Welcome to our dedicated page for Labcorp Holdings news (Ticker: LH), a resource for investors and traders seeking the latest updates and insights on Labcorp Holdings stock.
Labcorp Holdings Inc. (NYSE: LH) is a global leader in innovative and comprehensive laboratory services, headquartered in Burlington, NC. With over 35 years of experience, Labcorp performs more than one million tests on approximately 400,000 samples daily, serving more than 220,000 clients worldwide, including physician offices, hospitals, managed care organizations, and biotechnology and pharmaceutical companies.
Labcorp operates a sophisticated laboratory network, consisting of roughly 2,000 patient-service centers. The company offers a broad range of 5,000 clinical lab tests ranging from routine blood and urine screens to complex oncology and genomic testing. Additionally, Labcorp is known for its scientific expertise in esoteric testing, genomics, and clinical and anatomic pathology.
Recently, Labcorp has been active in expanding its operations and capabilities. For instance, it was selected as the winning bidder to acquire assets of Invitae, a leading medical genetics company, for $239 million. This acquisition is expected to bolster Labcorp's genetic specialty testing capabilities, particularly in oncology and rare diseases.
Labcorp continues to innovate, having launched the first trimester preeclampsia screening test in the U.S., which helps determine the risk of developing preeclampsia before 34 weeks of pregnancy. The company's commitment to advancing maternal and fetal health is also evident in its comprehensive preeclampsia screening offerings across all trimesters of pregnancy.
Moreover, Labcorp announced enhancements to its precision oncology portfolio, including the launch of Labcorp Tissue Complete and OmniSeq INSIGHT for ctDNA. These offerings are designed to support biopharmaceutical companies in advancing cancer research and patient care globally.
Financially, Labcorp reported first-quarter revenue of $3.18 billion in 2024, a 4.6% increase from the previous year. The company's adjusted operating income for the quarter was $452.8 million, or 14.3% of revenue. Labcorp's ongoing financial stability is demonstrated by its strong cash balance and total debt management.
Labcorp has a significant impact in the healthcare industry, supporting 84% of the new drugs and therapeutic products approved by the FDA in 2023. With over 67,000 employees serving clients in approximately 100 countries, Labcorp is dedicated to providing insights and advancing science to improve health and lives globally. To learn more about Labcorp, visit www.labcorp.com.
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.
Labcorp (NYSE: LH), a global life sciences leader, announced that its executive management team will participate in a fireside chat at the Credit Suisse 31st Annual Healthcare Conference on November 8 at 1:25 p.m. PT. A live webcast of the event will be accessible through the Labcorp Investor Relations website and will be archived for future viewing.
Labcorp reported revenues of $16 billion in FY2021, employing over 75,000 professionals across more than 100 countries. For more information, visit www.labcorp.com.
Labcorp (NYSE: LH) reported third-quarter 2022 revenue of $3.61 billion, down 11.2% year-over-year, with diluted EPS at $3.90, a decline from $6.05 in Q3 2021. Adjusted EPS was $4.68 versus $6.82 last year. The company continues to face headwinds from reduced COVID-19 testing, which fell 11.8%. Operating income decreased to $469.4 million, 13% of revenue. Labcorp is progressing on a clinical development spin-off and established a long-term relationship with Ascension, enhancing its diagnostic capabilities. Updated guidance suggests revenue may decline further, particularly in COVID-19 testing.
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