Fortrea reports FY2023 net loss; sells Endpoint & Patient Access to Arsenal for $345M

Fortrea Holdings Inc.

FY2023 revenue $3,109M (+0.4% YoY); GAAP net loss $(3.4)M vs $192.9M income in 2022; adjusted EBITDA $267.3M, down from $405.1M.
Q4 2023 revenue $775.4M; GAAP net loss $(36.0)M; adjusted EBITDA $67.2M; book-to-bill 1.30x.
2024 guidance: revenue $3,140M-$3,205M; adjusted EBITDA $280M-$320M, excluding planned divestiture impact.
Divests Endpoint Clinical and Fortrea Patient Access to Arsenal for $345M ($295M at close + $50M milestones); expected close Q2 2024.
Sam Osman to become CEO of divested businesses; remaining Fortrea becomes pure-play CRO focused on Phase 1-4.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Fortrea Holdings Inc. reported year ended December 31, 2023 results: revenue $3,109.0 million, net income $(3.4) million, EPS $(0.04).

Period: year ended December 31, 2023
Revenue: $3,109.0 million
Net income: $(3.4) million
EPS: $(0.04)
Result: reported results

Exact text from the filing

Full Year 2023 Financial Results Revenue for the full year was $3,109.0 million, compared to $3,096.1 million for the full year 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Fortrea Holdings Inc. reported full year 2024 results: revenue $3,140 million to $3,205 million. Guidance initiated.

Period: full year 2024
Revenue: $3,140 million to $3,205 million
Guidance: initiated
Result: guidance update

Exact text from the filing

2024 Financial Guidance For the full year 2024, the Company targets revenues in the range of $3,140 million to $3,205 million and adjusted EBITDA guidance in the range of $280 million to $320 million, excluding the impact of the planned transaction described below.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Fortrea Holdings Inc. reported three months ended December 31, 2023 results: revenue $775.4 million, net income $(36.0) million, EPS $(0.41).

Period: three months ended December 31, 2023
Revenue: $775.4 million
Net income: $(36.0) million
EPS: $(0.41)
Result: reported results

Exact text from the filing

Fourth Quarter 2023 Financial Results Revenue for the fourth quarter was $775.4 million, compared to $761.7 million in the fourth quarter of 2022.

View on SEC.gov

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Fortrea Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001965040-24-000006

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