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 partnered with Community Clinical Oncology Research Network (CCORN) to tackle disparities in precision medicine for cancer patients. The collaboration includes a patient registry, PREFER, aimed at enrolling up to 2,500 patients with advanced solid-tumor cancer starting September 1, 2021. This registry will collect clinical data to inform future cancer trials, enhancing diversity in oncology research. The joint effort also involves creating a biobank for real-world evidence, crucial for improving patient recruitment and understanding disparities in cancer treatment.
Labcorp (NYSE: LH) has acquired Ovia Health, a digital health platform that assists millions of women with family planning, pregnancy, and parenting. This strategic move aims to enhance Labcorp’s role in women’s health by integrating Ovia's resources to provide personalized care experiences. The acquisition allows Labcorp to leverage Ovia’s digital solutions and health content, promoting better communication between patients and healthcare providers. Ovia Health reported about $20 million in annual revenues and has supported over 15 million family journeys.
Recent data from the National Kidney Foundation and Labcorp reveals that millions of at-risk patients are unaware of life-threatening kidney disease due to insufficient testing. An analysis of over 28 million patients showed that 80.3% did not receive adequate testing as per guidelines. The common eGFR test alone is inadequate for detection. An estimated 37 million adults in the U.S. suffer from kidney disease, with about 90% unaware. Early detection through comprehensive testing is crucial for managing and slowing disease progression.
Labcorp (NYSE: LH) reported strong second-quarter results for 2021, with revenues of $3.84 billion, up 38.7% year-over-year. A significant driver was 46% growth in its base business, reflecting a recovery in healthcare activities. The company raised its full-year guidance after highlighting advancements in diagnostics and drug development, including the acquisition of North Memorial Health's outreach lab. Adjusted EPS increased to $6.13, up from $2.57, while operating cash flow rose to $487.2 million. Labcorp's outlook includes a projected revenue growth of 6.5% to 9.0% for the total enterprise.
Labcorp (NYSE: LH) will release its financial results for Q2 2021 on July 29, 2021, before market open. A conference call will occur at 9 a.m. ET to discuss the results. Interested parties can access this call via dial-in or through a real-time webcast on the Labcorp Investor Relations website. An audio replay will be available from 1 p.m. ET on the same day until August 12, 2021. The company reported a revenue of $14.0 billion in FY2020, highlighting its position as a leader in global life sciences.
Labcorp (NYSE: LH) announces the launch of therascreen KRAS PCR Mutation Analysis, a companion diagnostic test to identify non-small cell lung cancer (NSCLC) patients eligible for LUMAKRAS™ (sotorasib) therapy. Approved by the FDA in May 2021, this test is crucial for directing treatment decisions for the 10-12% of lung cancer patients carrying the G12C KRAS mutation. Labcorp aims to enhance patient access to this innovative testing through collaboration with QIAGEN, contributing to personalized cancer care.
Molecular Loop Biosciences has announced that Labcorp (NYSE: LH) will utilize its SARS-CoV-2 Research Sequencing Panel to sequence thousands of coronavirus genomes weekly from patient samples. This initiative supports the CDC's efforts to monitor and track SARS-CoV-2 variants across the U.S. The sequencing panel streamlines the process of converting RNA samples into sequencer-ready libraries, enhancing scalability and data quality with redundant probe tiling technology. Molecular Loop aims to simplify genomic technology use in labs and enhance accessibility to genetic testing.
Labcorp (NYSE: LH) and OmniSeq are launching OmniSeq INSIGHT℠, a comprehensive genomic and immune profiling test designed to enhance precision oncology. This tissue-based test utilizes next-generation sequencing (NGS) technology to provide clinicians with evidence-based treatment recommendations tailored to individual patients, including potential clinical trial options. Available to U.S. clinicians via Labcorp and globally through biopharmaceutical companies, OmniSeq INSIGHT aims to improve patient outcomes by integrating cutting-edge diagnostic tools into care pathways.
Labcorp (NYSE: LH) has expanded the availability of its Pixel by Labcorp COVID-19 PCR Test Home Collection Kit to 6,000 Walgreens locations across the U.S. This initiative enhances testing access, particularly in underserved areas. Customers can purchase the kit at pharmacies or order via DoorDash and Instacart, allowing for convenient home testing. The kit is authorized for emergency use by the FDA. Labcorp aims to support community health amid the ongoing pandemic, with test results provided online and follow-up consultations available for positive cases.
Labcorp (NYSE: LH) announced the launch of its combined oncology platform at the virtual ASCO Annual Meeting from June 4-8, 2021. This platform integrates diagnostic testing and drug development services to enhance treatment options for cancer patients. Key offerings include OmniSeq® INSIGHT, a pan-cancer sequencing test, and IntelliGEN® Myeloid testing for myeloid malignancies. Labcorp aims to improve patient outcomes through precision medicine and better access to clinical trials, with insights being shared during a presentation by Dr. Robert Phillips.
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