Fortrea Holdings Inc. is a biotechnology company focused on developing and commercializing innovative therapeutics for unmet medical needs, particularly in the fields of oncology and rare diseases
The company leverages advanced scientific research and technology to create transformative treatment options that aim to improve patient outcomes and quality of life. Through a combination of cutting-edge drug development and strategic partnerships, Fortrea Holdings is dedicated to bringing new therapies to market while adhering to rigorous safety and efficacy standards in the healthcare industry.
Shares of clinical research company Fortrea Holdings (NASDAQFTRE)
fell 18.5% in the pre-market session after the company delivered weak fourth-quarter 2024 results, with sales, operating profits, and earnings all falling short of Wall Street's expectations. Not exactly the kind of report investors like to see. But if there's a silver lining, it's the book-to-bill ratio of 1.35x which means demand for future orders is still strong, even though current revenues took a hit.
Clinical research company Fortrea Holdings (NASDAQFTRE) missed Wall Street’s revenue expectations in Q4 CY2024, with sales falling 1.8% year on year to $697 million. The company’s full-year revenue guidance of $2.5 billion at the midpoint came in 8.7% below analysts’ estimates. Its non-GAAP profit of $0.18 per share was 50.7% below analysts’ consensus estimates.
Stocks fell broadly on Monday to start the month of March with all three major indices red in midday trading. Investors digested a decline in February's ISM Manufacturing PMI data which fell to 50.3%, down from 50.9% in January.
Personal health and wellness is one of the many secular tailwinds for healthcare companies. Despite the rosy long-term prospects, short-term headwinds such as COVID inventory destocking have harmed the industry’s returns -
over the past six months, healthcare stocks have collectively shed 1.7%. This performance is a noticeable divergence from the S&P 500’s 8.9% return.
The S&P 500 reached record highs during Wednesday morning trading in New York, while the tech-heavy Nasdaq 100 climbed past the 20,000-point mark, a level last seen on July 17.
