Invitae(US:NVTA) Prnewswire·2024-08-01 10:57Core Insights - Labcorp reported strong revenue and earnings growth in Q2 2024, with revenue of $3.22 billion, up 6.2% from $3.03 billion in Q2 2023, and diluted EPS of $2.43 compared to $1.74 in the prior year [1][5][8] - The company updated its full-year 2024 guidance, projecting revenue growth of 6.4% to 7.5%, adjusted EPS of $14.30 to $14.90, and free cash flow of $0.85 billion to $1.00 billion [1][22] - Labcorp is expanding its leadership in key therapeutic areas and enhancing its service offerings through acquisitions and innovative solutions [2][3] Financial Performance - Q2 2024 revenue was $3.22 billion, a 6.2% increase from $3.03 billion in Q2 2023, driven by organic revenue growth of 3.8% and acquisitions contributing 2.5% [5][11] - Operating income for Q2 2024 was $294.8 million, or 9.2% of revenue, compared to $266.3 million, or 8.8% in Q2 2023 [6][8] - Free cash flow for Q2 2024 was $432.9 million, significantly up from $58.2 million in Q2 2023 [9] Segment Performance - Diagnostics Laboratories segment revenue was $2.52 billion, a 7.9% increase from $2.34 billion in Q2 2023, with organic growth of 4.7% [16][18] - Biopharma Laboratory Services segment revenue was $707.0 million, a 1.1% increase from $699.0 million in Q2 2023, with organic growth of 1.2% [19][20] Strategic Initiatives - Labcorp received approval for the acquisition of select assets from Invitae, enhancing its capabilities in genetic insights for personalized care [2] - The company launched Labcorp Global Trial Connect, aimed at accelerating clinical trials through central laboratory solutions [3] - New tests were introduced, including a first trimester preeclampsia screening test, reinforcing Labcorp's position in innovative testing solutions [3] Shareholder Returns - The company announced a quarterly cash dividend of $0.72 per share, payable on September 13, 2024, and increased its share repurchase authorization by $1.0 billion to a total of $1.4 billion [4][10]