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Labcorp Announces 2024 Third Quarter Results

Industry news | 25 October, 2024 | CACLP

Original from: Labcorp

 

·  Results from Continuing Operations for third quarter 2024 versus last year:

  - Revenue: $3.28 billion versus $3.06 billion

  - Diluted EPS: $2.00 versus $2.11

  - Adjusted EPS: $3.50 versus $3.38

  - Free Cash Flow: $162 million versus $171 million

·  Updated Full-Year 2024 Guidance:

  - Revenue range of 6.6% to 7.3%; midpoint unchanged

  - Adjusted EPS range of $14.30 to $14.70; midpoint down $0.10, due to the negative impact from weather of approximately $0.15

  - Free Cash Flow of $850 million to $980 million

·  Announced three new acquisitions/lab management agreements, and closed two acquisitions during the quarter that support growth initiatives

 

Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, today announced results for the third quarter ended September 30, 2024 and updated full-year guidance.

 

"Labcorp achieved strong performance in Diagnostics and Biopharma Laboratories, including robust organic growth in the third quarter," said Adam Schechter, chairman and CEO of Labcorp. "Our results demonstrate momentum in our core businesses as we introduced new tests, and extended our leadership position in specialty testing. We announced or completed several transactions with health systems and regional/local laboratories, which aligns with our acquisition strategy. We are on track to finish 2024 with strong growth as we focus on science, technology, and innovation and bring new tests and services to our customers."

 

Labcorp advanced key growth initiatives that supported its strategy:

·  Announced an agreement to acquire select operating assets of Ballad Health's outreach lab services, expanding the company's laboratory and testing capabilities to rural communities in Tennessee, Virginia, North Carolina and Kentucky.

·  Entered into a strategic collaboration with Naples Comprehensive Healthcare in Southwest Florida to manage the daily operations of its inpatient lab operations.

·  Signed a new agreement to acquire select assets of Lab Works, an independent clinical laboratory located in Alabama.

·  Closed the previously announced acquisition of select assets of BioReference Health's laboratory testing business.

·  Completed the acquisition of select assets of Invitae ("Invitae"), extending Labcorp's leadership in specialty testing and ability to utilize genetic data to improve clinical trials and treatment regimens in oncology and select rare diseases.

 

The company continues to make strides in science, technology, and innovation:

·  Announced an expanded collaboration with Ultima Genomics to utilize its UG 100TM sequencing solution and ppmSeqTM technology to explore new whole genome sequencing clinical applications, including MRD in patients with early-stage solid tumor cancers.

·  Received De Novo marketing authorization from the FDA for PGDx elio plasma focus Dx, the industry's only kitted, pan-solid tumor liquid biopsy test.

·  Expanded Labcorp OnDemand offerings with additional consumer-initiated tests, including Syphilis and Luteinizing Hormone tests.

·  Introduced a new Order Tracker Experience for Diagnostics customers, offering the majority of providers real-time visibility of test order status.

·  Announced the expansion of its women's health solutions to include a personalized, comprehensive Postpartum Experience, through Ovia Health by Labcorp.

·  Subsequent to the quarter, announced an exclusive agreement with NowDiagnostics (NOWDx) to distribute the first over-the-counter, point-of-care Syphilis blood test granted marketing authorization by the FDA.

 

On October 10, 2024, Labcorp announced a quarterly cash dividend of $0.72 per share of common stock, payable on December 13, 2024, to stockholders of record at the close of business on November 26, 2024.

 

Capital Allocation Summary

At the end of the quarter, Labcorp's cash balance was $1.52 billion and total debt was $6.75 billion. The higher balances are due to Labcorp's financing activities to pre-fund maturing debt, over the next four months.

 

During the quarter, the company invested $458.1 million on acquisitions, paid out $60.5 million in dividends, and used $75.0 million for share repurchases.

 

Outlook for 2024

Labcorp is updating 2024 full year guidance to reflect its third quarter performance and full year outlook. The following guidance assumes foreign exchange rates effective as of September 30, 2024, for the remainder of the year. Enterprise level guidance includes the estimated impact from currently anticipated capital allocation, including acquisitions, share repurchases and dividends.

 

Source: Labcorp Announces 2024 Third Quarter Results

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