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Jun 30, 2024
LabCorp Q2 2024 Earnings Report
Labcorp's Q2 2024 earnings showcased revenue and EPS growth, driven by organic growth and strategic acquisitions.
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
Revenue by Segment
Diagnostics Revenue
CapyFin.comBiopharma Lab Services Revenue
CapyFin.com 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