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.