Labcorp Holdings Inc Stock Price, News & Analysis

Labcorp (NYSE: LH) reported strong Q3 2024 results with revenue increasing 7.4% to $3.28 billion from $3.06 billion last year. Adjusted EPS rose to $3.50 from $3.38, while diluted EPS decreased to $2.00 from $2.11. The company updated its full-year 2024 guidance with revenue growth of 6.6% to 7.3% and adjusted EPS range of $14.30 to $14.70. During the quarter, Labcorp announced three new acquisitions/lab management agreements and completed two acquisitions, including select assets of BioReference Health and Invitae. Free cash flow was $162 million, down from $171 million in the previous year.

NOWDiagnostics (NOWDx) has announced a collaboration with Labcorp to distribute its First To Know® Syphilis Test in professional and healthcare settings across the U.S. This FDA-authorized over-the-counter test provides results in 15 minutes using a drop of blood. Labcorp plans to offer the test to professionals and hospitals by the end of 2024 and directly to patients through Labcorp OnDemand in 2025.

The collaboration aims to address the 80% increase in syphilis cases since 2018, affecting over 207,000 people, including more than 3,700 newborns in 2022. The partnership will expand access to testing, supporting earlier detection and treatment. Labcorp will also be the U.S. distribution partner for NOWDx's ADEXUSDx® hCG test used in hospital settings.

Labcorp (NYSE: LH) has expanded its STI testing portfolio with the First to Know® Syphilis Test, the first FDA-authorized over-the-counter blood test for syphilis. As the exclusive distributor for NOWDiagnostics (NOWDx) in the U.S., Labcorp will offer this rapid test to healthcare providers nationwide by the end of 2024 and to patients through Labcorp OnDemand in 2025.

The test provides results in 15 minutes using a single drop of blood from a fingerstick. This expansion aims to combat the rising syphilis cases in the U.S., which have increased by 80% between 2018 and 2022, reaching over 207,000 reported cases in 2022. Labcorp's syphilis testing volume has more than doubled in the past decade, exceeding 5.5 million tests annually.

Labcorp (NYSE: LH), a global leader in innovative and comprehensive laboratory services, has announced a quarterly cash dividend of $0.72 per share of common stock. The dividend will be paid on December 13, 2024, to stockholders of record as of the close of business on November 26, 2024. This announcement demonstrates Labcorp's commitment to returning value to its shareholders and reflects the company's financial stability.

Advantage Healthcare Holdings, a regional leader in Comprehensive Outpatient Rehabilitation Facilities and Sleep Centers, has appointed Dinak (Dino) Nair as its new Chief Executive Officer, effective September 1, 2024. Nair succeeds Ryan Tong and brings over 20 years of business experience, including more than a decade in healthcare leadership roles.

Nair's previous positions include Vice President, General Manager of the Health Systems Operating Division at Labcorp (NYSE: LH), Senior Vice President at Thrive Skilled Pediatric Care, and Vice President of Operations at AdaptHealth. He holds an MBA in Public Accounting from Saint John's University.

Timothy Bovard, Chairperson of Advantage's Board, expressed confidence in Nair's ability to lead the company's growth and improve patient outcomes through personalized care. Nair stated his excitement to join Advantage and collaborate with the team to drive improved patient outcomes and deliver value to customers and stakeholders.

Labcorp (NYSE: LH), a global leader in innovative laboratory services, has announced it will release its third quarter 2024 financial results on Thursday, October 24, 2024, before the market opens. The company will host a conference call and webcast at 9 a.m. ET on the same day to discuss the results.

Investors can access the earnings press release and financial information on the Labcorp Investor Relations website. The call will be webcast live, and participants can register for dial-in access. A replay of the webcast will be available approximately two hours after the event and will remain accessible until September 10, 2025.

Ovia Health by Labcorp has announced the expansion of its women's health solutions with a new Postpartum Experience program. This 12-month digital solution, available from October 2024, is designed to help women manage various aspects of the postpartum period. Key features include:

1. Personalized Recovery Modes tailored to delivery type and complications
2. Symptom Tracking and Critical Alerts for monitoring risk factors
3. Mental Health Support with screening tools and health programs

The program aims to address the gap in postpartum care, as many women do not attend even one postpartum appointment due to various barriers. Ovia's solution aligns with ACOG's recommendation for ongoing postpartum care and supports women in managing potential complications and conditions that can have life-long implications.

Labcorp Holdings Inc. (NYSE:LH) has announced the pricing of a $2 billion senior notes offering through its subsidiary, Laboratory of America Holdings (LCAH). The offering consists of three tranches:

• $650 million of 4.350% Senior Notes due 2030
• $500 million of 4.550% Senior Notes due 2032
• $850 million of 4.800% Senior Notes due 2034

The notes will bear interest from September 23, 2024, payable semi-annually. LCAH plans to use the net proceeds to redeem or repay existing indebtedness, including $400 million of 2.30% Senior Notes due December 2024 and $1 billion of 3.60% Senior Notes due February 2025. Additionally, $350 million will be used to repay borrowings under its revolving credit facility, with any remaining funds for general corporate purposes.

Labcorp (NYSE: LH) has completed the acquisition of select assets from BioReference Health, a subsidiary of OPKO Health (Nasdaq: OPK), for $237.5 million. The deal includes BioReference Health's laboratory testing businesses in clinical diagnostics and reproductive and women's health outside of New York and New Jersey, generating approximately $100 million in annual revenue. This acquisition aims to enhance Labcorp's laboratory services network and expand access to its clinical services.

The transaction is expected to provide patients, physicians, and customers with greater access to Labcorp's comprehensive laboratory services and expanded testing capabilities. OPKO Health views this sale as a strategic move to improve efficiencies and enhance productivity of BioReference Health's operations, focusing on their core clinical diagnostics in New York and New Jersey and higher value testing segments.