Fortria at Jefferies Global Healthcare: Strategic Moves Amid Leadership Shift

On Thursday, 05 June 2025, Fortria Holdings Inc. (NASDAQ:FTRE) presented at the Jefferies Global Healthcare Conference 2025, outlining strategic initiatives amid its ongoing CEO search. The company emphasized operational improvements post-spin from LabCorp, cost optimization, and navigating the current demand environment. While Fortria faces challenges, it remains committed to achieving financial goals and maintaining customer satisfaction.

Key Takeaways

• Fortria aims to appoint a new CEO before the end of summer, seeking a leader with industry experience and a growth mindset.
• The company is on track to achieve $150 million in gross savings and $90-100 million in net savings.
• Strong demand from large pharma contrasts with slower biotech decision-making due to macroeconomic uncertainty.
• Fortria is focusing on Functional Service Provider partnerships to enhance value without cannibalizing existing services.
• The firm reaffirms its guidance for 2025 despite economic challenges, supported by solid customer relationships.

CEO Search and Priorities

• Fortria is actively searching for a new CEO, targeting a summer appointment.
• The ideal candidate should have deep industry knowledge and a growth-oriented approach.
• Maintaining customer satisfaction and team motivation during the transition is a top priority.
• Achieving financial objectives for the year is crucial to regaining investor trust.

Financial Restructuring and Optimization

• Committed to $150 million in gross savings, with $19 million already realized in Q1.
• Savings are split between direct costs and SG&A improvements.
• IT infrastructure rationalization is underway, focusing on reducing duplication and leveraging automation.
• Labor force resizing is necessary to align with current work levels.

Demand Environment and Market Outlook

• Large pharma presents a strong pipeline of opportunities, with long-term partnerships in place.
• Biotech decision-making is slower, affected by macroeconomic uncertainty, though no major funding issues are reported.
• Fortria’s book-to-bill ratio is impacted, with slower start dates for projects compared to large pharma.

FSP Strategy

• Increased interest in FSP partnerships, seeking new customer opportunities.
• Focus on skills in monitoring, data management, and biostatistics.
• Emphasis on quick role fulfillment and talent acquisition to support FSP initiatives.

Conclusion

For more detailed insights, readers are encouraged to refer to the full transcript of the conference call.

Full transcript - Jefferies Global Healthcare Conference 2025:

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Alright. Looks like the clock is ticking. So good morning. I’m Dave Windley with Jefferies Healthcare Equity Research. And I do talk loud, I probably don’t need much mic.

Welcome to day three of our conference. Appreciate your interest and attendance. Day three of three. So we are not quite winding things down, excited to have another day of presentations today. So our next presenting company is Fortria.

Here with us are the company’s recently named CEO, Peter Newpert and the company’s CFO, Joe McConnell. I choked over that one. Sorry, Joe. It’s okay. So really pleased to have you here.

You’ve had a lot going on. I thought I’d just start off with with the high level question on, you know, the most recent developments. And Peter asked you to talk about review process and and CEO search and status on on those things.

Peter Newpert, CEO, Fortria: Okay. Great. Thanks. Welcome. I’m not surprised to get the question.

The good news is, I think, as I said earlier, we’re quite close on a CEO. We hope to have somebody in the seat before the summer is over. Nothing more than that to respond. I’m very excited about our slate. There are several good candidates with deep experience in the business that will come and energize the company.

So looking forward to having something to talk about in the future.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Got it. And and it’s not to go I understand you’ve got an ongoing process. You don’t wanna reveal too much. But but in terms of you mentioned experience. It it does seem to me, you know, when I’ve I’ve followed this industry for a while, my my perhaps view is somewhat myopic to this industry.

You’ve had broader view than that. But it it seems like from a competitive standpoint, from a, you know, industry demand challenges, you know, it’s it’s not a particularly easy industry to be navigating right now. That experience relationships, you know, perhaps ability to to reach out to clients and say, hey, give us a shot is is pretty important. Maybe you could perhaps without talking specifically about candidates, but talk about the the key criteria that you see as important in this candidate or in this new season.

