Core Insights - Labcorp is experiencing growth driven by strategic investments in high-growth areas, particularly in oncology, women's health, autoimmune diseases, and neurology [1][2] - The company is expanding its capabilities in specialty testing and biopharma, with a focus on cell and gene therapy, and has launched new services to support global clinical trials [3][4] Business Development - Labcorp's acquisition of Invitae assets highlights its strong business development pipeline and commitment to specialty testing in oncology and rare diseases [2] - The Biopharma Laboratory Services segment is benefiting from collaborations with pharmaceutical companies, with a 9% revenue growth in central laboratories during Q2 2024 [4] Financial Performance - The company faces challenges from macroeconomic uncertainties, including inflation and geopolitical tensions, which could impact demand for diagnostic testing and drug development services [5][6] - In Q2 2024, Labcorp's cost of revenues increased by 4.7% year-over-year, while SG&A expenses rose by 10.3% due to higher personnel costs [6] International Exposure - Labcorp's significant international presence, with 58% of BLS revenues derived from overseas, makes it susceptible to currency fluctuations, particularly with 13.7% of revenues in non-U.S. dollar currencies [7] - The recent strengthening of the U.S. dollar has negatively impacted revenue growth, with a 0.1% offset in BLS and Dx revenue growth due to unfavorable foreign currency translation [7]

Extends Labcorp's leadership in genetic testing solutions for oncology and select rare diseases BURLINGTON, N.C., Aug. 5, 2024 /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, announced today the completion of its acquisition of select assets of Invitae (OTC:NVTAQ), a leading medical genetics company. Together, Labcorp and Invitae will support patients, clinicians and pharmaceutical partners across the continuum of care, including therapy development, ...

Group 1 - Labcorp Holdings Inc reported better-than-expected second-quarter financial results with adjusted EPS of $3.94, up from $3.42 a year ago, beating the consensus of $3.78 [1] - Sales increased 6.2% year-over-year to $3.22 billion, surpassing the consensus of $3.19 billion [1] - Diagnostics Laboratories revenue for the quarter was $2.52 billion, an increase of 7.9%, while Biopharma Laboratory Services revenue increased 1.1% to $707.0 million [2] Group 2 - Labcorp revised its 2024 adjusted EPS outlook down from $14.45-$15.35 to $14.30-$14.90, compared to the consensus of $14.82 [2] - The company raised its 2024 revenue growth outlook from 4.8%-6.4% to 6.4%-7.5%, compared to the consensus of $12.83 billion [2] - Labcorp shares gained 0.1% to trade at $233.71 following the earnings announcement [2] Group 3 - Analysts made changes to their price targets on Labcorp after the earnings announcement, with Truist Securities raising the target from $255 to $275 while maintaining a Buy rating [3] - Baird analyst increased the price target from $261 to $277 while maintaining an Outperform rating [3] - Barclays analyst boosted the price target from $213 to $249 while maintaining an Equal-Weight rating [3]

PGDx elio™ plasma focus Dx is the industry's first and only kitted, pan-solid tumor liquid biopsy test that enables tumor mutation profiling – all from a simple blood draw BURLINGTON, N.C., Aug. 2, 2024 /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, announced today it has received De Novo marketing authorization from the U.S. Food and Drug Administration (FDA) for PGDx elio™ plasma focus Dx – the industry's first and only kitted, pan-solid tumor liqu ...

Laboratory Corporation of America Holdings (LH) , or Labcorp, reported adjusted earnings per share (EPS) of $3.94 in the second quarter of 2024, up 15.2% from the year-ago quarter's figure. The adjusted figure excludes the impact of certain amortization expenses and restructuring charges, among others. The bottom line also beat the Zacks Consensus Estimate by 4.2%. On a GAAP basis, EPS in the second quarter was $2.43, up 14.6% from last year's comparable period. Revenues Revenues in the quarter under review ...

Thursday, Laboratory Corp A reported second-quarter 2024 adjusted EPS of $3.94, up from $3.42 a year ago, beating the consensus of $3.78. Sales increased 6.2% year-over-year to $3.22 billion, beating the consensus of $3.19 billion. The increase was due to organic revenue of 3.8%, acquisitions, and net of divestitures of 2.5%, partially offset by foreign currency translation of (0.1%). The 3.8% increase in organic revenue was driven by a 4.5% increase in the company's organic Base Business, partially offset ...

