Labcorp beats quarterly estimates on diagnostic test demand

Labcorp Holdings

24/10/2024 12:03

Oct 24 (Reuters) - Laboratory operator Labcorp  LH.N  on
Thursday beat Wall Street estimates for third-quarter profit and
revenue, helped by demand for diagnostic tests.
    Diagnostic checkups have risen in recent quarters as more
people, especially older adults, caught up on surgeries deferred
during the pandemic.
    The company, however, cut the top-end of its 2024 adjusted
profit forecast to $14.70 per share from $14.90, due to an about
15 cent impact from weather-related disruptions, keeping the
low-end at $14.30.
    Analysts on average see profit for the period to be $14.56
per share, according to data compiled by LSEG.
        The company's sales rose 7.4% to $3.28 billion from a
year earlier, beating analysts' average estimate of $3.26
billion.
    On an adjusted basis, Labcorp reported a third-quarter
profit of $3.50 per share, above estimates of $3.48 per share.

 (Reporting by Puyaan Singh in Bengaluru; Editing by Maju
Samuel)
 ((Puyaan.Singh@thomsonreuters.com;))