Fortrea Holdings Inc

FTRE

Equity

ISIN US34965K1079 / Valor 127734378

NASDAQ (2024-09-18)

USD 22.98+3.75%

Fortrea Holdings Inc
UMushroom community rating:

0.00 0 votes No rating yet

NegativeNeutralPositive

About company

Fortrea Holdings Inc. operates as a global provider in the healthcare sector, specializing in a wide range of services that support the lifecycle of clinical trials from Phase I through IV. The company's offerings encompass clinical pharmacology, patient access solutions, and other essential services aimed at facilitating the development and delivery of healthcare innovations. Fortrea distinguishes itself by partnering with both emerging and established biopharmaceutical, as well as medical device and diagnostic companies, leveraging its expertise to advance healthcare solutions worldwide. With a workforce of over 19,000 professionals, Fortrea is committed to delivering customized clinical trial solutions through three primary delivery models: full service, functional service provision, or a hybrid approach. This tailored strategy enables the company to meet the diverse needs of its clients across nearly 100 countries, underscoring its role as a key player in driving global healthcare innovation.

Summarized from source with an LLMView SourceSector: Healthcare

Q4 2023 Revenue

Fortrea Holdings Inc reported a revenue of $775.4 million in the fourth quarter of 2023, showing an increase from $761.7 million in the same quarter the previous year. The revenue for Clinical Services was $709.7 million, while revenue from Enabling Services stood at $65.7 million.

Q4 2023 Net Loss

For the fourth quarter of 2023, Fortrea Holdings Inc experienced a GAAP net loss of $(36.0) million, a significant shift from a net income of $33.4 million in the fourth quarter of 2022. The diluted loss per share was $(0.41).

Full Year 2023 Financials

Fortrea Holdings Inc's full-year revenue for 2023 reached $3,109.0 million, slightly up from $3,096.1 million in 2022. The company reported a GAAP net loss of $(3.4) million for the year, compared to a net income of $192.9 million in the previous year. The diluted loss per share was $(0.04).

Adjusted EBITDA

The adjusted EBITDA for Fortrea Holdings Inc in the fourth quarter of 2023 was $67.2 million, down from $109.8 million in the same quarter of the previous year. For the full year, adjusted EBITDA was $267.3 million, compared to $405.1 million in 2022.

2024 Financial Outlook

Fortrea Holdings Inc has set its revenue target for 2024 in the range of $3,140 million to $3,205 million and expects adjusted EBITDA to be between $280 million and $320 million. This guidance excludes the impact of the planned divestiture of Endpoint Clinical and Fortrea Patient Access.

Summarized from source with an LLMView Source

Key figures

-20.0%1Y

%3Y

%5Y

Performance

50.6%1Y

51.6%3Y

51.6%5Y

Volatility