DURHAM – Life science research firm Fortrea on Monday reported a slight increase in revenues year-over-year, dating back to its spinoff from Burlington-based Labcorp. However the company took a $13 million loss.
Adjusted earnings of 15 cents per share also fell short of the 18-cent estimate from Wall Street analysts at Zacks Research.
Still, CEO Tom Pike put a positive spin on the quarter – its second set of results since going public in the Labcorp spinoff in July.
“Customers are responding positively to the Fortrea [Nasdaq: FTRE] team and the improvements we have made, as our normalizing book-to-bill ratio demonstrates,” Pike said in a statement. “Our transformation continues and we must make selective investments, exit transition services agreements with our former parent and make the necessary changes to meet industry expectations of cost structure. We are building our pipeline of opportunities and shaping our organization to meet what’s next and needed in clinical development, advancing our mission of bringing life-changing treatments to patients faster.”
Revenues for the third quarter came in at $776.3 million compared to $762.3 million a year ago, according to the company.
The loss was $13.1 million m or adjusted to 15 cents per share.
Fortrea forecasts revenues of between $3.075 billion to $3.13 billion.