Deslande v. Fortrea Holdings Inc. — Entry #65
Case: Deslande v. Fortrea Holdings Inc. nysd · 1:25-cv-04630
filed June 02, 2025
What this document is
Docket entry #65 · filed January 28, 2026
Who is involved
- City of Boca Raton Police and Firefighters Retirement System
- City of Pontiac Reestablished General Employees' Retirement System
- Construction Industry Laborers Pension Fund
- Fortrea Holdings Inc.
- Jill McConnell
- Lucas Deslande
- Nova Scotia Public Service Superannuation Plan
- Nova Scotia Teachers' Pension Plan
- Stefan Muenchhagen
- Thomas Pike
Why we have it
We follow this case because it names a company we track, although that company is not a party:
- Hut 8: its name “Hut 8 Corp.” appears in a filing in this case.
…Plaintiff, v. HUT 8 CORP., JAIME LEVERTON, and SHENIF VISRAM,…
- CleanSpark: its name “CleanSpark, Inc.” appears in a filing in this case.
…2019) ...........................7 Bishins v. CleanSpark, Inc., No. 21 CV 511 (LAP), 2023 WL 112558…
A free copy from the RECAP archive of federal court filings (mirrored at the Internet Archive), retrieved September 28, 2026. Federal court filings are public records.
Document text
8 page(s), 39,395 characters, converted from the PDF's text layer · plain text.
Full text
Case 1:25-cv-04630-KPF Document 65-12 Filed 01/28/26 Page 1 of 8
Exhibit L
Case 1:25-cv-04630-KPF Document 65-12 Filed 01/28/26 Page 2 of 8
Equity Research
Healthcare | Pharmaceutical Outsourcing & Services
March 11, 2024 Max Smock, CFA +1 312 364 8336
msmock@williamblair.com
Christine Rains +1 312 364 8217
Fortrea Holdings Inc. crains@williamblair.com
Feeling Incrementally More Positive on the Back of Strong Bookings, but Stock Rating: Market Perform
We Remain Cautious Around Near-Term Margin Outlook
Symbol: FTRE (NASDAQ)
Price: $36.41 (52-Wk.: $25-$38)
What Happened? Market Value (M): $3,271
Fortrea reported fourth-quarter results and held its earnings call on Monday, March 11. Dividend/Yield: $0.00/0.00%
Revenue of $775 million (+1.8% year-over-year) was slightly below our $777 million Fiscal Year End: December
estimate (Street: $779 million), with lower-than-expected clinical services revenue ($710 2023A 2024E 2025E
million versus our $713 million estimate) partly offset by modestly better-than-expected Estimates
performance in enabling services ($66 million versus our $65 million estimate). However, Sales (M) Q1 $764.2 $753.8 $819.8
net new business awards of $923 million came in well above our $855 million estimate, Q2 $793.0 $792.2 $825.0
Q3 $776.4 $803.6 $833.6
leading to a book-to-bill of 1.30 times in the quarter (versus our estimate of 1.20 times). Q4 $775.4 $814.5 $840.9
Below the top line, adjusted EBITDA of $67 million came in below our $72 million estimate FY $3,109.0 $3,164.1 $3,319.3
(Street also modeled $72 million), as did adjusted EPS ($0.19 versus our $0.24 target; Street: EBITDA Q1 $57.1 $34.6 $84.3
$0.23). Fortrea also issued initial 2024 guidance, calling for revenue in the range of $3,140 (M) Adjusted
Q2 $72.5 $63.6 $89.2
million to $3,205 million (versus our previous estimate of $3,199 million; Street: $3,205 Q3 $70.5 $91.9 $112.4
million) and adjusted EBITDA between $280 million and $320 million (versus our previous Q4 $67.2 $105.9 $119.3
estimate of $325 million; Street: $318 million). Lastly, the company announced that it will FY $267.3 $296.0 $405.3
divest essentially all of its enabling services segment to private equity firm Arsenal Capital EPS AdjustedQ1 $0.46 $(0.10) $0.36
Q2 $0.52 $0.18 $0.40
Partners for total expected consideration of $345 million, with the deal expected to close in Q3 $0.24 $0.41 $0.58
the second quarter of 2024. A full summary of results versus our and consensus estimates as Q4 $0.19 $0.54 $0.64
well as a summary of our model updates are provided at the end of this note. FY $1.40 $1.03 $1.98
Valuation
Our Take EV/Sales 1.5x 1.5x 1.4x
EV/EBITDA 17.8x 16.0x 11.7x
We’re admittedly a bit conflicted about Fortrea’s update. On one hand, bookings meaningfully FY P/E 26.0x 35.3x 18.4x
exceeded expectations and the top-line portion of the company’s initial 2024 outlook looks
