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) has announced a strategic partnership with BML to expand its central laboratory capabilities in Japan. The new facility in Kawagoe will enhance their services for global clinical trials, increasing capacity over fivefold to 4,000 square meters. This expansion is set to be completed by early 2025, allowing Labcorp to offer improved turnaround times and services for pharmaceutical clients. The partnership, which dates back over a decade, aims to deepen collaboration in biomarker testing and precision medicine, positioning Labcorp as an oncology leader.
Labcorp (NYSE: LH) has announced a collaboration with HealthVerity to enhance its drug development and clinical trial programs through real-world data (RWD). This partnership aims to provide improved access to HIPAA-compliant data, facilitating faster patient enrollment and better trial outcomes. With HealthVerity's platform, Labcorp can achieve greater accuracy in aligning de-identified patient data. This strategic move supports Labcorp's commitment to delivering comprehensive solutions in drug and diagnostics development, crucial for the evolving landscape of clinical research.
Labcorp (NYSE: LH) has launched a new sponsored testing program for advanced non-small cell lung cancer (NSCLC) patients, enhancing access to precision medicine. This initiative aims to aid informed treatment decisions by utilizing Labcorp’s OmniSeq INSIGHT test, which provides comprehensive genomic and immune profiling. Sponsored by Eli Lilly, the program seeks to identify actionable biomarkers, potentially improving patient outcomes and expanding eligibility for clinical trials. Labcorp's commitment to precision medicine is highlighted through this collaboration, furthering advancements in cancer care.
Labcorp (NYSE: LH) has launched a new test measuring LAG-3 expression in melanoma patients, which could enhance treatment options. This assay, developed for clinical trials, provides critical data for evaluating new cancer therapies, particularly those targeting LAG-3. Labcorp aims to improve patient care by offering diagnostic solutions that guide clinical decisions. With skin cancer being the most common cancer in the U.S., this advancement represents a significant step in combating melanoma. The assay's clinical application could lead to improved patient outcomes.
Labcorp (NYSE: LH) has received Emergency Use Authorization (EUA) from the FDA for a new at-home collection kit that tests for COVID-19, influenza A/B, and RSV. This combined kit offers reliable PCR testing from the comfort of home, aimed at individuals aged 2 and older. Tests can be ordered through Labcorp OnDemand without a prescription and may incur no upfront cost for those with insurance. Labcorp has conducted over 74 million COVID-19 tests and continues to innovate in response to respiratory virus prevalence.
Labcorp (NYSE: LH), a global life sciences leader, will participate in a fireside chat at the UBS 2022 Global Healthcare Conference on May 24 at 2:45 p.m. ET. A live webcast will be available on the Labcorp Investor Relations website. With over 75,000 employees and a revenue of $16 billion in 2021, Labcorp provides critical diagnostic and drug development insights worldwide.
Labcorp has launched an at-home Diabetes Risk Test Kit through Labcorp OnDemand, offering a convenient way for individuals to assess their diabetes risk. The test utilizes a new blood collection device, Weavr Velvet, which has received approval for HbA1c testing from New York State. This easy-to-use kit allows consumers to collect a small blood sample at home, with results showing over 97% accuracy compared to traditional blood draws. This initiative aims to empower more Americans to understand and manage their health regarding diabetes.
Labcorp (NYSE: LH) has finalized a transaction to acquire assets from AtlantiCare's clinical outreach business, enhancing their collaboration to serve patients in Southern New Jersey. This move expands Labcorp's diagnostic capabilities and patient access through various service centers, including Labcorp at Walgreens. The partnership aims to improve health services and patient care, especially post-pandemic. Labcorp reported a revenue of $16 billion in FY2021, reinforcing its position in the healthcare market.
Labcorp (NYSE: LH) will hold its Annual Meeting of Shareholders on May 11 at 9:00 a.m. ET, which will be webcast live via the Labcorp Investor Relations website. An archived replay of the meeting will be available for one year. Labcorp is a global leader in life sciences, offering vital information to assist healthcare professionals and researchers in making informed decisions. The company reported $16 billion in revenue for 2021 and operates in over 100 countries with a workforce exceeding 75,000 employees.
Labcorp (NYSE: LH) reported Q1 revenue of $3.9 billion, a 6.3% decline from $4.16 billion last year, with diluted EPS of $5.23, down from $7.82. Adjusted EPS also decreased to $6.11 from $8.79. The company announced a quarterly dividend of $0.72 per share and updated its full-year guidance for adjusted EPS to $18.25-$21.00. The decline in revenue was driven by a 9.8% reduction in COVID-19 testing. Despite these challenges, Labcorp is focusing on organic growth, highlighted by the launch of the Labcorp OnDemand platform and new strategic health collaborations.
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