Solid Third Quarter Revenue
Revenue for Q3 was $701.3 million, representing a 3.9% increase year-over-year, driven by increases in both clinical pharmacology and clinical development businesses.
Improved Book-to-Bill Ratio
The book-to-bill ratio improved to 1.13x, significantly better than the second quarter, with a trailing 12-month ratio of 1.07x.
Strong Cash Position
Fortrea's cash position is robust with over $0.5 billion in available liquidity, aided by strategic actions like the tender offer to repurchase outstanding senior secured notes.
Operational and Strategic Innovations
Introduction of AI-powered tools like Accelerate Risk Radar and Start My Day to improve efficiency and risk management in clinical trials.
Improved Client Satisfaction
Sequential improvement in Net Promoter Scores, reflecting operational excellence and client satisfaction.
Employee Engagement and Client Relations
High employee morale and strong client relationships were emphasized, with strategic travel and engagement from the CEO.