reasonable in light of the better-than-expected bookings in the fourth quarter, positive Trading Data (FactSet)
macro commentary from peers, an encouraging rebound in the XBI year-to-date, and strong Shares Outstanding (M): 88.8
Float (M): 88.6
biotech funding data so far in 2024. In addition, we like Fortrea’s decision to divest its
Avg. Daily Volume (90-day): 987,267
enabling services business, which we believe makes sense from a strategic perspective as it
should enable the company to both improve its capital structure and focus its investments Financial Data (FactSet)
and innovation on clinical research services. On the other hand, it is hard to overlook the Book Value Per Share (MRQ): $19.58
Enterprise Value (M): $4,749
execution risk embedded in the aggressive margin ramp-up expected by the end of 2024,
especially in light of the adjusted EBITDA miss observed in the fourth quarter. And while we Two-Year Price Performance Chart
do not see structural issues that would prevent Fortrea from generating adjusted EBITDA $40
margins in line with peers longer term, we remain concerned that expectations for margin
$35
expansion near term are too aggressive. All in, we are incrementally more positive around the
outlook for Fortrea from here on the back of its strong bookings in the quarter, but with its
$30
stock only trading at a modest discount to the average for its closest clinical CRO peers (18.4x $25
our 2025 adjusted EPS estimate versus 20.0x average for ICON [ICLR $332.38; Outperform] $20
Jul-23 Sep-23 Nov-23 Jan-24 Mar-24
and IQVIA [IQV $258.58; Outperform]), its valuation does not seem meaningful enough to Sources: FactSet, William Blair & Company estimates
justify the execution risk that we believe is present over the next few years. As a result, we
reiterate our Market Perform rating.
Based in Durham, North Carolina, Fortrea is a global CRO providing comprehensive Phase I through Phase IV
biopharmaceutical product and medical device services, patient access solutions, and other enabling services.
Please refer to important disclosures on pages 5 – 7. Analyst certification is on page 5.
William Blair or an affiliate does and seeks to do business with companies covered in its research reports. As a
result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of
this report. This report is not intended to provide personal investment advice. The opinions and recommendations
herein do not take into account individual client circumstances, objectives, or needs and are not intended as
recommendations of particular securities, financial instruments, or strategies to particular clients. The recipient of
this report must make its own independent decisions regarding any securities or financial instruments mentioned
herein.
Case 1:25-cv-04630-KPF Document 65-12 Filed 01/28/26 Page 3 of 8
William Blair
Key Takeaways
Strong bookings and demand momentum expected to drive a return to market growth in the second half of 2024.
Management’s tone surrounding its demand outlook was notably more positive than when the company last updated investors at
a competitor conference in early January. While we were concerned that highly publicized issues with one of its customer’s trials
would derail momentum in the fourth quarter, bookings of $923 million came in well above our $855 million estimate, leading to an
impressive 1.30x book-to-bill for the period (versus our 1.20x estimate). Notably, management indicated that momentum has carried
into 2024, with the company’s solid pipeline of opportunities putting it in good shape to maintain a book-to-bill ratio above 1.20x
moving forward. Despite this momentum, Fortrea’s top-line outlook for 2024 only calls for modest growth (roughly 1% to 3%), with
a decline in service fee revenue in the first half of the year expected due to a less favorable mix of business wins during the spin year
that ran from July 2022 through June 2023. However, by the back half of the year management expects growth to return to being in line
with overall expected CRO market growth of roughly 3% to 5%.