Peter Newpert, CEO, Fortria: Yeah. No. That’s fair. You know, I so my experience is I’m a software guy back at Microsoft since 1987. Got to see the restructuring of many industries evolved to where software eats the world.

I think you’re right. This is a very complicated business. One that I do think software will make a big difference in over the next ten years. But it and it’s a very very fragmented business in the context that running a clinical trial is really running 10 different components with 10 different business models associated with it. So when you deconstruct it, I think it is really important because the evolution in those models is gonna be at varying rates.

And so having somebody that really deeply understands both the business, the customer, which is different along different segments of that business, has the relationships, but also has a growth mindset that understands what the framing of the problem was over the last ten years is probably not the framing of the problem over the next ten years. So somebody that can help bridge what was successful historically to what will be successful in the future and is willing to take some risk along that is an important criteria for us. But all the dimensions that you mentioned, relationships because that’s super important. A talent pool perhaps that is super important. And the ability to synthesize information really quickly to make some choices as we evolve our portfolio.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Got it. Helpful. So then in the meantime, I guess I’ll ask. So, you know, again, the industry doesn’t stop while

CEO, a new CEO. So what what are the top priorities that you’re focused on to kinda keep moving forward while also searching for this new leader?

Peter Newpert, CEO, Fortria: Yeah. Well, certainly, the most important thing is to satisfy our customers. So very focused on keeping the team and have had two all hands meetings already, met with all the executives in the team, keep the leadership team in place. We have a great leadership team. Help them align against some priorities.

And so delight customers, keep the team motivated. We have a clear set of objectives that we’ve been clear about with investors about what our goals are for the year to make sure we hit those goals because that’s probably the most important thing to regain trust with investors and and run the business while we try to find new leadership.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Got it. In in thinking, maybe Jill, these may get into into your power alley. But thinking about some of terminology you’ve used about, and you may have on the call even tried to move away from this, but pre spin, post spin type business and the differences in how those trials are running, what their profiles are. Perhaps you could get into a little bit of detail you know, what are the what are kind of the key differences between pre spin and post spin work? And then I’ll follow-up.

Jill McConnell, CFO, Fortria: Sure. You know, I think it all comes down to how the trials are being executed. We don’t think that pricing has been the issue as we look across the course of both types of work, both the ones that were, you know, entered into before we spun in after. It’s all about the execution of the trial and probably the way that we approach change orders around those trials. So historically going after the change orders was not a strength for the business.

We’ve really tried to reinstate that where it’s appropriate, of course. But, you know, historically when customers ask for changes we weren’t always asking for the commensurate compensation for them and we have changed that approach. And now we’re also very focused on how we resource the projects. And that was historically more of the challenges that those inefficiencies weren’t really being monitored. Related.

Some of it was just around execution. And we have, you know, I think with the older ones, you know, we have been able to get them at a point now where they’re plateaued. But for the new projects we’re trying to keep those, that operational efficiency in line with kind of industry averages. And so far we’ve been successful with that. So that’s going to be the big driver in terms of the improvement.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Okay. So if I think back to some of the dialogue around the backlog, I suppose, at spin or soon thereafter. Some of the characterization was maybe that work, you know, things like the sales force pre spin wasn’t really incented to distinguish between central lab work versus clinical work versus, you know, maybe even preclinical work. It wasn’t incented to look at direct revenue versus, you know, pass through revenue. And so from a profile standpoint, it was my understanding that some of the pre spin work was heavy pass through, maybe not I don’t know, maybe duration wasn’t particularly attractive and and maybe pricing wasn’t as good.

I hear you saying that pricing is really not the difference. Maybe we could get into a little bit more granular detail around that.

Jill McConnell, CFO, Fortria: Yeah. I mean

Peter Newpert, CEO, Fortria: Can I take a step back? Sure. In terms of framing the challenge. I think realistically, if you zoom out just a little bit and Fortree is spin out from LabCorp as many of you know. And as a part of LabCorp, its focus was very different than it is as a standalone business.

