Register below for our weekly Letter from the Editor to receive the latest Clinical Lab news and insights.

LabCorp posts strong financial results for Q4

By staff writers

February 13, 2020 -- Life sciences company LabCorp posted strong financial gains for its fourth quarter but mixed results for the entire 2019 fiscal year.

For the quarter (end-December 31, 2019), revenue increased by 6% to $2.953 billion, compared with $2.788 billion in the fourth quarter of 2018. Net income in the fourth quarter rose substantially to $227.1 million from $157.9 million in the same quarter a year ago.

Revenue for the firm increased by 2% to $11.555 billion in 2019, compared with $11.333 billion in 2018. However, net income fell to $823.8 million for the year, compared with net income of $883.7 million for 2018.

Acquisitions and organic growth contributed to LabCorp's increase in both quarterly and yearly revenue, the company noted. LabCorp attributed the net income decrease for the year to the Tax Cuts and Jobs Act of 2017, a $7.5 million settlement charge, and a $5.2 million loss in venture fund investment.

LabCorp adopts Thermo Fisher NGS for companion diagnostics
LabCorp announced that it will adopt Thermo Fisher Scientific's Ion Torrent Genexus next-generation sequencing (NGS) system and Oncomine precision assay...
Qiagen, LabCorp expand partnership
LabCorp plans to tap into Qiagen's Human Gene Mutation Database for rare and inherited conditions across its network of laboratories per an expansion...
LabCorp joins forces with Ind. nonprofit
LabCorp has acquired the diagnostic clinical laboratory assets of the Indiana-based nonprofit South Bend Medical Foundation (SBMF) and will be providing...
LabCorp in the midst of CEO shuffle
LabCorp is undergoing top-level executive changes in its business segments, with the appointment of John Ratliff as CEO of LabCorp Diagnostics and Dr. Paul...
Sysmex, LabCorp extend hematology automation pact
Sysmex America and LabCorp announced they are extending their hematology automation agreement. Sysmex America is providing LabCorp Diagnostics' primary...

Copyright © 2020

Last Updated np 2/14/2020 11:04:40 AM