Fiscal 2024 adjusted EBITDA guide disappoints, but aggressive second-half margin ramp-up sets the stage for significant
growth in 2025. Fortrea is targeting an adjusted EBITDA margin of 9.5% at the midpoint in 2024, which falls significantly short of
our previous 10.2% target and the consensus target of 9.9%. However, the company maintained its goal of exiting 2024 with a roughly
13.0% adjusted EBITDA margin run-rate, implying an impressive 430-basis-point ramp-up over the course of the year. Management
expects roughly one-third of total adjusted EBITDA dollars to be delivered in the first half, weighed down by the company’s remaining
TSAs with LabCorp (exited 40% of TSAs by volume, but most cost-intensive IT arrangements remain) and staff retention costs in
anticipation of second-half growth. While management fell short of committing to additional adjusted EBITDA margin expansion
from its targeted 2024 exit rate of 13% in 2025, we believe there should be ample room for margin expansion, as top-line growth
accelerates and the company exits the remaining 60% of its TSAs, streamlines its cost infrastructure, optimizes its resource utilization,
and continues to invest in cost-saving automation technologies.
Fortrea sheds enabling service segment to focus on core clinical operations. Fortrea announced that it entered into an agreement
to divest its enabling service segment assets, namely its endpoint clinical (provides randomization and trial supply management
solutions) and patient access (provides patient support, product access, affordability and adherence solutions) businesses to private
equity firm Arsenal Capital Partners. Arsenal will pay $345 million for the segment (around 11.5 times expected 2024 segment
adjusted EBITDA), with $295 million to be paid at closing and $50 million to be paid upon achievement of certain transition-related
milestones. The deal is expected to close in the second calendar quarter of 2024, after which Fortrea will report results in one
consolidated clinical services segment. Fortrea plans to use the majority of the proceeds to pay down its existing debt and move its net
leverage ratio from its current level at 5.7 times trailing-12-month adjusted EBITDA closer to its medium-term target of 2.5 to 3 times.
While we thought Fortrea’s enabling service segment solutions were attractive, we like the divestiture, which removes the impact
of more cyclical services and should allow management to tell a cleaner story and focus its attention on execution in its core clinical
services business, while at the same time enabling the company to improve its capital structure.
Risks
Fortrea has a limited history of operating as a standalone business; the company could continue to lose share because of execution
issues and spin-related disruptions; the weak biotech funding environment could lead to a decrease in R&D spending by
biopharmaceutical companies; the company has a high debt burden in comparison to its earnings; and outsourcing penetration rates
could reach a ceiling.
