Highest-materiality recent filing
Fortrea CFO placed on leave after court order; Q2 revenue $678M, raises FY guidance
CFO Jason Knoblauch placed on paid leave after Delaware court grants TRO in lawsuit by prior employer alleging restrictive covenant violations.
Fortrea appoints Jason Knoblauch as CFO effective July 6, 2026; Jill McConnell steps down
Jason Knoblauch appointed CFO effective July 6, 2026, succeeding Jill McConnell who steps down but remains for transition.
Fortrea Q1 revenue $636.5M; adjusted EPS $0.16 beats prior year; book-to-bill 1.15x
Revenue $636.5M, down 2.3% YoY from $651.3M; GAAP net loss $23.6M ($0.25 loss per share).
Fortrea Q4 rev $660.5M, adj EBITDA $54M; FY adj net income $40.4M; guides 2026 rev $2.55-2.65B
Q4 revenue $660.5M vs $697.0M YoY; GAAP net loss $(32.5)M ($(0.35)/share) vs $(73.9)M loss in Q4 2024.
Fortrea Q3 revenue $701.3M, GAAP net loss $(0.17)/share; raises FY revenue guide
Revenue $701.3M (+4% YoY); GAAP net loss $(15.9)M vs $(18.5)M loss in Q3 2024.
Fortrea Q2 GAAP loss $374.9M on $309.1M goodwill impairment; raises 2025 revenue guidance
Revenue $710.3M, +7% YoY; GAAP net loss $374.9M ($4.14 diluted loss) includes $309.1M non-cash goodwill impairment.
Fortrea adopts limited-duration rights plan with 10% trigger and 50% discount
Rights trigger if any person acquires 10%+ of common stock; other holders can buy shares at 50% discount.
Fortrea names Anshul Thakral as permanent CEO effective August 4, 2025
Anshul Thakral appointed President and CEO, effective August 4, 2025; replaces interim CEO Peter Neupert who remains chairman.
Fortrea CEO Thomas Pike steps down; Peter Neupert appointed interim CEO
CEO Thomas Pike steps down on May 13, 2025; will serve as special consultant through at least Sept 30, 2025.
Fortrea Q1 revenue $651M, GAAP loss $562.9M; CEO Pike steps down, interim CEO named
GAAP net loss $562.9M ($6.25 diluted loss) includes $488.8M goodwill impairment.
Fortrea reports Q4 revenue $697M, full-year net loss $271.5M; issues 2025 guidance below 2024
Q4 2024 revenue $697.0M (-1.8% YoY); GAAP net loss $(73.9)M, diluted EPS $(0.82) vs loss $(48.6)M in Q4 2023.
Fortrea appoints Erin Russell to board, reaches cooperation pact with Starboard
Erin L. Russell appointed independent director; effective before next board meeting.
Fortrea Q3 revenue $674.9M, GAAP loss $(0.21)/share; FY rev guidance lowered to $2.7B-$2.725B
Q3 2024 revenue $674.9M, down from $713.8M YoY; GAAP net loss $(18.5)M vs $(16.1)M YoY.
Fortrea Q2 revenue down 8.6% to $662.4M, net loss $99.3M, cuts full-year guidance
Revenue $662.4M (-8.6% YoY); GAAP net loss $99.3M vs net income $25.0M prior year.
Fortrea repays $275M in term loans, plans $200M more via $300M receivables securitization
Repaid $129M on June 14 and $146M on June 18, total $275M principal reduction on term loans.
Final purchase price $295M paid at closing plus $45M upon achieving transition milestones.
Fortrea reports Q1 revenue $662.1M, net loss $81.6M; FY revenue guidance $2.785-2.855B
Q1 revenue $662.1M vs $693.9M YoY; GAAP net loss $81.6M vs net income $7.3M YoY.
Fortrea enters $300M receivables facility, amends credit covenants to ease leverage through mid-2025
$300M receivables securitization with PNC Bank; 3-year term ending May 2027.
