Fortrea公司（FTRE）：杰富瑞纽约医疗保健会议炉边谈话

USA | Pharmaceutical Svcs.Fortrea IncEquity ResearchJune 5, 2025 David Windley, CFA *  | Equity Analyst(615) 963-8313 | dwindley@jefferies.comTucker Remmers *  | Equity Associate+1 (615) 963-8315 | tremmers@jefferies.comJefferies NYC Healthcare Conference: FTREFiresideWe hosted Peter Neupert (interim CEO) and Jill McConnell (CFO), discussingFTRE's plans for improved growth and profitability, customer demand, andstatus of the CEO search (which should complete by summer's end). Mgt isfocused on cost cuts, primarily reducing underutilized staff and rationalizingIT costs. However, those plans could take longer than investors expect (couldbe 2+ years). Like peers, the demand message sounds stable to slightly worsethan 1Q.Strategic Challenges and Changes: We knew from late-'23 (immediately post-spin) that FTREerred on the side of retaining staff for growth. CEO Neupert reiterated that, acknowledging therevenue hasn't materialized pressuring margins markedly below peers. FTRE is overstaffed,