LabCorp's Q2 Organic Revenue Rises 3.6 Percent

July 22, 2010

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LabCorp today reported that second-quarter revenue increased 4.2 percent to $1.23 billion from $1.18 billion year over year

However, excluding the consolidation of its Ontario, Canada, joint venture, revenue for the three months ended June 30 increased 3.6 percent.

LabCorp also increased its 2010 revenue forecast, saying it now expects receipts for the year to grow between 4.5 percent to 5.5 percent over 2009. Previously, the company expected 2010 receipts to be between 2.5 percent and 4.5 percent year over year.

During the second quarter, testing volume, measured by requisitions, decreased 2 percent year over year, while revenue per requisition increased 6.3 percent.

This was far better than Quest's similar line-item results, which showed that clinical testing volume decreased 1.3 percent and revenue from those requests fell .3 percent.

Also, excluding the consolidation of the Canadian JV, testing volume decreased 2.1 percent and revenue per requisition increased 5.8 percent.

LabCorp said "the continuing impact of two large government contracts terminated during 2009 reduced volume by 2.4 percent in the quarter," adding that testing volume excluding these contracts would have risen 0.3 percent year over year.

"We are very pleased with our second quarter … results, which reflect our ability to increase revenue … through challenging economic conditions," CEO David King said in a statement.

"We will continue to focus on growing our revenue, automating and optimizing our business to reduce costs and improve the customer experience, and advancing our leadership position in personalized medicine," he added.

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