Business
Fortrea Reports First Quarter 2025 Results
For the three months ended March 31, 2025, from continuing operations: Revenues of $651.3 millionGAAP net loss of $(562.9) million, inclusive of a non-cash
About this update from Fortrea Holdings Inc.
[{"type":"text","content":"For the three months ended March 31, 2025, from continuing operations: Revenues of $651.3 millionGAAP net loss of $(562.9) million, inclusive of a non-cash goodwill impairment chargeAdjusted EBITDA of $30.3 millionGAAP and adjusted net (loss) income per diluted share of $(6.25) and $0.02, respectivelyBook-to-bill ratio of 1.02x, resulting in 1.14x book-to-bill for the trailing 12 months DURHAM, N.C., May 12, 2025 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today reported financial results for the first quarter ended March 31, 2025. “Fortrea’s first quarter performance represents a solid start to 2025,” said Tom Pike, Chairman and CEO of Fortrea. “We are focused on the disciplined execution of our strategy, strengthening our business model to improve our efficiency, and better serving our customers.” All commentary in this press release relates to continuing operations unless otherwise noted. First Quarter 2025 Financial Results Revenue for the first quarter was $651.3 million, compared to $662.1 million in the first quarter of 2024. First quarter GAAP net loss was $562.9 million and diluted loss per share was $6.25, inclusive of a non-cash goodwill impairment charge of $488.8 million, compared to first quarter of 2024 GAAP net loss of $79.8 million and diluted loss per share of $0.89. First quarter adjusted EBITDA was $30.3 million, compared to first quarter of 2024 adjusted EBITDA of $27.1 million. Backlog as of March 31, 2025 was $7,721 million, and the book-to-bill ratio for the quarter was 1.02x. The Company reiterated its guidance for the full year 2025, targeting revenues in the range of $2,450 million to $2,550 million and adjusted EBITDA guidance in the range of $170 million to $200 million. The guidance assumes foreign currency exchange rates as of December 31, 2024, remain in effect for the forecast period. Other Developments On May 12, 2025, the Company announced that Fortrea’s Lead Independent Director, Peter M. Neupert, will serve as Interim Chief Executive Officer and Board Chair as Thomas Pike is stepping down from his role beginning May 13, 2025. As part of a succession planning process, an executive search is already at an advanced stage. Mr. Pike has entered into a consulting agreement with the Company to serve as a resource to its leadershi...