2 | Max Smock +1 312 364 8336
Case 1:25-cv-04630-KPF Document 65-12 Filed 01/28/26 Page 4 of 8
William Blair
Fortrea
Quarter Review
Fourth Quarter 2023 Summary Results
Q4'23 Q4'23 Q4'23 Q4'22
Variance Variance
$s in millions, except EPS actual estimate actual actual
Net new business awards $ 923 $ 855 $ 67 $ 923 $ - $ 923
Y/y change (%) NA NA NA NA -% NA
Net book-to-bill (quarter) 1.30x 1.20x 0.10x 1.30x 0.00x 1.30x
Ending backlog 7,392 7,207 185 7,392 - 7,392
Y/y change (%) NA NA NA NA -% NA
Backlog conversion rate 10.0% 10.0% - bps 10.0% -% 1,000 bps
Revenue 775 777 (2) 775 762 14
Y/y change (%) 1.8% 2.1% (30) bps 1.8% NA NA
Direct costs 656 645 10 656 600 56
Gross profit 120 132 (12) 120 162 (42)
Gross margin 15.4% 17.0% (160) bps 15.4% 21.2% (580) bps
Selling, general and administrative 53 60 (7) 53 52 1
% of revenue 6.8% 7.7% (90) bps 6.8% 6.8% - bps
Y/y change (%) NA 15.8% NA NA NA NA
Adjusted EBITDA 67 72 (5) 67 110 (43)
Adjusted EBITDA margin 8.7% 9.3% (60) bps 8.7% 14.4% (570) bps
Y/y change (%) NA (34.2%) NA NA NA NA
Depreciation 8 10 (2) 8 7 1
Adjusted EBIT 59 63 (3) 59 103 (44)
Interest expense/(income) 35 35 (0) 35 - 35
Other expense/(income) - - - - - -
Income tax expense/(benefit) 8 7 1 8 21 (13)
Adjusted net income 17 21 (4) 17 82 (65)
Shares outstanding 90 89 0 90 89 1
Adjusted EPS 0.19 0.24 (0.05) 0.19 0.92 (0.74)
Y/y change (%) NA (74.4%) NA NA NA NA
Consensus Estimates
Q4'23 Q4'23 Fav/(unfav)
$s in millions, except EPS actual consensus variance
Revenue $ 775 $ 779 $ (4)
Adjusted EBITDA 67 72 (5)
Adjusted EPS 0.19 0.23 (0.05)
Note: This is a summary table. Not all line items and adjustments are included, so numbers may not sum.
. Sources: Company reports, FactSet, and William Blair Equity Research
3 | Max Smock +1 312 364 8336
Case 1:25-cv-04630-KPF Document 65-12 Filed 01/28/26 Page 5 of 8
William Blair
Fortrea
Model Changes
Fourth Quarter 2023 Model Changes
2023A 2024E 2025E
Current Previous Current Previous
Actual results Change Change
$s in millions, except EPS estimate estimate estimate estimate
Net new business awards NA $ 3,556 $ 3,516 $ 41 $ 3,754 $ 3,683 $ 72
Y/y change (%) NA NA NA NA 5.6% 4.8% 80 bps
Net book-to-bill (TTM) NA 1.23x 1.20x 0.03x 1.23x 1.20x 0.03x
Ending backlog 7,392 7,784 7,523 261 8,219 7,861 359
Y/y change (%) NA 5.3% 4.4% 90 bps 5.6% 4.5% 110 bps
Revenue 3,109 3,164 3,199 (35) 3,319 3,345 (26)
Y/y change (%) 0.4% 1.8% 2.8% (110) bps 4.9% 4.6% 30 bps
Direct costs 2,589 2,624 2,614 10 2,680 2,658 22
Gross profit 520 540 585 (45) 639 687 (48)
Gross margin 16.7% 17.1% 18.3% (120) bps 19.3% 20.5% (130) bps
Selling, general and administrative 253 244 260 (16) 234 280 (47)
% of revenue 8.1% 7.7% 8.1% (40) bps 7.0% 8.4% (130) bps
Y/y change (%) 3.9% (3.8%) (0.3%) (350) bps (4.0%) 8.0% (1,200) bps
Adjusted EBITDA 267 296 325 (29) 405 407 (2)
Adjusted EBITDA margin 8.6% 9.4% 10.2% (80) bps 12.2% 12.2% 10 bps
Y/y change (%) (34.0%) 10.8% 19.4% (870) bps 36.9% 25.0% 1,190 bps
Depreciation 33 38 41 (3) 40 45 (5)
Adjusted EBIT 235 258 284 (26) 366 362 4
Interest expense/(income) 70 131 137 (6) 125 137 (12)
Other expense/(income) - - - - - - -
Income tax expense/(benefit) 40 34 37 (3) 60 56 4
Adjusted net income 125 93 110 (17) 181 169 12
Shares outstanding 89 90 90 1 91 91 1
Adjusted EPS 1.40 1.03 1.23 (0.20) 1.98 1.86 0.11
Y/y change (%) (58.8%) (26.4%) (15.5%) (1,080) bps 91.7% 51.8% 3,990 bps
Consensus Estimates
2024E 2025E
$s in millions, except EPS William Blair Consensus Variance William Blair Consensus Variance
Revenue $ 3,164 $ 3,205 $ (41) $ 3,319 $ 3,368 $ (48)
Adjusted EBITDA 296 327 (31) 405 409 (4)
Adjusted EPS 1.03 1.06 (0.03) 1.98 1.81 0.17
Note: This is a summary table. Not all line items and adjustments are included, so numbers may not sum.
