Welcome to our dedicated page for Fortrea Holdings news (Ticker: FTRE), a resource for investors and traders seeking the latest updates and insights on Fortrea Holdings stock.
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) 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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