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) will announce its first quarter 2022 financial results on April 28, 2022, before market opens. A conference call will follow at 9 a.m. EDT to discuss these results. Interested parties can access the call by dialing the designated numbers or joining the webcast on the Labcorp Investor Relations website. An audio replay will be available until May 12, 2022. In FY2021, Labcorp reported revenue of $16 billion, showcasing its position as a leader in the life sciences sector.
Labcorp, a leading global life sciences company, is the first commercial laboratory in the U.S. to offer quantitative testing for gluten in stool samples. This innovative test, developed in collaboration with Immundiagnostik, Inc., allows individuals to accurately assess unintentional gluten consumption. With increasing awareness of celiac disease and non-celiac gluten sensitivity (NCGS), the demand for reliable testing is rising. The new test aims to provide healthcare providers and patients with critical information to better manage gluten exposure and dietary choices.
Labcorp (NYSE: LH) has announced a strategic partnership with Prisma Health, South Carolina's largest health system, to enhance laboratory services for patients and physicians. The collaboration involves Labcorp acquiring certain assets from Prisma's outreach lab business and providing technical support to improve hospital laboratory operations. This initiative aims to expand access to laboratory testing across South Carolina, including same-day STAT testing, and is anticipated to close in the second half of 2022, although specific transaction terms remain undisclosed.
Walgreens and Labcorp have launched the nationwide availability of the Pixel by Labcorp® COVID-19 at-home collection kit, accessible at no cost to eligible individuals via Labcorp OnDemand™. This initiative, in partnership with the U.S. Department of Health and Human Services, aims to enhance testing accessibility for underserved communities. Walgreens President John Standley emphasized the importance of reducing healthcare barriers, particularly for uninsured populations. The program complements Walgreens' existing free drive-thru testing at over 7,000 locations and contributes to broader healthcare efforts amidst evolving COVID-19 conditions.
Labcorp (NYSE: LH) has successfully completed its acquisition of Personal Genome Diagnostics Inc. (PGDx), a leader in cancer genomics. This strategic acquisition enhances Labcorp's liquid biopsy capabilities and expands its oncology portfolio, specifically its next-generation sequencing (NGS)-based genomic profiling products. The deal aims to improve patient outcomes in oncology. The definitive agreement was initially announced on December 23, 2021, highlighting Labcorp's commitment to advancing its diagnostics and drug development capabilities.
Labcorp (NYSE: LH) announced its 2021 Q4 and full-year results, reporting revenues of $4.06 billion for Q4, down 9.7% year-over-year, and $16.12 billion for the full year, a 15.3% increase. Diluted EPS fell to $5.75 in Q4 from $9.54 a year prior, while full-year adjusted EPS rose to $28.52 from $23.94. The company expects a robust outlook for 2022, targeting adjusted EPS between $17.25 and $21.25 and free cash flow of $1.7 to $1.9 billion. Labcorp's oncology position will strengthen with the acquisition of Personal Genome Diagnostics and a key partnership with Ascension.
Labcorp (NYSE: LH) has announced a strategic collaboration with Ascension, enhancing access to lab services across 10 states in the U.S. Labcorp will manage Ascension’s hospital labs and acquire select outreach lab assets. This partnership aims to improve patient care by leveraging Labcorp's expertise in areas like oncology and neurology. The transactions, pending regulatory approval, are expected to close in the first half of 2022, marking a significant step in Labcorp's mission to innovate healthcare.
Labcorp (NYSE: LH) has announced the opening of a new diagnostics laboratory in South Bend, Indiana, aimed at enhancing service levels for patients and physicians in the region. This 25,000-square-foot facility includes advanced capabilities for microbiology testing and STAT testing, expediting results for urgent tests. Currently employing 100 individuals, the lab aims to improve patient diagnoses and outcomes. The opening builds on Labcorp's prior acquisition of South Bend Medical Foundation’s diagnostic business in October 2019, further expanding service access in Indiana and surrounding states.
Labcorp (NYSE: LH) has launched Labcorp OnDemand, a digital platform allowing consumers to purchase popular tests online and choose to collect samples from home or visit one of 2,000 Labcorp Patient Service Centers. The platform includes tests for wellness, allergies, COVID-19, women's health, and fertility, facilitating better health management. Tests are available with zero upfront costs for eligible individuals. The company plans to expand its offerings through healthcare providers and employers later this year.
Big Health announces Gabriela Perez as its new Chief Commercial Officer to lead global commercial growth and strategy. With over 20 years of experience in healthcare technology, Perez previously managed significant growth at Ovia Health, which was acquired by Labcorp (NYSE: LH) in August 2021. She also contributed to Best Doctors, acquired by Teladoc Health (NYSE: TDOC) in June 2017. Under her leadership, Big Health aims to enhance coverage and reimbursement for digital therapeutics, leveraging its innovative products proven effective in mental health treatment.
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