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) and PathAI have expanded their strategic partnership focusing on AI-powered pathology. This collaboration will enable seamless deployment of PathAI algorithms in clinical trials managed by Labcorp. Key objectives include enhancing patient stratification and developing companion diagnostic devices using robust AI-driven analytics. Labcorp aims to leverage this collaboration to advance drug development and improve patient outcomes, reflecting significant developments in digital pathology.
Walgreens has partnered with Labcorp to sell the Pixel by Labcorp COVID-19 PCR Test Home Collection Kits over-the-counter at 6,000 stores nationwide. Starting spring 2021, this will be Walgreens' first in-store testing option, enhancing access in underserved areas. Walgreens aims to increase its on-site testing capacity to over 5,000 locations by April 1. The kits allow customers to self-administer tests and send samples to Labcorp for processing. Test results will be available online, with follow-up by healthcare professionals for positive results.
Labcorp (NYSE: LH) announced that its executive management team will participate in a virtual fireside chat at Citi's 2021 Healthcare Services, Medtech, Tools, & HCIT Virtual Conference on February 25 at 1:30 p.m. ET. A live webcast of the event will be available on the company's website and archived for later replay.
As a leading global life sciences company, Labcorp reported $14 billion in revenue for FY2020 and employs over 75,000 people serving clients in more than 100 countries, providing vital insights and innovations to improve health.
Labcorp (NYSE: LH) has launched a new laboratory-based antigen test to help determine active COVID-19 infections. Developed by DiaSorin, this test requires a doctor's order and is conducted using a nasal or nasopharyngeal swab. Results are typically available within 24-48 hours. Labcorp emphasizes that while PCR tests remain the gold standard for COVID-19 diagnosis, antigen tests are an important tool for assessing infection status. The test has been made available in the U.S. following FDA notification on October 26, 2020.
Labcorp (NYSE: LH) announced that its CMO, Amy Summy, was named on the 2021 Forbes CMO Next list for her leadership during the COVID-19 pandemic. Her contributions include spearheading a successful rebranding strategy and launching the Pixel by Labcorp™ at-home testing kits. Recognized for innovation and impact in healthcare, Summy emphasized the role of Labcorp employees in fighting COVID-19. The company reported a revenue of $14 billion in FY2020 and aims to improve patient outcomes across various diseases.
Labcorp (NYSE: LH) reported a strong performance for Q4 and full year 2020, with revenues of $4.49 billion in Q4, a 52% increase year-over-year, driven by COVID-19 testing and a growing base diagnostics business. Net earnings rose to $938.3 million, or $9.54 per diluted share. For 2021, the company projects revenue growth of 1% to 4% and expects a 50% decline in COVID-19 testing revenues. Labcorp emphasized its commitment to science and innovation and anticipates free cash flow between $1.70 billion and $1.90 billion.
Labcorp (NYSE: LH) has announced the appointments of Dr. Prasanth Reddy as senior vice president and enterprise oncology head, and Dr. Robert Phillips as vice president and head of enterprise oncology science. This move aims to strengthen Labcorp's capabilities in cancer diagnosis, treatment, and drug development. Dr. Reddy and Dr. Phillips bring extensive experience in oncology and drug-linked diagnostics from their previous positions at Foundation Medicine and Daiichi-Sankyo, respectively. Labcorp continues to expand its leadership in advancing innovative cancer solutions.
Labcorp (NYSE: LH) has appointed Dr. Deborah Ann Sesok-Pizzini as its new Chief Medical Officer of Labcorp Diagnostics, effective January 11, 2021, following Dr. Dot Adcock's retirement in April 2021. Dr. Sesok-Pizzini brings over 20 years of healthcare experience, having previously served in various leadership roles at The Children's Hospital of Philadelphia and as a professor at the University of Pennsylvania. Dr. Brian Caveney expressed enthusiasm about her contributions to the team.
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