Labcorp Holdings Inc. - LH STOCK NEWS

Labcorp (NYSE: LH) reported Q2 revenue of $3.7 billion, a 3.7% decline from last year, with diluted EPS at $3.87 compared to $4.76. Adjusted EPS also fell to $4.96 from $6.13. The company announced plans to spin off its Clinical Development business, targeting completion in H2 2023. Free cash flow improved to $429 million from $390 million in the previous year. Full-year adjusted EPS guidance was raised to $19.00 - $21.25. Significant investments in innovative diagnostics were made, addressing various health conditions.

Labcorp (NYSE: LH) announced its Board of Directors has authorized a tax-free spin-off of its Clinical Development business, creating two independent, publicly traded companies. This strategic move is designed to enhance operational focus and capitalize on market opportunities. The Clinical Development business will position itself as a leading Contract Research Organization (CRO), while Labcorp will continue as a global laboratory leader. The spin-off aims to provide each entity with targeted growth strategies and more focused capital structures. Completion is anticipated in the second half of 2023, pending regulatory approvals.

Labcorp has launched a unique Clinical Decision Support (CDS) interpretative report for its Stinging Insect Component-Specific IgE Test. This test aims to enhance patient management regarding venom allergies, impacting nearly 10 million Americans. The report, developed with input from leading experts, offers specific allergen identification and treatment suggestions, aiming to improve the efficacy of venom immunotherapy. Labcorp remains the only reference laboratory offering such testing, supporting healthcare providers in diagnosing and managing insect venom allergies effectively.

Labcorp has announced an expansion of its automated clinical trial kit production line in Mechelen, Belgium. This expansion will allow the company to fulfill clinical trial kits for over 70 countries in Europe, the Middle East, and Africa (EMEA), up from 27 countries in 2021. The facility aims to enhance delivery times and flexibility for clinical trial testing. Labcorp's European Operations Center has produced over 1.1 million trial kits since opening in March 2021, supporting various medical studies, including oncology and autoimmune conditions.

Labcorp (NYSE: LH) is set to release its financial results for Q2 2022 on July 28, 2022, before market opening. A conference call will follow at 9 a.m. EDT to discuss these results, with a real-time webcast available on the Labcorp Investor Relations website. An audio replay of the call will be accessible from 2 p.m. EDT on July 28 until 11:30 p.m. EDT on August 11. Labcorp, a global life sciences leader, reported $16 billion in revenue in FY2021, providing vital information for healthcare decisions.

Labcorp (NYSE: LH) announced a cash dividend of $0.72 per share, payable on September 9, 2022, to stockholders of record by the close of business on August 18, 2022. The company reported a revenue of $16 billion in FY2021 and operates globally, providing critical life sciences information to facilitate decision-making in healthcare. With over 75,000 employees, Labcorp serves clients in over 100 countries, underscoring its extensive reach and impact in the diagnostics and drug development sectors.

Labcorp (NYSE: LH) has launched a new Neurofilament Light Chain (NfL) blood test, marking the first widely accessible diagnostic tool for detecting neurodegeneration and neuronal injury. This test can help identify conditions such as multiple sclerosis, Alzheimer’s, Parkinson’s, and brain injuries, like concussions. The blood test aims to facilitate faster diagnoses and improve treatment decisions, benefiting millions of patients suffering from neurodegenerative diseases. It is now available at hospitals, physicians’ offices, or Labcorp’s nearly 2,000 service centers.

Labcorp (NYSE: LH) has announced a strategic partnership with MD Anderson Cancer Center Foundation Spain to enhance oncology clinical trials. This collaboration aims to accelerate cancer therapy development by prioritizing early phase trials at MD Anderson's facilities in Spain. With over 1,000 oncology studies globally, Labcorp continues to be a leader in drug development, emphasizing the importance of Phase I trials in the therapy approval process. This partnership positions MD Anderson as a reference center in Europe for innovative cancer treatments.

Labcorp (NYSE: LH) announced it will begin testing for monkeypox using the CDC's orthopoxvirus test, enhancing access to testing during the ongoing outbreak. Labcorp is the first national laboratory to offer this PCR test and aims to increase testing capacity to 10,000 tests per week, doubling the current capacity. Initially performed in North Carolina, testing can expand nationwide if necessary. The public will need to consult healthcare providers for sample collection and testing initiation. This initiative underscores Labcorp's commitment to public health.