Which is one of the reasons we spun it out. We recognized it was a under leveraged, if you will. Not leveraged in the financial sense, but leveraged in the opportunity sense because we never gave it the focus that it deserves as a standalone business. And that folk unfortunately, during the spin, so much of it was focused on getting the spin done. We announced it in nine months we spun it out, which is about nine months faster than most people do it.

And so during the first eighteen months of Fortria’s existence, it was about how do we get out of what we were doing. I would say that the portfolio you can’t characterize as being dramatically different pre and post spin because the relationships take a long time to evolve. The mix might have changed at the margin, but not not to the way you you were saying, Dave, in my opinion. Okay. One of the choices that was made as we spun was to keep capacity.

That works if you grow. It doesn’t work so well if you don’t grow. And we didn’t grow into the expectations that were part of the original plan. That’s the foundational driver on the margin issue in my opinion. Plus, you’ve gotta recognize in this business or at least now being on the operator side as opposed to the governance side.

The tension between customer customer delight and investor delight is real. When you’re part of a small part of LabCorp, it’s very easy to focus customer delight because you don’t have to worry about investor delight. We now have to focus on both. We understand that and we were making the changes. We have very detailed plans about those make changes.

But to get the capacity right sized to the portfolio mix is gonna take a period of time.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Okay. So when I guess try and respecting Peter that you’re trying to keep it bigger picture.

Peter Newpert, CEO, Fortria: No, I just wanted to

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: say Yeah, understood. So I guess when you look at this element, I mean investor delight would be getting profitability up, etc. There’s an element of there’s been discussion about differences in cost structure between you and your peers and benchmarking against gross margin, SG and A, IT costs, etc. I’m sure at the board level you’re looking at these differences. The differences are

Peter Newpert, CEO, Fortria: dramatic. Yeah.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: They are very, very wide. And so to your point on, I mean, the thing that does resonate with me is your point about, you know, you you staffed to grow and then the growth hasn’t come in part, you know, in large part because the industry hasn’t been, you know, or the the demand environment hasn’t been cooperative. So how easy is it now? And you’ve done some waves of this, but how easy is it to go in and resize the labor force to get the cost to a level that reflect a non growth environment?

Peter Newpert, CEO, Fortria: Well, it’s it’s never easy, but it’s doable. Right? We have clear plans. Jill can be much more eloquent about the plans, the specifics of the plans than I can. But I think that really comes in two waves.

The first wave is there’s the known set of things that we’re gonna do to hit our goals for this year. And if it’s important, Jill can describe those. The second thing is I think as we bring in new leadership, we are positioned in a difficult challenge of we’re a little bit of all things to all people. And that probably in a lower growth environment is more difficult to execute on than originally anticipated. So there’ll be some portfolio decisions, I suspect, as new leadership comes in as to how to right size the various components of that mix.

Whether it’s therapeutic or type or other global, those things to to get the fit just right. So that we can get those out of whack expense variables into the right alignment.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Got it. So to to give a and maybe the answer will be neither, but to give an either or, you’re you’re essentially over over hired, over staffed for the level of work that you have. And you mentioned Jill resourcing and certainly the the the TSA transition tech, etcetera, is gonna help that a lot. Are you like I’m gonna be overly, you know, kind of hyperbolic about this, but do you have people sitting around doing nothing and then you have people that are on trial at kind of an appropriate resourcing level, but you have to absorb these these people that aren’t, you know, that aren’t fully utilized? Or are you over resourcing projects and so you have to take people off projects to, you know, to to resize your your labor force?

It seems like there’s a difference in customer delight in those two scenarios.

Peter Newpert, CEO, Fortria: Yeah. I think it’s the former, not the latter.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Okay. Okay. And and so presumably getting back to this pre spin, post spin dynamic, the those changes could be done regardless of of trial, right? Timing of trial, where they are in their life, you know, kind of either, you know, resizing your labor force can can kind of be done across the portfolio. So maybe transitioning to the the TSAs and perhaps a little bit, I’d love to shine a light on what kind of divorcing yourself from the old yourself from the old systems and the reliance on on the former parent, what has that year to date, you know, enabled you to do?

