Strong Revenue Growth and Margin Improvement
Labcorp reported an enterprise revenue increase to $3.6 billion, representing 9% growth compared to last year. Margin for the quarter improved by 100 basis points, driven by Diagnostics, and adjusted EPS grew by 19%.
Diagnostics and Central Laboratories Success
Diagnostics revenue increased by 8.5%, with strong organic growth of 6%. Central Laboratories growth was strong at 10% or 7% constant currency, which offset softness in Early Development.
Strategic Acquisitions and Partnerships
Labcorp signed agreements to acquire select clinical laboratory assets, such as Empire City Laboratories and Laboratory Alliance of Central New York, while completing the acquisition of oncology and clinical testing assets from BioReference Health.
Innovation in Testing Capabilities
Labcorp introduced several innovative testing capabilities, including expanded oncology and genetic testing, and is planning to offer the only FDA-cleared blood test to rule out Alzheimer's-related amyloid pathology in the primary care setting.
Consumer Business Growth
Labcorp launched several consumer-initiated tests through Labcorp OnDemand, including tests for lead exposure, ApoB for heart health, and a panel for healthy aging.
Investment in Technology and AI
Labcorp launched Labcorp Test Finder, a generative AI tool, and is investing in digital and AI capabilities to improve pathology, cytology, and microbiology.