Labcorp Holdings Inc. provides laboratory services spanning diagnostics and drug development laboratory capabilities for doctors, hospitals, pharmaceutical companies, researchers and patients. News about LH commonly covers earnings releases and guidance, dividend declarations, specialty and companion diagnostics, oncology testing, drug-screening products, and collaborations that expand access to advanced laboratory services.
Company updates also address Labcorp's Diagnostics Laboratories and Biopharma Laboratory Services activities, including FDA-cleared or FDA-approved tests, pediatric diagnostics development, real-world data platforms, digital pathology and AI-enabled laboratory operations. Recurring announcements connect Labcorp's national diagnostic infrastructure with health systems, biopharmaceutical customers and technology partners.
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Labcorp (NYSE: LH) reported its Q1 2023 results, showing a 10% increase in Base Business revenue but a decline in total revenue to $3.8 billion from $3.9 billion last year. Diluted EPS dropped to $2.39 from $5.23, while adjusted EPS fell to $3.82 from $6.11. Free cash flow also decreased significantly to $27 million from $239 million. The company updated its full-year guidance, projecting adjusted EPS between $16.25 and $17.75 and free cash flow of $1.0 billion to $1.2 billion. The planned spin-off of its Clinical Development business, now named Fortrea, is on schedule for mid-2023. Overall, the results were mixed with notable declines in COVID-19 testing impacting revenue.
Labcorp (NYSE: LH) announced a quarterly cash dividend of $0.72 per share, payable on June 8, 2023. Stockholders of record as of the close of business on May 18, 2023 will receive this dividend. This decision underscores Labcorp's commitment to returning value to its shareholders. In FY2022, the company reported revenues of $14.9 billion, highlighting its strong financial performance in the life sciences sector. For more details, visit www.labcorp.com.
Labcorp has partnered with the Conference of National Black Churches to improve access to colorectal cancer screening in high-risk communities. Over 3,000 screening kits will be distributed across cities like Atlanta and Los Angeles. Colorectal cancer disproportionately affects the Black community, with a 20% higher incidence and 40% higher mortality rate compared to other groups. Despite the importance of screening, 62% of respondents in a recent survey have not been screened. Labcorp emphasizes the significance of early detection, offering convenient at-home testing options for patients.
Labcorp (NYSE: LH), a prominent global life sciences firm, will release its financial results for Q1 2023 on April 25, 2023, before the market opens. A conference call and webcast will occur at 9 a.m. ET on the same day to discuss these results. Participants can access the earnings press release and financial information through the Labcorp Investor Relations website. For FY2022, Labcorp reported a revenue of $14.9 billion. The company provides essential diagnostic and drug development insights to healthcare professionals and researchers worldwide.
Ovia Health, a subsidiary of Labcorp, has expanded its digital platform to help women track menopause symptoms. This new functionality aims to provide support and resources for the menopause transition, reaching over 1 million women annually. The Ovia app now includes educational content on treatment options, symptom tracking capabilities, and access to health coaching. This expansion allows Ovia to serve as a comprehensive resource for women's healthcare needs throughout various life stages. The platform enhances existing employer and health plan offerings, aligning with Labcorp's commitment to women's health.
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.