secwatch.observer — SEC 8-K summary
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Issuer:     Fortrea Holdings Inc. (FTRE)
CIK:        0001965040
Form:       8-K
Filed at:   2024-03-11T23:59:59+00:00
Accession:  0001965040-24-000006
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1965040/000196504024000006/0001965040-24-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1965040/000196504024000006/ftre-20240311.htm
  HTML page:      https://secwatch.observer/filing/0001965040-24-000006

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer