Business
Fortrea Reports Second Quarter 2024 Results
For the three months ended June 30, 2024, from continuing operations: Revenues of $662.4 millionGAAP net loss of $(99.3) millionAdjusted EBITDA of $55.2
About this update from Fortrea Holdings Inc.
[{"type":"text","content":"For the three months ended June 30, 2024, from continuing operations: Revenues of $662.4 millionGAAP net loss of $(99.3) millionAdjusted EBITDA of $55.2 millionGAAP and adjusted diluted loss per share of $(1.11) and $(0.03), respectivelyBook-to-bill ratio of 0.96x, resulting in 1.16x book-to-bill for the trailing 12 monthsCompleted divestiture of assets relating to the Endpoint Clinical and Patient Access businessesDebt paydown of $504 million in the quarter using initial divestiture and securitization proceedsRevised full-year guidance DURHAM, N.C., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (“CRO”), today reported financial results for the second quarter ended June 30, 2024. “Fortrea continues to make progress with customers and our business, which is not reflected in the headline numbers,” said Tom Pike, chairman and CEO of Fortrea. “We won some important opportunities this quarter. We have increased our focus as an innovative, global pure-play clinical services organization. We have now exited 60 percent of our Transition Services Agreement and are making good progress on the most difficult part, the IT systems, and managing the related one-time costs. We have reduced our debt. We have our margin improvement actions in focus. We are transforming. I’m confident we’re headed in the right direction to deliver value for all our stakeholders, delivering solutions that bring new treatments to patients faster.” All commentary in this press release relates to continuing operations unless otherwise noted. Second Quarter 2024 Financial Results Revenue for the second quarter was $662.4 million, compared to $725.1 million in the second quarter of 2023. Second quarter GAAP net loss was $(99.3) million and diluted loss per share was $(1.11) compared to second quarter of 2023 GAAP net income of $25.0 million and diluted earnings per share of $0.28. Second quarter adjusted EBITDA was $55.2 million, compared to second quarter 2023 adjusted EBITDA of $71.9 million. Adjusted EBITDA increased sequentially by 103.7% in the quarter. Backlog as of June 30, 2024, was $7.366 billion, and the book-to-bill ratio for the quarter was 0.96x. First Half 2024 Financial Results Revenue for the first half was $1,324.5 million, compared to $1,419.0 million in the first half of 2023...