LabCorp slides on weak Q3 results

Laboratory of America Holdings

27/10/2022 15:34

** Shares of clinical lab operator Laboratory Corporation of
America Holdings  LH.N  fall 8.7% to $209.9
    ** LH posts revenue of $3.6 bln vs Refinitiv IBES estimates
of $3.8 bln, hurt by low demand in its diagnostics business 
    ** Co reports Q3 adjusted EPS of $4.68, compared with
analysts' avg. estimate of $4.67
    ** LH's diagnostics revenue for the quarter was $2.21 bln,
down 15.7% from a year earlier due to lower COVID-19 testing
    ** Co tightens its adj. EPS expectations to between $19.25
and $20.25 vs $19 to $21.25 forecast earlier
    ** Including session fall, stock down 32.7% YTD
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))