The “Intelligent Trials” technology focuses on the feasibility of studies, and providing diversity data to aid companies in meeting representative enrollment targets.
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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.
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Shares in Labcorp spinoff Fortrea climbed 4% Tuesday after media reports said an activist investor has taken more than a 5% stake in the life science company and wants changes to improve financial performance.
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Fortrea, the huge life science contract resource organization spun off from Labcorp, has a new leader for its consulting group: Veteran executive John Doyle.
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Fortrea, the new life science contract research organization built around the spinoff of Labcorp’s CRO business, reported revenues of $793 million and a gross profit of $28.3 million in its first full quarter as a public company on Monday.
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Its revenues growing with business up 13% year-over-year, Labcorp reports a profit of $188.9 million in its second quarter. It’s the first quarterly report where financials from the recently Fortrea spinoff were not included.
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Labcorp’s stock took a double-digit hit over the weekend following a big valuation cut from financial services giant Morningstar and ahead of Monday’s formal spinoff of its contract research organization business into the new Fortrea. So what’s going on?
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“We will be one of the best places to work in this industry,” Fortrea CEO Tom Pike says in a briefing about the spinoff from global life science giant Labcorp. Here’s what he wants – a “magnet” workforce to win customers. And much more.
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Fortrea, with 19,000 employees and based in Durham, becomes a reality early Monday following the completion of its spinoff from global life science firm Labcorp.
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