experience.

Progress updates will be shared throughout 2025 via SCRS Site Solutions Summits and publications. The partnership represents a significant step toward fostering industry-wide innovation and emphasizes Fortrea's commitment to placing research sites at the center of clinical trial planning.

Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), has announced it will release its fourth quarter and full year 2024 financial results before market opens on Monday, March 3, 2025. The company will host a conference call at 9:00 am ET on the same day, featuring a financial results review and a question-and-answer session.

Participants interested in joining the earnings call should register through the Fortrea Investor Relations website and are advised to join at least 10 minutes before the call starts. A replay of the conference call will be made available on the events and presentations section of the company's Investor Relations website after the event.

Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), has announced its participation in the Citi Global Healthcare Conference. Chairman and CEO Tom Pike, along with CFO Jill McConnell, will deliver a presentation on Wednesday, December 4, 2024, at 1:45 pm ET.

The presentation will be accessible via live webcast on the Fortrea Investor Relations website, with a replay option available after the event.