LabCorp Q3 2024 Earnings Report
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
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