Jill McConnell, CFO, Fortria: So we’ve talked about the savings opportunities for this year. And I’ll and I’ll just remind, there’s a hundred and 50,000,000 that we’ve committed to externally on a gross basis and it’s 90 to $100,000,000 net. And that split roughly half and half between what would hit direct costs or gross margin and the other half would be improving SG and A. On the SG and A front, it is very much around we are making very deliberate decisions and I talked a little bit about this with our Q one results on rationalizing applications, reducing duplication and subscriptions. We are looking at opportunities for labor reductions and arbitrage, but also thinking about how we can use automation now that we are operating in a different infrastructure ecosystem

I’ve talked about this before, but one of our decisions, for example, with our system choice, ERP and HCM was to use one system that does both, right? So your things like that to reduce duplicative licensing costs. Those are the nature of the things we’re doing and we are very firmly on that path. I talked about, you know, we’d had about 19,000,000 of that that we captured on a gross basis and around a third in the first quarter. We weren’t expecting much and we are making good progress towards those targets and we believe that we, you know, that we’re on track to achieve those for this year.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: So those are a rational rationalization of IT costs. The

Peter Newpert, CEO, Fortria: Let me jump in.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Yeah. Sure.

Peter Newpert, CEO, Fortria: Yeah. I think it’s an important thing. And again, I I focus on infrastructure. More importantly, from a savings point of view, is we now have a bespoke infrastructure that will allow us to run the business more effectively. We get to set it up.

Yeah. We got to set it up the way we wanted to set it up. We’re still not done. There’s a lot more work to get done. As Jill knows, I like to ask 50 questions about various analytics that we’re not quite able to do that we’d like to be able to do.

But we will be able to get there because it’s now our business and not, you know, 10% of somebody else’s business that has a very different business rhythm.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Yeah. So so you read my mind. I was gonna say, so there’s the IT savings. First of all, a little bit on what’s the what’s the timeline? Are you at a point where you can jettison these these duplicative IT systems or are there still transitions and things to to be done before you can let them go?

Peter Newpert, CEO, Fortria: The big systems are done. There are still the application stack from remember, Fortria is the agglomeration of four other businesses. So the app stack is pretty diverse. And Alejandro, who runs IT, has a long project ahead of still rationalizing the apps. We now have the infrastructure that allows us to monitor it so that we can rationalize it effectively.

But that is one of our goals in reducing the total IT cost, while at the same time, we wanna invest in building new tools, not too many building, but leveraging existing tools and adding capabilities on them to make the workforce more productive.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: And so from a time frame standpoint?

Peter Newpert, CEO, Fortria: You know, I think it’s a journey of two years. I think we will see important improvements this year. That will be mostly in the rationalization as opposed to the investment in new. I think the investment in new rollout will take a couple of years with some very interesting things already on the horizon, which was actually the topic of one of the all hands I was able to do, which was well received.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Yeah. And so then you you went to the the other area. So you get the IT systems in place that allow you to have visibility down into the business and see efficiency of resourcing efficiency of resourcing or not and and chase of change orders or not and things like that. And so what you know, is there a you know, kind of soon, medium term, long term in terms of the the actions that you can now take with that visibility? Increasingly, yes.

Peter Newpert, CEO, Fortria: Certainly, the I any IT road map has things you’re gonna launch next month, next quarter, next year. How that impacts the business, like we can’t predict yet.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Okay. So let let’s maybe transition to to environmental questions. So maybe just in general describe what you are seeing from clients in terms of demand and intention around product, candidate portfolios and if you between, you know, kind of large, medium and small.

Jill McConnell, CFO, Fortria: Sure. Yeah, so with our large pharma partnerships, we’re continuing to see strong pipeline of things coming in, opportunities, when new work. You know, everyone is mindful of the external environment, but good molecules are still moving forward and things that are being developed are still being developed. With biotech, we’re continuing to see opportunities come in, but are still some delays in the decision making given the kind of macro environment and the uncertainty. And, you know, when that will abide, you know, I think nobody knows.

