Fortrea Holdings Inc. ( (FTRE) ) has released its Q4 earnings. Here is a breakdown of the information Fortrea Holdings Inc. presented to its investors.
Fortrea Holdings Inc. is a global contract research organization specializing in clinical development solutions for the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies to accelerate healthcare innovation.
In its latest earnings report, Fortrea Holdings Inc. announced its financial results for the fourth quarter and full year of 2024, alongside its financial guidance for 2025. The company reported a decline in revenue and a net loss for both the quarter and the year, but highlighted a strong book-to-bill ratio and positive customer satisfaction metrics as key achievements.
For the fourth quarter of 2024, Fortrea reported revenues of $697.0 million, a decrease from the previous year’s $709.7 million, and a net loss of $73.9 million. The adjusted EBITDA for the quarter was $56.0 million, slightly down from $58.9 million in the same period of 2023. The company’s book-to-bill ratio stood at 1.35x, indicating strong demand for its services. For the full year, Fortrea’s revenue was $2,696.4 million, down from $2,842.5 million in 2023, with a net loss of $271.5 million. The adjusted EBITDA for the year was $202.5 million, compared to $245.8 million in the prior year.
Looking ahead, Fortrea has issued its financial guidance for 2025, targeting revenues between $2,450 million and $2,550 million, and adjusted EBITDA between $170 million and $200 million. The company remains focused on transforming its operations post-transition and aims to create value for its stakeholders by enhancing customer experiences and satisfaction.
Fortrea’s management remains optimistic about the company’s future, emphasizing its readiness to move from transition to transformation. The company aims to leverage its strong customer relationships and operational improvements to drive growth and innovation in the coming year.