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 (LH) will be webcasting its Annual Meeting of Shareholders on May 14 at 9:00 a.m. ET. The webcast can be viewed on Labcorp's Investor Relations website, with an archived replay available for one year.
Labcorp (NYSE: LH) has received court approval to acquire assets of Invitae (OTC:NVTAQ), a leading medical genetics company, for $239 million in cash and non-cash consideration. The acquisition will advance Labcorp's specialty testing strategy in areas like oncology and rare diseases. The transaction is expected to enhance patient care, provide insights into health, and support clinical trials and treatment regimens.
Geneoscopy, Inc. announces FDA approval for its noninvasive colorectal cancer screening test, ColoSense, with 93% sensitivity for detecting colorectal cancer and 45% sensitivity for detecting advanced adenomas in average-risk individuals. The breakthrough device provides a dynamic view of disease activity using RNA biomarkers, offering a promising tool for early-age onset CRC detection. The study showed 100% sensitivity for CRC in the 45-49 age group, a critical demographic, with a commercial launch planned in collaboration with Labcorp.
Labcorp has received FDA approval for the first companion diagnostic for use with Pfizer's newly approved gene therapy to treat patients with Hemophilia B. The nAbCyte Anti-AAVRh74var HB-FE Assay will determine patient eligibility for treatment with BEQVEZ, Pfizer's gene therapy. Approximately 6,000 individuals in the US have Hemophilia B, and up to 60% of the population may have preexisting anti-AAV antibodies. Labcorp's assay will help identify patients suitable for gene therapy, marking a significant advancement in precision medicine and gene therapy.
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