---
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"
generated_at: "2026-06-05T00:08:52.527128+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001965040-24-000006
- JSON: https://secwatch.observer/filing/0001965040-24-000006.json
- Plain text: https://secwatch.observer/filing/0001965040-24-000006.txt

## Key facts
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1965040/000196504024000006/0001965040-24-000006-index.htm
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1965040/000196504024000006/0001965040-24-000006-index.htm
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1965040/000196504024000006/0001965040-24-000006-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.