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Fortrea Holdings Inc. (NASDAQ: FTRE) is a leading global contract research organization (CRO) dedicated to advancing clinical trials and patient access solutions. Established in 2023 after spinning off from LabCorp, Fortrea leverages decades of expertise acquired through LabCorp's purchase of Covance in 2015. The company specializes in managing comprehensive Phase I through IV clinical trials, clinical pharmacology, and patient access services. They collaborate with both emerging and established biopharmaceutical, medical device, and diagnostic companies, offering functional, full-service, and hybrid clinical trial solutions.
Headquartered in Durham, North Carolina, Fortrea employs approximately 19,000 staff members across 90 countries, making a significant impact on the global healthcare industry. Their extensive experience spans more than 20 therapeutic areas and includes a strong network of investigator sites, ensuring high-quality and efficient clinical trials. The company has been at the forefront of non-commercial specialty pharmacy services through FortreaRx, which expands access to life-changing medications.
In a strategic move to sharpen its focus on core clinical development services, Fortrea recently announced the divestiture of its Endpoint Clinical and Fortrea Patient Access businesses to Arsenal Capital Partners. This decision aims to streamline operations and enhance financial flexibility, positioning Fortrea for sustainable growth and innovation in the clinical research sector.
For investors and stakeholders, Fortrea's financial performance remains robust. Recent financial results for Q1 2024 reported revenues of $662.1 million and a backlog of $7.4 billion. The company continues to make strides in its operational goals and technological advancements, ensuring its position as a transformative force from pipeline to patient. For more information, visit Fortrea.com and follow their updates on LinkedIn and X (formerly Twitter) @Fortrea.
Fortrea (Nasdaq: FTRE) has appointed Robert “Bobby” Parks as its new Chief Accounting Officer (CAO). Parks will be responsible for overseeing Fortrea’s accounting functions, including financial reporting, risk management, and compliance with standards and regulations. He brings three decades of experience, having previously held senior roles at Quintiles (now IQVIA), Syneos, and SailPoint Technologies Holdings. A certified public accountant, Parks will start in August, succeeding Amanda Warren, who will remain as an advisor until November.
Fortrea (Nasdaq: FTRE) has announced the launch of its AI Innovation Studio, aimed at revolutionizing clinical trial execution with advanced AI and ML technologies. The studio will enhance speed, quality, and patient safety by automating repetitive tasks and empowering human-centric trial processes. Key innovations include smartphone-enabled data collection, large language models, and advanced predictive analytics. These initiatives are expected to improve patient recruitment, protocol optimization, and overall trial efficiency, contributing to Fortrea's vision for the future of the CRO industry.
Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), announced that its Chief Financial Officer, Jill McConnell, will participate in a virtual fireside chat hosted by Elizabeth Anderson, senior managing director at Evercore ISI. The event is scheduled for Thursday, June 20, 2024, at 2:00 pm ET, and will last for 30 minutes. Registration is required for the live event, and a replay will be available on the Fortrea Investor Relations website after the event.
Fortrea (Nasdaq: FTRE) has finalized the divestiture of its Endpoint Clinical and Fortrea Patient Access businesses to Arsenal Capital Partners. The deal allows Fortrea to focus on its core mission as a clinical contract research organization (CRO) while using the proceeds to reduce its debt structure. Endpoint Clinical and Fortrea Patient Access, both leaders in their respective fields, will benefit from Arsenal's expertise and resources. Sam Osman, former head of Fortrea's Enabling Services, will lead the newly independent entities as CEO, with Ray Hill serving as chairman.
Fortrea (Nasdaq: FTRE), a prominent global contract research organization (CRO), announced that its Chairman and CEO, Tom Pike, along with CFO Jill McConnell, will present at the Jefferies Global Healthcare Conference on June 5, 2024, at 11:00 am ET.
The presentation will be webcast live and accessible via Fortrea's Investor Relations website. A replay will be available post-event.
Fortrea (Nasdaq: FTRE), a global contract research organization, announced the appointment of Machelle Sanders to its Board of Directors on May 16, 2024.
Ms. Sanders, who has been North Carolina's Secretary of Commerce since February 2021, brings over 30 years of experience in operational and quality assurance roles within the pharmaceutical and biotechnology sectors.
Tom Pike, Fortrea’s chairman and CEO, highlighted her life sciences background and leadership skills as valuable assets for advancing Fortrea's differentiation strategy and delivering life-changing treatments faster.
Ms. Sanders expressed her enthusiasm for joining the Board and acknowledged the critical role of CROs in bringing new treatments to market.
Fortrea (Nasdaq: FTRE) reported financial results for Q1 2024 with revenues of $662.1 million, a GAAP net loss of $81.6 million, and adjusted EBITDA of $29.5 million. The company plans to divest assets related to Endpoint Clinical and Patient Access businesses. The book-to-bill ratio was 1.11x, with a backlog of $7.4 billion. Fortrea aims to be a top choice for clinical research organizations and is focused on differentiation to drive growth.
Fortrea, a leading global contract research organization (CRO), has rescheduled the release of its first quarter 2024 financial results to May 13, 2024. This delay is due to ongoing accounting and discontinued operations matters following a recent asset divestiture agreement. The company will host a conference call on the release date to discuss the financial results and conduct a Q&A session.
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