Labcorp Holdings Inc Stock Price, News & Analysis

Labcorp (NYSE: LH) reported Q4 2022 revenue of $3.67 billion, a 9.4% decline from $4.06 billion last year, and full-year revenue of $14.88 billion, down 7.7% from $16.12 billion. Diluted EPS fell to $0.86 in Q4, down from $5.75, and for the full year, EPS decreased to $13.97 from $24.39. The company attributed the decline mainly to reduced COVID-19 testing. Adjusted EPS for Q4 was $4.14, down from $6.77. Labcorp launched the Labcorp Plasma Focus liquid biopsy test and approved a $1 billion share repurchase. 2023 guidance includes projected adjusted EPS of $16.00 to $18.00 and free cash flow of $1.0 billion to $1.2 billion.

Labcorp (NYSE: LH) announced its planned spin-off of the Clinical Development business, which will become an independent company named Fortrea. This new Contract Research Organization (CRO) will focus on drug and medical device development, featuring a workforce of over 19,000. The spin-off aims to be completed by mid-2023, pending board and regulatory approvals. This move is expected to foster innovation, improve patient outcomes, and create sustainable growth for both Labcorp and Fortrea. Fortrea's operations will include comprehensive clinical trial management from Phase I through IV, with a focus on agility and innovation.

Labcorp (NYSE: LH) will announce its financial results for Q4 and FY2022 on February 16, 2023, prior to market opening. A conference call is scheduled for 9 a.m. ET to discuss the results, which will also be available on the Labcorp Investor Relations website. Participants can register for access, with an option to join the call live or via replay until February 2, 2024. Labcorp is a global leader in life sciences, offering crucial data to healthcare professionals and reported $16 billion in revenue for FY2021, with more than 75,000 employees serving clients in over 100 countries.

Labcorp (NYSE: LH) announced a cash dividend of $0.72 per share, payable on March 13, 2023, to shareholders of record by February 23, 2023. This dividend reflects the company's commitment to returning value to its shareholders. Labcorp, a leading global life sciences company, reported a revenue of $16 billion in FY2021, showcasing its robust financial performance and operational scale. The announcement aims to reinforce investor confidence amidst a competitive landscape in the healthcare sector.

Labcorp (NYSE: LH) announced the appointment of Tom Pike as CEO of its Clinical Development business unit, effective January 9, 2023. Pike brings over 30 years of experience, with a focus on driving growth in the healthcare sector. He will lead the spin-off into an independent company, expected in mid-2023. Under his direction, Labcorp aims to leverage its extensive health data to enhance innovation in clinical trials. The current CEO, Paul Kirchgraber, will transition to a different role within Labcorp.

Labcorp (NYSE: LH), a prominent global life sciences company, announced participation in a fireside chat at the 41st Annual J.P. Morgan Healthcare Conference on January 10 at 4:30 p.m. (PT). Investors can access a live audio webcast via the Investor Relations website, which will also archive the session for later replay.

Labcorp, which reported $16 billion in revenue for FY2021, aims to provide essential information for healthcare decisions, serving clients in over 100 countries with a workforce exceeding 75,000 employees.

Kiyatec Inc. has successfully closed its Series C funding round, raising US$18 million led by new investor Bruker (BRKR) and supported by LabCorp (LH) and others. The funds will enhance the adoption of Kiyatec's clinical testing and preclinical pharma services, vital for improving cancer treatment outcomes. Kiyatec's 3D-Predict™ Glioma test has shown significant clinical correlations, allowing better therapy selection for glioblastoma patients. The company aims to grow its revenue through innovative testing and drug development partnerships.

Labcorp has launched operations at a new, larger anatomic pathology and histology laboratory in Los Angeles, aimed at enhancing its global testing capabilities. This facility, part of Labcorp's growth strategy, will feature advanced technologies including digital pathology and multiplex immunohistochemistry. The laboratory is designed for flexibility and future expansion, supporting clinical trials in areas like oncology and liver disease. Labcorp's global expansion also includes recent lab expansions in Singapore, Switzerland, and Japan.

Labcorp has partnered with Oracle Cerner to enhance lab operations across a leading nonprofit Catholic health system, managing hospital laboratories in 10 states. Labcorp acquired select outreach laboratory business assets, aiming to optimize workflows and improve efficiency through Cerner's advanced laboratory information system. This collaboration is expected to facilitate better patient care and faster diagnostic decisions, with lab test results influencing up to 80% of diagnostic decisions.