LabCorp Q2 2024 Earnings Report
Key Takeaways
Labcorp reported a strong second quarter in 2024, with revenue increasing by 6.2% to $3.22 billion and diluted EPS rising to $2.43. The company's performance was driven by organic growth in its base business and contributions from acquisitions. Labcorp has updated its full-year guidance to reflect this strong performance and the acquisition of Invitae.
Revenue increased by 6.2% to $3.22 billion compared to Q2 2023.
Diluted EPS increased to $2.43, up from $1.74 in the same quarter last year.
Adjusted EPS increased to $3.94, compared to $3.42 in Q2 2023.
Free cash flow increased significantly to $432.9 million, compared to $58.2 million in the second quarter of 2023.
LabCorp
LabCorp
LabCorp Revenue by Segment
Forward Guidance
Labcorp is updating its 2024 full-year guidance to reflect its second-quarter performance, the acquisition of Invitae, and its full-year outlook.
Positive Outlook
- Revenue range of 6.4% to 7.5%, which includes an Invitae impact of approximately 1.0%.
- Diagnostics Laboratories revenue growth between 6.9% and 7.9%.
- Biopharma Laboratory Services revenue growth between 3.7% and 5.0%.
- Adjusted EPS range of $14.30 to $14.90, includes Invitae dilution of ~$0.40.
- Free Cash Flow of $0.85 billion to $1.00 billion, which includes Invitae cash usage of ~$150 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income