Fortrea aims to lower debt ratio under 3x from 5.7x over medium term

By Devika Patel

Knoxville, Tenn., March 11 – Fortrea Holdings Inc. hopes to get its net leverage ratio below 3x over the medium term, having reported a 5.7x ratio at the end of 2023.

“We ended the quarter with net leverage ratio of 5.7x, based on trailing 12-months adjusted EBITDA, and our target net leverage ratio continues to be 2.5x to 3x over the medium term,” chief financial officer Jill McConnell said on the company’s fourth quarter and year ended Dec. 31, 2023 earnings conference call on Monday.

Revenues were $775.4 million for the fourth quarter and $3,109,000,000 for the full year.

The company reported $67.2 million of adjusted EBITDA for the fourth quarter and $267.3 million for the full year.

The company’s cash and cash equivalents were $108.6 million and gross debt was $1,624,700,000 as of Dec. 31, 2023.

Fortrea is a Durham, N.C.-based contract research organization providing comprehensive phase 1 through phase 4 biopharmaceutical product and medical devices services.

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