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Sep 30, 2024
LabCorp Q3 2024 Earnings Report
Labcorp demonstrated strong performance in Diagnostics and Biopharma Laboratories, driven by robust organic growth.
Key Takeaways
Labcorp announced its Q3 2024 results, showcasing strong performance in Diagnostics and Biopharma Laboratories. Revenue increased to $3.28 billion, and adjusted EPS reached $3.50. The company also updated its full-year guidance, reflecting confidence in continued growth.
Revenue reached $3.28 billion, a 7.4% increase compared to the previous year.
Diluted EPS was reported at $2.00, while adjusted EPS stood at $3.50.
Free cash flow amounted to $162 million.
The company announced three new acquisitions/lab management agreements and closed two acquisitions to support growth initiatives.
LabCorp
LabCorp
LabCorp Revenue by Segment
Revenue by Segment
Diagnostics Revenue
CapyFin.comBiopharma Lab Services Revenue
CapyFin.com Forward Guidance
Labcorp updated its full-year 2024 guidance to reflect its third-quarter performance and full-year outlook. The 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.
Positive Outlook
- Revenue: 6.6% to 7.3%
- Diagnostics Laboratories Revenue: 7.2% to 7.8%
- Biopharma Laboratory Services Revenue: 4.7% to 5.6%
- Adjusted EPS: $14.30 to $14.70
- Free Cash Flow from Cont. Ops: $850 million to $980 million
Challenges Ahead
- Midpoint of Adjusted EPS range decreased by $0.10 due to weather impact.
- Guidance assumes foreign exchange rates effective as of September 30, 2024.
- Guidance includes estimated impact from capital allocation activities.
- Potential fluctuations in foreign exchange rates.
- Uncertainty in forecasting the precise impact of capital allocation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income