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    William Ortmayer

    Global Investment Research Analyst at Goldman Sachs

    William Ortmayer is a Global Investment Research Analyst at Goldman Sachs, focusing on equity research for the healthcare and life sciences sectors. He has covered companies such as Myriad Genetics and Fortrea Holdings, contributing to detailed coverage of diagnostics, genomics, and pharmaceutical services. Ortmayer joined Goldman Sachs after graduating as part of the Class of 2023 and has quickly become involved in research for leading public healthcare firms, though comprehensive performance rankings and long-term track records are still emerging early in his career. He holds relevant securities licenses as required for his analyst role and is recognized for his analytical work on healthcare equities.

    William Ortmayer's questions to Fortrea Holdings (FTRE) leadership

    William Ortmayer's questions to Fortrea Holdings (FTRE) leadership • Q4 2024

    Question

    William Ortmayer, on for Matt Sykes, asked about the expected cadence of operating expenses and gross margin throughout 2025, considering the various moving parts like TSA roll-offs and restructuring.

    Answer

    CFO Jill McConnell indicated that margins will improve over the course of 2025, but the progression will be more gradual than in the prior year. She noted that the benefit from SG&A reductions will be minimal in Q1 and will ramp up through the year. More detailed quarterly guidance will be provided on the Q1 earnings call, after the company has more time operating on its new standalone systems.

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    William Ortmayer's questions to Fortrea Holdings (FTRE) leadership • Q3 2024

    Question

    William Ortmayer, on for Matt Sykes, asked about expectations for the backlog burn rate into 2025 and the primary drivers of gross margin improvement, specifically the impact of business mix versus cost efficiencies.

    Answer

    CFO Jill McConnell noted the burn rate stepped up in Q3 and should be consistent in Q4, driven partly by faster-burning clinpharm business, but declined to comment on 2025. She emphasized that growing the higher-margin, full-service clinical business is a key focus for margin improvement, acknowledging that therapeutic mix is a critical factor.

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