. Sources: Company reports, FactSet, and William Blair Equity Research
4 | Max Smock +1 312 364 8336
Case 1:25-cv-04630-KPF Document 65-12 Filed 01/28/26 Page 6 of 8
William Blair
IMPORTANT DISCLOSURES
William Blair or an affiliate is a market maker in the security of Fortrea Holdings Inc.
William Blair or an affiliate expects to receive or intends to seek compensation for investment banking services from Fortrea Holdings Inc. or
an affiliate within the next three months.
Officers and employees of William Blair or its affiliates (other than research analysts) may have a financial interest in the securities of Fortrea
Holdings Inc.
This report is available in electronic form to registered users via R*Docs™ at https://williamblairlibrary.bluematrix.com or
www.williamblair.com.
Please contact us at +1 800 621 0687 or consult https://www.williamblair.com/equity-research/coverage for all disclosures.
Max Smock attests that 1) all of the views expressed in this research report accurately reflect his/her personal views about any and all of
the securities and companies covered by this report, and 2) no part of his/her compensation was, is, or will be related, directly or indirectly,
to the specific recommendations or views expressed by him/her in this report. We seek to update our research as appropriate. Other than
certain periodical industry reports, the majority of reports are published at irregular intervals as deemed appropriate by the research
analyst.
DOW JONES: 38722.70
S&P 500: 5123.69
NASDAQ: 15939.60
For t r e a H old in g s In c. Ra t in g H ist or y a s of 0 3 /0 8 /2 0 2 4
powered by: BlueMat rix
I:Mkt
01/05/24
40
38
36
34
32
30
28
26
24
Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24
Closing Price
OP:Out perform Mkt :Market Perform UP:Under Perform NR:Not Rat ed I:Init iat ion of Coverage D:Dropped Coverage
Source: Fact Set & William Blair
Additional information is available upon request.
Current Rating Distribution (as of March 11, 2024):
Coverage Universe Percent Inv. Banking Relationships * Percent
Outperform (Buy) 70 Outperform (Buy) 7
Market Perform (Hold) 29 Market Perform (Hold) 3
Underperform (Sell) 1 Underperform (Sell) 0
*Percentage of companies in each rating category that are investment banking clients, defined as companies for which William Blair has
received compensation for investment banking services within the past 12 months.
The compensation of the research analyst is based on a variety of factors, including performance of his or her stock recommendations;
contributions to all of the firm’s departments, including asset management, corporate finance, institutional sales, and retail brokerage; firm
profitability; and competitive factors.
5 | Max Smock +1 312 364 8336
Case 1:25-cv-04630-KPF Document 65-12 Filed 01/28/26 Page 7 of 8
William Blair
OTHER IMPORTANT DISCLOSURES
Stock ratings and valuation methodologies: William Blair & Company, L.L.C. uses a three-point system to rate stocks. Individual ratings reflect
the expected performance of the stock relative to the broader market (generally the S&P 500, unless otherwise indicated) over the next
12 months. The assessment of expected performance is a function of near-, intermediate-, and long-term company fundamentals, industry
outlook, confidence in earnings estimates, valuation (and our valuation methodology), and other factors. Outperform (O) - stock expected
to outperform the broader market over the next 12 months; Market Perform (M) - stock expected to perform approximately in line with
the broader market over the next 12 months; Underperform (U) - stock expected to underperform the broader market over the next 12
months; not rated (NR) - the stock is not currently rated. The valuation methodologies include (but are not limited to) price-to-earnings
multiple (P/E), relative P/E (compared with the relevant market), P/E-to-growth-rate (PEG) ratio, market capitalization/revenue multiple,
enterprise value/EBITDA ratio, discounted cash flow, and others. Stock ratings and valuation methodologies should not be used or relied
upon as investment advice. Past performance is not necessarily a guide to future performance.
