Labcorp(US:LH)2024-02-15 13:06Financial Performance - Q4 2023 - Revenue increased to $3,033.3 million, a 3.5% increase compared to $2,929.8 million in Q4 2022[5] - Adjusted Operating Income decreased by 4.3% to $394.9 million from $412.6 million in the same period last year[5] - Adjusted EPS increased by 8.2% to $3.30, compared to $3.05 in Q4 2022[5] - Free Cash Flow from Continuing Operations decreased by 18.5% to $414.2 million from $508.1 million in Q4 2022[5] Financial Performance - Full Year 2023 - Revenue increased by 2.5% to $12,161.6 million compared to $11,863.9 million in 2022, driven by acquisitions net of divestitures of 1.7%, organic revenue of 0.6%, and favorable foreign currency translation of 0.2%[11] - Adjusted Operating Income decreased by 21.1% to $1,714.9 million from $2,172.6 million in the previous year[11] - Adjusted EPS decreased by 18.6% to $13.56 from $16.66 in 2022[11] - Free Cash Flow from Continuing Operations decreased by 43.9% to $748.7 million from $1,335.5 million in 2022[11] Segment Performance - Q4 2023 - Diagnostics Laboratories revenue increased by 2.6% to $2,346.9 million[13] - Biopharma Laboratory Services revenue increased by 7.1% to $694.8 million[13] - Diagnostics Laboratories Adjusted Operating Income decreased by 8.6% to $353.7 million[13] - Biopharma Laboratory Services Adjusted Operating Income increased by 14.5% to $109.0 million[13] Segment Performance - Full Year 2023 - Diagnostics Laboratories revenue increased by 2.3% to $9,415.1 million[33] - Biopharma Laboratory Services revenue increased by 2.9% to $2,774.2 million[33] - Diagnostics Laboratories Adjusted Operating Income decreased by 21.4% to $1,591.3 million[33] - Biopharma Laboratory Services Adjusted Operating Income increased by 1.8% to $396.3 million[33] Biopharma Laboratory Services - Backlog - As of December 31, 2023, the backlog was $8.25 billion, with $2.47 billion expected to convert to revenue in the next twelve months[21] 2024 Financial Guidance - Labcorp Enterprise revenue is projected to be between $12.73 billion and $12.95 billion, representing a 4.7% to 6.5% increase versus 2023 results[69] - Adjusted EPS is projected to be between $14.30 and $15.40, representing a 5.5% to 13.6% increase versus 2023 results[69] - Free Cash Flow from Continuing Operations is projected to be between $1.00 billion and $1.15 billion, representing a 12.6% to 29.5% increase versus 2023 results[69]