Labcorp(US:LH)2023-08-10 07:38Financial Performance - Q2 2023 - Revenue increased by 3.8% to $3,033.7 million compared to $2,923.0 million in 2Q22[23] - Adjusted operating income decreased by 18.2% to $448.3 million from $547.8 million in 2Q22[23] - Adjusted EPS decreased by 15.5% to $3.42 from $4.04 in 2Q22[23] - Free cash flow decreased by 56.5% to $177.4 million from $408.2 million in 2Q22[23] Financial Performance - Year to Date (Six Months Ended June 30, 2023) - Revenue increased slightly by 0.1% to $6,071.5 million compared to $6,067.5 million in the same period of 2022[24] - Adjusted operating income decreased by 29.4% to $896.1 million from $1,269.3 million in the first half of 2022[24] - Adjusted EPS decreased by 27.9% to $6.88 from $9.54 in the first half of 2022[24] - Free cash flow decreased by 65.2% to $228.7 million from $657.2 million in the first half of 2022[24] Segment Performance - Q2 2023 - Diagnostics Laboratories revenue was $2,340.8 million[25] - Biopharma Laboratory Services revenue was $699.0 million[25] - Diagnostics Laboratories adjusted operating income was $409.7 million with a margin of 17.5%[25] - Biopharma Laboratory Services adjusted operating income was $104.6 million with a margin of 15.0%[25] Segment Performance - Year to Date (Six Months Ended June 30, 2023) - Diagnostics Laboratories revenue was $4,723.6 million, a 0.3% increase year-over-year[26] - Biopharma Laboratory Services revenue was $1,360.3 million, a 1.6% decrease year-over-year[26] - Diagnostics Laboratories adjusted operating income was $851.2 million, a 29.0% decrease year-over-year[26] - Biopharma Laboratory Services adjusted operating income was $178.2 million, a 5.7% decrease year-over-year[26] Biopharma Laboratory Services Metrics - Trailing twelve-month net orders as of June 30, 2023, were $3.3 billion with a net book-to-bill ratio of 1.23x[32] - Backlog as of June 30, 2023, was $8.0 billion, with an estimated $2.5 billion expected to convert to revenue in the next twelve months[32] 2023 Outlook - Total Labcorp Enterprise revenue is projected to be between $12.04 billion and $12.22 billion, representing a 1.5% to 3.0% increase compared to 2022 results[57] - Base Business revenue is projected to be between $11.93 billion and $12.07 billion, representing an 11.3% to 12.6% increase compared to 2022 results[57] - COVID-19 Testing revenue is projected to be between $0.13 billion and $0.16 billion, representing an 89.0% to 85.0% decrease compared to 2022 results[57]