It’s probably similar to what a lot of our peers are seeing. But we are still continuing to we’re not having challenges with we’re not seeing any change in terms of funding where people are having issues or so much with funding or getting paid. That is not the issue for us. I think it’s just the slowness in decision making while people wait to see how some of these external factors play out.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Yeah. On the large pharma front, so most of you I don’t know if you’ve said it as publicly, but most of the peers have talked about the last couple years being a pretty intense period of procurement and reprocurement both on cycle, off cycle, you know, it kinda felt like customers were bringing you to the table whether you wanted to or not. Is there still some of that left? Do you have partnerships that are up for renewal renewal in the, you know, say the next twelve months?

Jill McConnell, CFO, Fortria: There is still I think that will always be the case. You know, that’s just the nature of of how business evolves because the world is changing so rapidly. But having said that, we are, you know, our partnerships are continuing. They’re all very long in duration. We’re in meaningful projects with these customers that are, you know, in some cases very early in their life cycle, so we wouldn’t expect that to change midstream.

But we don’t take anything for granted, and so we’re always looking at ways to engage our customers on how we can bring them more value and try to help them achieve their goals faster. It’s about understanding what’s really important to them and trying to bring solutions that are going to help help them get answers more quickly because it’s you know, speed is still obviously important. So there’s nothing major imminently in front of us in terms of those renewals. But that we don’t really consider that an issue anymore because to your point, they can bring you to the table at any point. So you you have to constantly be thinking about am I showing up in the best way that I can for this customer.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: On while we’re on the large pharma side, FSP is mostly a large pharma phenomenon or dynamic. I thought that on the one q, maybe the tone or the attitude or willingness toward FSP had changed a little bit in a positive direction. Did I detect that correctly? And could you elaborate on that, please?

Jill McConnell, CFO, Fortria: Yes, it has. I think that initially when we were looking at all the things that we were trying to achieve as an organization, to Peter’s point in those eighteen months, a fair amount of focus on the separation and getting ourselves stabilized. And so going after large FSP partnerships, given that they have a lower margin profile, we were more focused on full service in our phase one unit. But as we’ve gotten into a more steady state and we see the value of those partnerships because oftentimes they can morph, we are more interested in FSP. Was not that we weren’t interested.

I think we talked about the largest customers where the margins were very, very tight, not being of good sense for us. But there’s obviously a lot of f s p space out there that still has solid margin that can contribute accretively and that’s what we’re focused on.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: So is there a profile of, I think the way to to think about these is in like a number of heads that are that are allocated to a client in an FSP arrangement. Is there a sweet spot that you think Fortria can can both be competitive in because your scale in that business is not nearly as big as say IQVIA and Icon. But you know, so size that you could compete for and yet still make a decent margin.

Jill McConnell, CFO, Fortria: We don’t focus in any size in particular at all. I think it’s more around where do we have skill sets that we believe are really important, where we have also enabling technologies help to make those resources be more effective. And and then good partnerships. You know, I think where we are already working with companies in their FSP, they they they seem to like working with us and and tell us that they like working with us, and we are constantly trying to find ways to help them manage their costs and the productivity of those resources. You know, where it’s helpful for us to go after is is ones where we’re not working with the customer.

So if there’s an opportunity to engage with a customer that we aren’t working with in in large part now and and go into that FSP relationship with them, that seems like an opportunity for us. I think more than trying to cannibalize where we already work with somebody on full service, those are the types of things that we’d be be looking at. And the global footprint, you know, if you can imagine footprint. Yeah.

Peter Newpert, CEO, Fortria: The the FSP helps in the sense of it takes some of the indirect costs and absorbs them.

Jill McConnell, CFO, Fortria: Yeah.

Peter Newpert, CEO, Fortria: And so the global footprint and the therapeutic footprint are really important in evaluating the overall contribution margin. Okay.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Okay. So when you talk about areas where you have skills to apply, I’m asking you to correct me here. I think about it as monitoring data management, bio stats, you know, in some cases maybe even a study startup FSP or things like that. Are there flavors of FSP that Fertree either has or is working on that would be a little differentiated?

