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) 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.
Labcorp (NYSE: LH) will announce its fourth quarter and full year 2020 financial results on Feb. 11, 2021, prior to market opening. A conference call will follow at 9:00 a.m. ET to discuss the results. Last year, Labcorp reported revenues of $11.5 billion. The investor relations website will provide the earnings release and additional information. An audio replay of the call will be available until Feb. 25, 2021. The company advises stakeholders to consider forward-looking statements cautiously due to various market risks.
Labcorp (NYSE: LH) has secured a contract with the CDC to conduct genomic sequencing for SARS-CoV-2, supporting a comprehensive genomic survey across the U.S. The initiative aims to enhance national surveillance, identify new variants, and refine public health responses. Labcorp will process random de-identified samples that test positive for the virus, contributing to the CDC's goal of increasing genomic sequencing capacity. This collaboration is set to double the weekly genomic sample sequencing rate, as stated by Labcorp's Chief Scientific Officer, Dr. Marcia Eisenberg.
Labcorp (NYSE: LH) announced that Dr. Brian Caveney, chief medical officer, was recognized by Modern Healthcare as one of the 100 most influential people in healthcare for 2020. This accolade highlights Dr. Caveney's leadership during the COVID-19 pandemic, including the launch of the first commercial COVID-19 PCR test. He praised Labcorp's teams for their dedication and innovation in addressing the crisis. The full ranking is available in the December issue of Modern Healthcare. Labcorp reported $11.5 billion in revenue for FY2019, providing critical insights to improve health worldwide.
Labcorp (NYSE: LH) announced participation in a virtual fireside chat at the 39th Annual J.P. Morgan Healthcare Conference on January 12 at 8:20 a.m. (EST). The event will provide insights from the executive management team and will be available via live webcast on their website. With reported revenue of $11.5 billion in FY2019, Labcorp continues to leverage its diagnostics and drug development capabilities across over 100 countries, aiming to enhance healthcare decisions globally.
Labcorp (NYSE: LH) announced that its Pixel by Labcorp™ At-Home COVID-19 Collection Kit is now available through Walgreens Find Care®. This digital health platform assists users in accessing COVID-19 testing services easily. Patients can initiate testing by completing a survey, and kits are shipped for self-collection, with results available online. Labcorp aims to provide convenient health services and enhance access to testing amid the COVID-19 pandemic, which is crucial for informed health decisions.
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