Fortrea reports FY2023 net loss; sells Endpoint & Patient Access to Arsenal for $345M
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.
Fortrea reports Q4 book-to-bill >1.2x; exits 40% of TSAs; review clears trial conduct
Book-to-bill ratio exceeded 1.2x for Q4 2023 and for first six months as an independent company.
Fortrea disputes ACELYRIN claims on HS and PsA trial conduct; stands by data integrity
Fortrea objects to ACELYRIN's implication that its conduct of the Hidradenitis Suppurativa trial impacted outcomes.
Fortrea Q3 revenue up 2% to $776M but GAAP net loss of $13.1M; adjusted EBITDA down 33% YoY
GAAP diluted EPS of ($0.15) vs $0.68 in Q3 2022; adjusted EPS of $0.24.
Administrative error in Original Earnings Release: 'Provision for income taxes' line item was $70.6M (should be $36.2M).
Fortrea grants CEO Thomas Pike $20M equity award; mix changed to 50/50 RSUs and options
Grant date fair value of $20M: 377,074 RSUs plus options on 799,272 shares at $26.52.
Fortrea Q2 net income drops to $28.3M from $66.4M; revenue flat, adjusted EBITDA down 37% YoY
Revenue $793.0M flat YoY; Clinical Services $726.1M, Enabling Services $66.9M.
Fortrea Holdings completes spinoff from Labcorp; issues $570M 7.5% notes due 2030
Spinoff effective June 30, 2023; Labcorp stockholders receive one Fortrea share per Labcorp share held on June 20 record date.
Fortrea issues $570M notes and enters $1.52B credit facilities to fund spin-off from Labcorp
Issued $570M 7.500% Senior Secured Notes due 2030 at par; proceeds escrowed pending spin-off completion by Sept 30, 2023.
Fortrea prices $570M senior secured notes at 7.5% due 2030 for spinoff funding
$570M senior secured notes priced at 7.500% interest, maturing July 1, 2030.
On July 8, 2026, Robert A. Parks informed Fortrea Holdings Inc. (the “Company”) of his intention to resign from his position as Chief Accounting Officer and principal accounting officer to pursue an opportunity outside the contract research organization industry.
On the Effective Date, Carrie Russell, the Company’s Vice President of Accounting, will be designated as and assume the responsibilities of interim principal accounting officer and interim Chief Accounting Officer in addition to her role as Vice President of Accounting, until a successor principal accounting officer and Chief Accounting Officer is appointed.
has appointed Jason Knoblauch as the Company’s Chief Financial Officer, effective July 6, 2026 (the "Transition Date").
He will succeed Jill McConnell, who is stepping down as Chief Financial Officer on the Transition Date but intends to remain employed with the Company for a transition period.
Mr. Thakral will replace Peter M. Neupert, who has served as Interim Chief Executive Officer since May 13, 2025, although Mr. Neupert will continue to serve as a director of the Company and Chairman of the Board.
the Board also appointed Mr. Thakral as a Class III director, effective as of the Effective Date
the Board of Directors of the Company (the “Board”) has appointed Anshul Thakral as President and Chief Executive Officer of the Company, effective upon his start date with the Company on August 4, 2025
Mr. Pike will resign as a member of the Company’s Board of Directors
the Board has appointed Peter M. Neupert, 69, a director on the Board, to succeed Mr. Pike as Interim Chief Executive Officer (“Interim CEO”).
Thomas Pike is stepping down as the Company’s Chief Executive Officer (“CEO”) on May 13, 2025
appointed Erin L. Russell as a Class II director on the Board of the Company, effective March 7, 2025.
On February 21, 2025, the Board, as recommended by the Board’s Nominating, Corporate Governance and Compliance Committee, accepted Andrew Eckert’s resignation as a member of the Board, effective as of such date.
Max materiality 0.85 · Median 0.65 · Most common event leadership