Jill McConnell, CFO, Fortria: I mean, I don’t think that we’re trying to say we want to be focused on FSP in just this one or two areas. Many times when the customer sometimes we have one, partnerships that are focused on specific areas for FSP. But many times they’re coming and saying, I’m going to need you in these certain geographies or I’m going to need you for these certain skill sets. And it often can be a mix of those issues. And so it’s about trying to make sure that, again, you bring something to them that helps them understand you’re responsive, you can fill the roles quickly with good talent, you know.

And in some cases you’re trying to think about your own portfolio and how you redeploy some of the existing resources you have into those roles so that you can get them staffed quickly. Because speed is often an issue with those as well. So it’s not, we’re not focused on anything in particular. But in terms of saying we wanna just be here or here.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Right. Okay. So I was flipping to biotechs. You talked about certainly the environment funding. We published funding this week and it’s unfortunately not very strong.

What I mean, really a book to bill question is is pan the the business, not just biotech, but but in so much as biotech. You know, it’s a little softer now and with the funding environment the way it is, I mean, could soften further. What are, you know, what are your your expectations or what is underpinning your guidance for this year and your ability to hit your goals in terms of contribution from biotech?

Jill McConnell, CFO, Fortria: So given that we’re almost halfway through 2025, the things that we’re winning now are not really going to have an impact on 2025. So we reaffirmed our guidance, you know, when we came out with our Q1 results in May and still feel that we’re in that position. So it’s more about future state. I think when it comes to biotech, obviously stay very close. We have really good relationships.

I think that’s one of the reasons why we win is because we do build relationships at at every level of the organization with those organizations, and we try to stay and keep abreast of what’s happening with them. We are much more robust internally in terms of navigating those. If we see any signs of challenge or distress with customer, we get in front of it, you know, really early on compared to what we did historically. So for us, payments and the issues around them haven’t it’s not gotten hasn’t changed. Right?

It’s consistent. We’re continuing to focus. We’ve talked about the fact our you know, we’re looking to be mid to low forties on DSO. And given that we’re about a fiftyfifty organization, it’s important that we keep on top. So I don’t think we’re seeing challenges.

We will have to watch this backdrop that uncertainty and the slowness certainly has been impacting companies book to bills. And I think while that uncertainty continues that will it’s still going to play a factor. How

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: would in general, how would you describe, you know, the temperature of the water today versus what you saw early in the year? Is it same, better, worse?

Jill McConnell, CFO, Fortria: I I think it’s I think the same except that the fact that it’s gone on a bit longer is probably giving people a little bit more pause. But my sense is that we’re still seeing opportunities come in. We’re still seeing good volumes of RFP, good dollar values of RFP. It’s just people are taking longer to make decisions while they wait to see how some of these trends play out.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Got it. And I’ll sneak one last question here while we’re on biotech. So one of the things with biotech that that had been discussed maybe, you know, some quarters ago, but was biotechs kinda getting to the start date and not being ready or being slow to start. It’s kind of all part of this, you know, lack of commitment and decision making and things like that. Has that improved relative to I think it first came up maybe two or three quarters ago.

Has that changed or improved?

Jill McConnell, CFO, Fortria: I mean, this getting to the start date or post the post the start date? I just wanna clarify.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Both. Let’s say let’s say both.

Jill McConnell, CFO, Fortria: I think I think that getting to the start date is is also is is is hasn’t gotten worse. I’d say it’s still a bit slower. It’s definitely slower than what we see with large pharma in terms of getting to the start date. Post the start date, we do see that once they get going, they burn a little bit faster. And maybe some of that slower upfront helps them to be more prepared.

And then they’re once they get the money and they’re ready to go, they they and and the decision they wanna go. So I I don’t think we’re seeing that change afterwards, but it is slow getting to that starting point.

Dave Windley, Jefferies Healthcare Equity Research, Jefferies: Okay. Alright. Appreciate the distinction there. Thank you for being with us today. I really appreciate it.

And thanks to our audience for listening in. Hope you have a great rest of the day. Feel free to reach out to the team. Thanks a lot.

Jill McConnell, CFO, Fortria: Thanks everyone. Thanks.

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