Labcorp beats quarterly profit estimates (updated)

Laboratory of America Holdings

16/02/2023 12:12

(Adds details about results, background)
       Feb 16 (Reuters) - Laboratory Corp of America Holdings
 LH.N  on Thursday beat quarterly profit estimates, helped by
strength in its diagnostics business and demand for its drug
development services.
    Test providers such as Quest Diagnostics  DGX.N  and Abbott
Laboratories  ABT.N  have seen a rebound in demand for routine
testing in the recent quarters, helping them cushion a decline
in revenues from COVID-19 tests.
        Last month, Labcorp indicated that diagnostics volume
were coming back to pre-COVID levels.
  
        The company said on Thursday its sales from COVID
testing can fall as much as 90% this year.
  
    Excluding items, the company reported a profit of $4.14 per
share for the quarter ended Dec. 31, compared with analysts'
estimates of $4.10 per share, according to Refinitiv data.  
 (Reporting by Raghav Mahobe and Mariam E Sunny in Bengaluru;
Editing by Maju Samuel)
 ((Raghav.Mahobe@thomsonreuters.com;))