Labcorp falls on profit miss

Laboratory of America Holdings

25/04/2023 15:45

** Shares of clinical lab operator Laboratory Corp of
America Holdings  LH.N  fall 3.26% to $224.94
    ** Stock set for its biggest one-day pct. drop in over two
months   
    ** Co reports adjusted profit of $3.82 per share in the
quarter, below analysts' average estimate of $3.96, according to
Refinitiv data  
    ** Company's drug development unit struggled against curbs
on animal imports, while a sharp fall in sales of COVID testing
kits hurt its diagnostics business - LH
    ** LH posts $1.4 billion in revenue in its drug development
business for the quarter, compared with analysts' estimate of
$1.45 billion, according to Refinitiv
    ** COVID testing for the year is expected to fall between
80% and 90% from its previous estimate of 75%-90% - LH
    ** Labcorp now expects 2023 profit of $16.25 to $17.75 per
share, compared with $16 to $18 per share estimated earlier
    ** Including session moves, stock down ~5% YTD

 (Reporting by Mariam Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))