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Sep 30, 2023
LabCorp Q3 2023 Earnings Report
Labcorp's third quarter results were released, showing revenue growth driven by the Base Business and advancements in specialty testing capabilities.
Key Takeaways
Labcorp announced strong third quarter results, with revenue increasing by 6.6% to $3.06 billion, driven by 14.0% growth in the Base Business. Diluted EPS was reported at $2.11, and adjusted EPS reached $3.38. The company updated its full-year guidance, projecting adjusted EPS of $13.25 to $13.75 and free cash flow of $0.85 billion to $0.95 billion.
Revenue increased by 6.6% compared to the previous year, reaching $3.06 billion.
Base Business grew by 14.0%, offsetting a decrease in COVID-19 testing revenue.
Diluted EPS was $2.11, while adjusted EPS was $3.38.
Full-year guidance updated with adjusted EPS projected between $13.25 and $13.75 and free cash flow between $0.85 billion and $0.95 billion.
Revenue by Segment
Forward Guidance
Labcorp is updating 2023 full year guidance to reflect its third quarter performance and full year outlook.
Positive Outlook
- 2023 Guidance includes an impact from foreign currency translation of 0.2%
- Base Business 2023 Guidance includes an impact from foreign currency translation of 0.2%
- Total Diagnostics Laboratories 2023 Guidance includes an impact from foreign currency translation of (0.1%)
- Total Biopharma Lab Services 2023 Guidance includes an impact from foreign currency translation of 1.3%
- Free cash flow from continuing operations excluding spin-related items
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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