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 received FDA Emergency Use Authorization for the Pixel by LabCorp COVID-19 Test Home Collection Kit, marking it as the first over-the-counter kit without a prescription requirement. This enables broad distribution through retail channels, enhancing access to COVID-19 testing. The kit allows self-collection in a private setting, minimizing virus transmission, and results are securely delivered via the Pixel portal. LabCorp aims to empower users to make informed health decisions and reduce the spread of COVID-19.
LabCorp (NYSE: LH) will participate in a virtual fireside chat at the 3rd Annual Evercore ISI HealthCONx Conference on December 3 at 1:50 p.m. ET. The discussion will be streamed live on the company's website and will also be available for replay. LabCorp is an S&P 500 company dedicated to advancing health and patient care. In 2019, the company reported revenues of over $11.5 billion, providing extensive clinical laboratory and drug development services. For further information, visit www.LabCorp.com.
LabCorp (NYSE: LH), Circuit Clinical®, and Riverside Medical Group (RMG) announced a collaboration to enhance clinical trial access for RMG patients in New Jersey. The partnership will allow patients to participate in trials for new treatments within their own doctor's office. The initiative includes the opening of a dedicated research site operated by Circuit Clinical®, marking its first expansion beyond New York. This collaboration aims to expedite the enrollment of patients in clinical trials, particularly in areas like oncology and COVID-19.
LabCorp (NYSE: LH) will participate in a virtual fireside chat at the 29th Annual Credit Suisse Virtual Healthcare Conference on Monday, Nov. 9, at 8:00 a.m. ET. This event will feature members of the executive management team discussing key topics in healthcare. A live audio webcast of the presentation will be available on www.LabCorp.com and will be archived for later access. As a leading life sciences company, LabCorp is dedicated to improving health and advancing patient care, reporting over $11.5 billion in revenue in 2019.
LabCorp (NYSE: LH) reported third-quarter results for 2020, achieving $3.90 billion in revenue, up 33% from the previous year. Growth was driven by a 32.6% contribution from COVID-19 testing, with organic revenue increasing 31.5%. Operating income surged to $1.05 billion, representing 26.9% of revenue, and diluted EPS rose to $7.17, reflecting a strong recovery in routine medical care. Despite challenges, the company did not provide 2020 guidance due to ongoing pandemic uncertainties.
LabCorp (NYSE: LH) has unveiled new capabilities aimed at enhancing the clinical trial experience, particularly through its drug development division, Covance. The company emphasizes decentralization in clinical trials, intending to improve patient access, streamline processes, and elevate data quality. Recent acquisitions of GlobalCare and snapIoT contribute to a fully integrated platform that reduces administrative burdens and speeds up trial implementation. By the end of 2021, LabCorp anticipates that most studies will incorporate decentralized components, further transforming drug development.
LabCorp (NYSE: LH) has announced an agreement to extend its long-standing partnership with Swedish, the largest nonprofit healthcare system in the Puget Sound region, for laboratory services. This renewal enhances their collaborative efforts, particularly highlighted during the COVID-19 pandemic, where LabCorp was pivotal in providing rapid testing. The new framework aims to improve quality and cost-effective strategies for lab services, utilizing data for appropriate testing. Additionally, Swedish will continue to participate in clinical studies for new therapies in conjunction with Covance Drug Development.
LabCorp (NYSE: LH) has launched the Cov2Quant™ IgG test, providing a quantitative measurement of SARS-CoV-2 IgG antibodies for clinical trials and research. This test enhances understanding of immune responses to COVID-19 compared to existing qualitative tests. The Cov2Quant IgG test is utilized by pharmaceutical companies and the CDC for evaluating vaccine performance and seroprevalence studies, respectively. With a testing capacity of 300,000 antibody tests per day, LabCorp continues to play a crucial role in COVID-19 diagnostics and treatment developments.
LabCorp (NYSE: LH) has partnered with The Commons Project to enhance patient access to lab results through the CommonHealth app. This is the first major commercial lab to integrate with the privacy-focused platform, allowing Android users to securely store and share their health data. Mark Wright, LabCorp's VP, emphasized the need for easier access to health information, particularly in the evolving landscape of healthcare. The partnership aims to empower patients to manage their health data while maintaining strict privacy controls.
LabCorp (NYSE: LH) has launched its Oncology Care Module, designed to enhance patient outcomes and reduce costs in oncology practices. This exclusive tool integrates clinical and claims data through the LabCorp Care Intelligence™ application, improving access to vital metrics. The module supports value-based care by providing real-time insights, enabling clinicians to optimize treatments and manage costs effectively. It also identifies candidates for clinical trials, further bolstering LabCorp's commitment to advancing cancer care.
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