LabCorp Q3 2023 Earnings Report
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.
LabCorp
LabCorp
LabCorp 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