{"schema_version":"secwatch.filing_event.v1","accession":"0001965040-24-000006","form_type":"8-K","ticker":"FTRE","cik":"0001965040","company_name":"Fortrea Holdings Inc.","filed_at":"2024-03-11T23:59:59+00:00","discovered_at":"2026-05-14T18:03:26.389772+00:00","generated_at":"2026-06-05T00:08:52.527128+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Fortrea reports FY2023 net loss; sells Endpoint & Patient Access to Arsenal for $345M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001965040-24-000006","json":"https://secwatch.observer/filing/0001965040-24-000006.json","markdown":"https://secwatch.observer/filing/0001965040-24-000006.md","text":"https://secwatch.observer/filing/0001965040-24-000006.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1965040/000196504024000006/0001965040-24-000006-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1965040/000196504024000006/ftre-20240311.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-05T00:08:52.527128+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"11486e6be1c3c73ff9109f8ce1d31251b3af298c","claim":"Fortrea Holdings Inc. reported year ended December 31, 2023 results: revenue $3,109.0 million, net income $(3.4) million, EPS $(0.04).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1965040/000196504024000006/0001965040-24-000006-index.htm","confidence":1.0,"family_label":"Earnings Releases","details":[{"label":"Period","value":"year ended December 31, 2023"},{"label":"Revenue","value":"$3,109.0 million"},{"label":"Net income","value":"$(3.4) million"},{"label":"EPS","value":"$(0.04)"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"8af6300b6a735e817d7d7c5cad88e44f8bd748d8","claim":"Fortrea Holdings Inc. reported full year 2024 results: revenue $3,140 million to $3,205 million. Guidance initiated.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1965040/000196504024000006/0001965040-24-000006-index.htm","confidence":1.0,"family_label":"Earnings Releases","details":[{"label":"Period","value":"full year 2024"},{"label":"Revenue","value":"$3,140 million to $3,205 million"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"guidance update"}],"fact_type":"earnings_release"},{"claim_id":"f22afdbf2f85e4b7f436ad0e1a5d43b3de204392","claim":"Fortrea Holdings Inc. reported three months ended December 31, 2023 results: revenue $775.4 million, net income $(36.0) million, EPS $(0.41).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1965040/000196504024000006/0001965040-24-000006-index.htm","confidence":1.0,"family_label":"Earnings Releases","details":[{"label":"Period","value":"three months ended December 31, 2023"},{"label":"Revenue","value":"$775.4 million"},{"label":"Net income","value":"$(36.0) million"},{"label":"EPS","value":"$(0.41)"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}