Fortrea Holdings: Initiation of Coverage – Refocusing As A Pure-Play CRO But Will It Pay Off?

This is our first report on Fortrea Corporation, a renowned contract research organization (CRO). The company reported its fourth quarter 2023 earnings, recording revenue growth of 1.8% year-over-year to $775.4 million. CEO Tom Pike praised the company’s transformation over 2023, managing to transition from a division within a larger parent company to a stand-alone entity. Despite the challenges involved in the spin-off, Pike noted positive progress, including retaining all customers and maintaining workflow during the process.