The ratings and valuation methodologies reflect the opinion of the individual analyst and are subject to change at any time.
Our salespeople, traders, and other professionals may provide oral or written market commentary, short-term trade ideas, or trading
strategies-to our clients, prospective clients, and our trading desks-that are contrary to opinions expressed in this research report. Certain
outstanding research reports may contain discussions or investment opinions relating to securities, financial instruments and/or issuers
that are no longer current. Always refer to the most recent report on a company or issuer. Our asset management and trading desks may
make investment decisions that are inconsistent with recommendations or views expressed in this report. We will from time to time have
long or short positions in, act as principal in, and buy or sell the securities referred to in this report. Our research is disseminated primarily
electronically, and in some instances in printed form. Research is simultaneously available to all clients. This research report is for our clients
only. No part of this material may be copied or duplicated in any form by any means or redistributed without the prior written consent of
William Blair & Company, L.L.C.
This is not in any sense an offer or solicitation for the purchase or sale of a security or financial instrument. The factual statements herein
have been taken from sources we believe to be reliable, but such statements are made without any representation as to accuracy or
completeness or otherwise, except with respect to any disclosures relative to William Blair or its research analysts. Opinions expressed are
our own unless otherwise stated and are subject to change without notice. Prices shown are approximate.
If the recipient received this research report pursuant to terms of service for, or a contract with William Blair for, the provision of research
services for a separate fee, and in connection with the delivery of such research services we may be deemed to be acting as an investment
adviser, then such investment adviser status relates, if at all, only to the recipient with whom we have contracted directly and does not
extend beyond the delivery of this report (unless otherwise agreed specifically in writing). If such recipient uses these research services in
connection with the sale or purchase of a security referred to herein, William Blair may act as principal for our own account or as riskless
principal or agent for another party. William Blair is and continues to act solely as a broker-dealer in connection with the execution of any
transactions, including transactions in any securities referred to herein.
This material is distributed in the United Kingdom and the European Economic Area (EEA) by William Blair International, Ltd., authorised
and regulated by the Financial Conduct Authority (FCA). William Blair International, Limited is a limited liability company registered in
England and Wales with company number 03619027. This material is only directed and issued to persons regarded as Professional investors
or equivalent in their home jurisdiction, or persons falling within articles 19 (5), 38, 47, and 49 of the Financial Services and Markets Act of
2000 (Financial Promotion) Order 2005 (all such persons being referred to as "relevant persons"). This document must not be acted on or
relied on by persons who are not "relevant persons."
“William Blair” and “R*Docs” are registered trademarks of William Blair & Company, L.L.C. Copyright 2024, William Blair & Company, L.L.C.
All rights reserved.
William Blair & Company, L.L.C. licenses and applies the SASB Materiality Map® and SICSTM in our work.
