Fortrea Holdings Reports Q1 2025 Financial Results

Fortrea Holdings Inc. ( (FTRE) ) has released its Q1 earnings. Here is a breakdown of the information Fortrea Holdings Inc. presented to its investors.

Fortrea Holdings Inc., a global contract research organization, provides clinical development solutions to the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies to accelerate healthcare innovation.

In the first quarter of 2025, Fortrea reported revenues of $651.3 million, with a GAAP net loss of $562.9 million, primarily due to a significant non-cash goodwill impairment charge. The company also achieved an adjusted EBITDA of $30.3 million, indicating a stable operational performance despite the reported loss.

Key financial highlights include a book-to-bill ratio of 1.02x for the quarter and 1.14x over the trailing twelve months, reflecting steady business momentum. The company’s backlog stood at $7,721 million as of March 31, 2025. Despite the net loss, Fortrea’s adjusted net income per diluted share was reported at $0.02, showcasing resilience in its core operations.

Looking ahead, Fortrea maintains its full-year 2025 guidance, projecting revenues between $2,450 million and $2,550 million, and adjusted EBITDA in the range of $170 million to $200 million. The company is also undergoing a leadership transition with Peter M. Neupert stepping in as Interim CEO, as the search for a permanent CEO continues.