Core Viewpoint - Laboratory Corporation of America Holdings (Labcorp) reported strong second-quarter results for 2024, with adjusted earnings per share (EPS) of $3.94, reflecting a 15.2% year-over-year increase, and surpassing the Zacks Consensus Estimate by 4.2% [1] Revenue Performance - Revenues for the quarter increased by 6.2% year-over-year to $3.22 billion, exceeding the Zacks Consensus Estimate by 0.8% [2] - The revenue growth was attributed to organic revenue growth of 3.8% and acquisitions contributing 2.5%, partially offset by a foreign currency translation loss of 0.1% [2] - Organic revenue growth was driven by a 4.5% increase in the Base Business, while PCR testing (COVID-19 Testing) saw a decline of 0.7% [2] Segment Analysis - Diagnostics Laboratories segment reported revenues of $2.34 billion, a 7.9% increase year-over-year [3] - On an organic basis, revenues in this segment rose by 4.7%, supported by a 5.6% increase in the Base Business, despite a 0.9% decline in COVID-19 testing [4] - Biopharma Laboratory Services revenues increased by 1.1% to $707 million, primarily due to organic growth of 1.2% [5] Margin and Profitability - Gross margin expanded by 101 basis points to 28.8%, despite a 4.7% rise in the cost of revenues [6] - Adjusted operating income improved by 9.6% year-over-year to $368.6 million, with an adjusted operating margin of 11.4%, up 36 basis points from the previous year [6] Cash Position - At the end of the second quarter, Labcorp had cash and cash equivalents of $265.1 million, down from $536.8 million at the end of the first quarter [7] - Long-term debt remained stable at $3.05 billion, and cumulative cash inflow from operating activities was $531.3 million, compared to $472.6 million in the prior year [7] 2024 Guidance - Labcorp updated its 2024 revenue guidance, expecting total revenues to grow between 6.4% and 7.5%, up from the previous estimate of 4.8% to 6.4% [8] - Diagnostics Laboratories revenues are projected to increase between 6.9% and 7.9%, while Biopharma Laboratory Services revenues are expected to rise between 3.7% and 5% [8] Earnings Outlook - The Zacks Consensus Estimate for full-year revenues is $12.85 billion, with Labcorp projecting adjusted EPS in the range of $14.30 to $15.90 [9] - The company anticipates free cash flow from continued operations to be between $0.85 billion and $1.00 billion [9] Strategic Developments - Labcorp expanded its leadership in key therapeutic areas and bolstered its position through acquisitions and innovative solutions [10] - The company received approval for the acquisition of select assets from Invitae, aiming to utilize genetic insights for new treatments in oncology and rare diseases [11] - Labcorp launched new strategic service offerings, including a first-trimester preeclampsia screening test and Labcorp Global Trial Connect [11]

For the quarter ended June 2024, Labcorp (LH) reported revenue of $3.22 billion, up 6.2% over the same period last year. EPS came in at $3.94, compared to $3.42 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $3.2 billion, representing a surprise of +0.78%. The company delivered an EPS surprise of +4.23%, with the consensus EPS estimate being $3.78. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectati ...

Labcorp (LH) came out with quarterly earnings of $3.94 per share, beating the Zacks Consensus Estimate of $3.78 per share. This compares to earnings of $3.42 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 4.23%. A quarter ago, it was expected that this medical laboratory operator would post earnings of $3.46 per share when it actually produced earnings of $3.68, delivering a surprise of 6.36%. Over the last four quarters, the ...

Updates Full-Year Guidance Results from Continuing Operations for second quarter 2024 versus last year: Revenue: $3.22 billion versus $3.03 billion Diluted EPS: $2.43 versus $1.74 Adjusted EPS: $3.94 versus $3.42 Free Cash Flow: $432.9 million versus $58.2 million Updated Full-Year 2024 Guidance: Revenue range of 6.4% to 7.5%, includes Invitae impact of ~1.0% Adjusted EPS range of $14.30 to $14.90, includes Invitae dilution of ~$0.40 Free Cash Flow of $0.85 billion to $1.00 billion, includes Invitae cash us ...