Labcorp Holdings Inc Stock Price, News & Analysis

LabCorp (NYSE: LH) will participate in a virtual fireside chat at the 29th Annual Credit Suisse Virtual Healthcare Conference on Monday, Nov. 9, at 8:00 a.m. ET. This event will feature members of the executive management team discussing key topics in healthcare. A live audio webcast of the presentation will be available on www.LabCorp.com and will be archived for later access. As a leading life sciences company, LabCorp is dedicated to improving health and advancing patient care, reporting over $11.5 billion in revenue in 2019.

LabCorp (NYSE: LH) reported third-quarter results for 2020, achieving $3.90 billion in revenue, up 33% from the previous year. Growth was driven by a 32.6% contribution from COVID-19 testing, with organic revenue increasing 31.5%. Operating income surged to $1.05 billion, representing 26.9% of revenue, and diluted EPS rose to $7.17, reflecting a strong recovery in routine medical care. Despite challenges, the company did not provide 2020 guidance due to ongoing pandemic uncertainties.

LabCorp (NYSE: LH) has unveiled new capabilities aimed at enhancing the clinical trial experience, particularly through its drug development division, Covance. The company emphasizes decentralization in clinical trials, intending to improve patient access, streamline processes, and elevate data quality. Recent acquisitions of GlobalCare and snapIoT contribute to a fully integrated platform that reduces administrative burdens and speeds up trial implementation. By the end of 2021, LabCorp anticipates that most studies will incorporate decentralized components, further transforming drug development.

LabCorp (NYSE: LH) has announced an agreement to extend its long-standing partnership with Swedish, the largest nonprofit healthcare system in the Puget Sound region, for laboratory services. This renewal enhances their collaborative efforts, particularly highlighted during the COVID-19 pandemic, where LabCorp was pivotal in providing rapid testing. The new framework aims to improve quality and cost-effective strategies for lab services, utilizing data for appropriate testing. Additionally, Swedish will continue to participate in clinical studies for new therapies in conjunction with Covance Drug Development.

LabCorp (NYSE: LH) has launched the Cov2Quant™ IgG test, providing a quantitative measurement of SARS-CoV-2 IgG antibodies for clinical trials and research. This test enhances understanding of immune responses to COVID-19 compared to existing qualitative tests. The Cov2Quant IgG test is utilized by pharmaceutical companies and the CDC for evaluating vaccine performance and seroprevalence studies, respectively. With a testing capacity of 300,000 antibody tests per day, LabCorp continues to play a crucial role in COVID-19 diagnostics and treatment developments.

LabCorp (NYSE: LH) has partnered with The Commons Project to enhance patient access to lab results through the CommonHealth app. This is the first major commercial lab to integrate with the privacy-focused platform, allowing Android users to securely store and share their health data. Mark Wright, LabCorp's VP, emphasized the need for easier access to health information, particularly in the evolving landscape of healthcare. The partnership aims to empower patients to manage their health data while maintaining strict privacy controls.

LabCorp (NYSE: LH) has launched its Oncology Care Module, designed to enhance patient outcomes and reduce costs in oncology practices. This exclusive tool integrates clinical and claims data through the LabCorp Care Intelligence™ application, improving access to vital metrics. The module supports value-based care by providing real-time insights, enabling clinicians to optimize treatments and manage costs effectively. It also identifies candidates for clinical trials, further bolstering LabCorp's commitment to advancing cancer care.

LabCorp (NYSE: LH) and CLEAR have partnered to enhance health safety through the Health Pass mobile app. This integration allows users to securely link their LabCorp test results via their LabCorp Patient account. By doing so, Health Pass users can verify COVID-19-related health information, easing access to public spaces. LabCorp has conducted over 15 million COVID-19 tests, underscoring its expertise. The collaboration aims to improve safety for returning to work and public venues by providing discreet health status verification without exposing personal health details.

LabCorp (NYSE: LH) has received Emergency Use Authorization from the FDA for a new high-throughput method that extracts RNA for COVID-19 testing, enhancing testing speed and efficiency. This innovative method reduces reliance on reagents and improves turnaround time for results, currently averaging 24 hours. Additionally, LabCorp earned EUA for matrixed pooling of samples collected via at-home kits, increasing testing capacity. The company has conducted over 15 million tests and can process 200,000 tests per day, marking a significant step in managing the pandemic.