Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>Fortrea's financial results for the first quarter of 2025 presented a mixed picture of performance and challenges as it navigates a transformation phase post-spinoff.</li>
<li>The company reported revenues of $651.3 million, a slight decline of 1.6% compared to the previous year.</li>
<li>This decrease was attributed primarily to the variable nature of late-stage clinical service fee new business wins, compounded by a slowdown in the backlog burn rate.</li>
</ul>


Fortrea's financial results for the first quarter of 2025 presented a mixed picture of performance and challenges as it navigates a transformation phase post-spinoff.
The company reported revenues of $651.3 million, a slight decline of 1.6% compared to the previous year.
This decrease was attributed primarily to the variable nature of late-stage clinical service fee new business wins, compounded by a slowdown in the backlog burn rate.


Fortrea Holdings: An Insight into Its Clinical Outsourcing Growth & Other Major Drivers!

<ul>
<li>Fortrea's recent earnings provided a comprehensive view of their financial and operational performance for the fourth quarter and full year 2024.</li>
<li>The company, which specializes in clinical pharmacology services (CPS) and full-service clinical work, has been navigating significant changes and encountering both challenges and opportunities post-spin from its former parent corporation.</li>
<li>The company reported a book-to-bill ratio of 1.35x for the fourth quarter, with a trailing 12 months figure of 1.16x, and concluded the year with a backlog of $7.7 billion.</li>
</ul>


Fortrea's recent earnings provided a comprehensive view of their financial and operational performance for the fourth quarter and full year 2024.
The company, which specializes in clinical pharmacology services (CPS) and full-service clinical work, has been navigating significant changes and encountering both challenges and opportunities post-spin from its former parent corporation.
The company reported a book-to-bill ratio of 1.35x for the fourth quarter, with a trailing 12 months figure of 1.16x, and concluded the year with a backlog of $7.7 billion.


Fortrea: Is This Bold AI-Powered Tech Overhaul the Secret Weapon for Outsized Growth?

<ul>
<li>Fortrea reported its third quarter 2024 earnings with a mix of positives and challenges.</li>
<li>The company's book-to bill ratio was 1.23x, reflecting a strong quarter for new business, mainly driven by large pharmaceutical clients and notable biotech wins across therapeutic areas like oncology, diabetes, dermatology, and autoimmune disease.</li>
<li>The company underscored its strategic position in the clinical research organization (CRO) arena, demonstrating balance between clientele from major pharmaceutical firms and biotechnologies, which made up 50% each of their business.</li>
</ul>


Fortrea reported its third quarter 2024 earnings with a mix of positives and challenges.
The company's book-to bill ratio was 1.23x, reflecting a strong quarter for new business, mainly driven by large pharmaceutical clients and notable biotech wins across therapeutic areas like oncology, diabetes, dermatology, and autoimmune disease.
The company underscored its strategic position in the clinical research organization (CRO) arena, demonstrating balance between clientele from major pharmaceutical firms and biotechnologies, which made up 50% each of their business.


Fortrea Holdings Inc.: A Tale Of Service Fee Revenue Growth & Margin Optimization!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.</li>
<li>We expect two regular changes in June 2025. There are also multiple live spin-off and M&amp;A events which may trigger intra-review index changes near-term. Check the Leaderboards for those.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
We expect two regular changes in June 2025. There are also multiple live spin-off and M&amp;A events which may trigger intra-review index changes near-term. Check the Leaderboards for those.


[Quiddity Index May25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Still Possible

<ul>
<li>Fortrea's second quarter 2024 earnings elucidate a blend of progression and challenges in its trajectory as an independent pure-play Clinical Research Organization (CRO).</li>
<li>Following the spin-off from its parent company, the organization targets both growth from biotechnology firms and expanded engagements with large pharmaceutical companies.</li>
<li>CEO Tom Pike articulated Fortrea's leveraging of its robust services across various clinical trial phases and several therapeutic areas to enhance its market position, but also acknowledged uncertainties in contracting with biotech firms that have skewed the company's book-to-bill ratio below the target of 1.2, marking it at just under 1 this quarter.</li>
</ul>


Fortrea's second quarter 2024 earnings elucidate a blend of progression and challenges in its trajectory as an independent pure-play Clinical Research Organization (CRO).
Following the spin-off from its parent company, the organization targets both growth from biotechnology firms and expanded engagements with large pharmaceutical companies.
CEO Tom Pike articulated Fortrea's leveraging of its robust services across various clinical trial phases and several therapeutic areas to enhance its market position, but also acknowledged uncertainties in contracting with biotech firms that have skewed the company's book-to-bill ratio below the target of 1.2, marking it at just under 1 this quarter.


Fortrea Holdings Inc.: Are They Improving Their Strategic Positioning in Clinical Phases?

United States

Fortrea Holdings Inc. operates as a holding company. The Company, through its subsidiaries, provides phase I through IV clinical trial management, clinical pharmacology, patient access solutions, and other enabling services. Fortrea Holdings partners with emerging and large biopharma and medical device and diagnostic companies to drive healthcare innovation throughout the world.

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Fortrea Holdings (FTRE US)

Fortrea Holdings: An Insight into Its Clinical Outsourcing Growth & Other Major Drivers!

Fortrea's financial results for the first quarter of 2025 presented a mixed picture of performance and challenges as it navigates a transformation...

Baptista Research

Fortrea: Is This Bold AI-Powered Tech Overhaul the Secret Weapon for Outsized Growth?

Fortrea's recent earnings provided a comprehensive view of their financial and operational performance for the fourth quarter and full year 2024.

Baptista Research

Fortrea Holdings Inc.: A Tale Of Service Fee Revenue Growth & Margin Optimization!

The company's book-to bill ratio was 1.23x, reflecting a strong quarter for new business, mainly driven by large pharmaceutical clients and notable...

Baptista Research

[Quiddity Index May25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Still Possible

The S&P500 has a couple of possible changes at the regular rebalance and more intra-review changes after. That means S&P600 DELs. We like those...

Travis Lundy

Fortrea Holdings Inc.: Are They Improving Their Strategic Positioning in Clinical Phases?

Fortrea's second quarter 2024 earnings elucidate a blend of progression and challenges in its trajectory as an independent pure-play Clinical...

Baptista Research

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