6 | Max Smock +1 312 364 8336
Case 1:25-cv-04630-KPF Document 65-12 Filed 01/28/26 Page 8 of 8
Equity Research Directory
John Kreger, Partner Director of Research +1 312 364 8612 Scott Hansen Associate Director of Research +1 212 245 6526
Kyle Harris, CFA, Partner Operations Manager +1 312 364 8230
CONSUMER ECONOMICS
Sharon Zackfia, CFA, Partner +1 312 364 5386 Richard de Chazal, CFA +44 20 7868 4489
Group Head–Consumer
Lifestyle and Leisure Brands, Restaurants, Automotive/E-commerce ENERGY AND SUSTAINABILITY
Jon Andersen, CFA, Partner +1 312 364 8697 Jed Dorsheimer +1 617 235 7555
Consumer Products Group Head–Energy and Sustainability
Generation, Efficiency, Storage
Phillip Blee, CPA +1 312 801 7874
Home and Outdoor, Automotive Parts and Services, Discount and Tim Mulrooney +1 312 364 8123
Convenience Sustainability Services
Dylan Carden +1 312 801 7857
Consumer Technology, Specialty Retail GLOBAL INDUSTRIAL INFRASTRUCTURE
Larry De Maria, CFA +1 212 237 2753
FINANCIAL SERVICES AND TECHNOLOGY Group Head–Global Industrial Infrastructure
Adam Klauber, CFA, Partner +1 312 364 8232 Industrial Machinery, Diversified, and Automation
Co-Group Head–Financial Services and Technology Louie DiPalma, CFA +1 312 364 5437
Financial Analytic Service Providers, Insurance Brokers, Property & Aerospace and Defense, Smart Cities
Casualty Insurance
Brian Drab, CFA, Partner +1 312 364 8280
Cristopher Kennedy, CFA +1 312 364 8596 Advanced Manufacturing, Industrial Technology
Financial Technology, Specialty Finance
Ryan Merkel, CFA , Partner +1 312 364 8603
Jeff Schmitt +1 312 364 8106
Building Products, Specialty Distribution
Wealthtech, Wealth Management, Capital Markets Technology
TECHNOLOGY, MEDIA, AND COMMUNICATIONS
HEALTHCARE
Jason Ader, CFA, Partner +1 617 235 7519
Biotechnology
Co-Group Head–Technology, Media, and Communications
Tim Lugo, Partner +1 415 248 2870 Infrastructure Software
Group Head–Biotechnology
Arjun Bhatia +1 312 364 5696
Sami Corwin, Ph.D. +1 312 801 7783 Co-Group Head–Technology, Media, and Communications
Andy T. Hsieh, Ph.D., Partner +1 312 364 5051 Software as a Service
Myles R. Minter, Ph.D. +1 617 235 7534 Dylan Becker, CFA +1 312 364 8938
Matt Phipps, Ph.D., Partner +1 312 364 8602 Software, Software as a Service
Healthcare Technology and Services Jonathan Ho, Partner +1 312 364 8276
Cybersecurity, Security Technology
Ryan S. Daniels, CFA, Partner +1 312 364 8418
Group Head–Healthcare Technology and Services Maggie Nolan, CPA, Partner +1 312 364 5090
Healthcare Technology, Healthcare Services IT Services
Margaret Kaczor Andrew, CFA, Partner +1 312 364 8608 Matthew Pfau, CFA +1 312 364 8694
Medical Technology Software as a Service
Brandon Vazquez, CFA +1 212 237 2776 Jake Roberge +1 312 364 8056
Dental, Animal Health Software, Software as a Service
Life Sciences Ralph Schackart III, CFA, Partner +1 312 364 8753
Matt Larew, Partner +1 312 801 7795 Internet and Digital Media
Life Science Tools, Bioprocessing, Healthcare Delivery
Stephen Sheldon, CFA, CPA, Partner +1 312 364 5167
Andrew F. Brackmann, CFA +1 312 364 8776 Vertical Technology – Real Estate, Education, Restaurant/Hospitality
Diagnostics
Max Smock, CFA +1 312 364 8336 EDITORIAL AND SUPERVISORY ANALYSTS
Pharmaceutical Outsourcing and Services Steve Goldsmith, Head Editor and SA +1 312 364 8540
Audrey Majors, Editor and SA +1 312 364 8992
GLOBAL SERVICES Beth Pekol Porto, Editor and SA +1 312 364 8924
Tim Mulrooney +1 312 364 8123 Lisa Zurcher, Editor and SA +44 20 7868 4549
Group Head–Global Services Mubasil Chaudhry, Editor and SA +44 20 7868 4453
Commercial Services, Staffing
Andrew Nicholas, CPA +1 312 364 8689
Consulting, HR Technology, Information Services
Trevor Romeo, CFA +1 312 801 7854
Staffing