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Fortrea Holdings Inc. (NASDAQ: FTRE) is a global contract research organization (CRO) specializing in biopharmaceutical product and medical device development services. The company operates in over 90 countries, offering clinical trial management, patient access solutions, and technology-enabled services to streamline the drug development process. With more than 30 years of experience, Fortrea supports life sciences companies in bringing innovative therapies to market efficiently and effectively.
- Clinical Services - Provides comprehensive phase I-IV clinical trial management, clinical pharmacology, and post-approval services to support biopharmaceutical and medical device development.
- Enabling Services - Offers patient access solutions and technology-enabled clinical trial support, including randomization and trial supply management (RTSM), to optimize trial operations and ensure accurate patient dosing.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Thomas Pike ExecutiveBoard | CEO and Chairman of the Board | Board Member at Martin Marietta Materials, Inc. | Thomas Pike has over 30 years of experience in biopharmaceutical services and corporate strategy. He joined Fortrea as CEO and Chairman during its spinoff from Labcorp. Previously, he was CEO of Quintiles and held leadership roles at Accenture. | View Report → |
Jill McConnell Executive | Chief Financial Officer (CFO) | None | Jill McConnell has over 20 years of financial leadership experience, including roles at GSK and Labcorp. She became CFO of Fortrea during its spinoff from Labcorp. | |
Mark Morais Executive | COO and President, Clinical Services | None | Mark Morais has extensive experience in clinical services and commercialization, previously serving as COO and President of Labcorp Clinical Development. | |
Robert Parks Executive | Chief Accounting Officer (CAO) | None | Robert Parks has extensive experience in accounting and financial reporting, with prior roles at SailPoint, NetApp, and Syneos Health. | |
David Smith Board | Director, Chair of Audit Committee | None | David Smith has over 25 years of experience in the pharmaceutical industry, including as CFO of Charles River Laboratories. He is recognized as an "audit committee financial expert." | |
Dr. Amrit Ray Board | Director | Director at Ultragenyx Pharmaceutical Inc.; Visiting Professor at Newcastle University; Trustee at The Hastings Center | Dr. Ray has over 25 years of experience in biopharmaceutical R&D and patient-centric healthcare, with leadership roles at Pfizer and Johnson & Johnson. | |
Edward Pesicka Board | Director | President and CEO of Owens & Minor, Inc.; Board Member at Owens & Minor, Inc. | Edward Pesicka has a strong background in healthcare and life sciences, with leadership roles at Owens & Minor and Thermo Fisher Scientific. | |
Erin L. Russell Board | Director | Board Member at Modivcare, eHealth, Inc., and Kadant Inc. | Erin L. Russell has a background in private equity and healthcare, with board experience at multiple public companies, including Tivity Health and BioCryst Pharmaceuticals. | |
Machelle Sanders Board | Director | Board Member at BioCryst Pharmaceuticals, Inc. | Machelle Sanders has over 30 years of experience in the pharmaceutical and biotechnology sectors, with leadership roles at Biogen and in North Carolina state government. | |
Peter M. Neupert Board | Director | Director at Labcorp and Adaptive Biotechnologies Corporation | Peter Neupert has significant experience in healthcare IT, having held leadership roles at Microsoft and Drugstore.com. He also serves on Fortrea's Audit and Nominating Committees. |
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With adjusted EBITDA margins remaining flat year-over-year at 9.5% despite your cost-saving initiatives, can you provide specific details on how you plan to achieve margin expansion going forward, and what are the key obstacles you anticipate?
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Considering that your top 10 customers represent 51% of revenues and one customer accounts for 15.1%, what strategies are you implementing to reduce customer concentration risk and diversify your revenue base?
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You mentioned the importance of exiting the transition services agreement (TSA) with your former parent by year-end, but also noted potential delays into early 2025. What are the potential risks to your operations and financial performance if the TSA exit is not completed as planned?
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Given the uncertainty and restructuring among large pharma clients and the volatility in biotech decision-making, how are you adjusting your commercial strategy to maintain booking momentum and a strong pipeline as you head into 2025?
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As you focus on growing your late-stage clinical business, which involves longer-duration and slower-burning studies that can impact near-term revenue, how are you balancing this strategic focus with the need to deliver revenue growth in the short term?
No recent press releases or 8-K filings found for FTRE.