Skip to main content
Premium Trial:

Request an Annual Quote

LabCorp Q1 Revenues Inch up 1 Percent

NEW YORK (GenomeWeb News) – Laboratory Corporation of America today said that its revenues in the first quarter inched up a little more than 1 percent year over year.

For the three months ended March 31, LabCorp's revenues reached $1.44 billion, up from $1.42 billion a year ago, and just short of the $1.45 billion consensus Wall Street estimate. Testing volume, measured by requisitions was up 1 percent, while revenue per requisition increased .2 percent, LabCorp said, adding that inclement weather reduced volume growth by .5 percent.

LabCorp's profit in the quarter narrowed to $147.6 million, or $1.56 per share, compared to $162.0 million, or $1.63 per share, a year ago. On an adjusted basis, EPS was $1.74, missing the average Wall Street estimate of $1.77.

The firm's SG&A expenses rose 4 percent to $283.2 million from $271.2 million. Also, the company took restructuring and other special charges of $7.5 million during the quarter, compared to a credit of $3.6 million a year ago.

LabCorp ended the quarter with $185.8 million in cash and short-term investments.

It reaffirmed its full-year 2013 guidance of revenue growth in the 2 percent to 3 percent range. Adjusted EPS, excluding amortization, is expected in the $6.85 to $7.15 range, which includes a negative impact of $.35 from reduced Medicare payments.

The Scan

UK Pilot Study Suggests Digital Pathway May Expand BRCA Testing in Breast Cancer

A randomized pilot study in the Journal of Medical Genetics points to similar outcomes for breast cancer patients receiving germline BRCA testing through fully digital or partially digital testing pathways.

Survey Sees Genetic Literacy on the Rise, Though Further Education Needed

Survey participants appear to have higher genetic familiarity, knowledge, and skills compared to 2013, though 'room for improvement' remains, an AJHG paper finds.

Study Reveals Molecular, Clinical Features in Colorectal Cancer Cases Involving Multiple Primary Tumors

Researchers compare mismatch repair, microsatellite instability, and tumor mutation burden patterns in synchronous multiple- or single primary colorectal cancers.

FarGen Phase One Sequences Exomes of Nearly 500 From Faroe Islands

The analysis in the European Journal of Human Genetics finds few rare variants and limited geographic structure among Faroese individuals.