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LabCorp Updates 2013 Guidance, Provides Preliminary Guidance for 2014

NEW YORK (GenomeWeb News) – Laboratory Corporation of America after the close of the market on Tuesday reaffirmed its revenue guidance for full-year 2013 and trimmed the low end of its adjusted EPS.

The company also provided preliminary guidance for full-year 2014.

Revenues for 2013 were reaffirmed at a growth rate of 3 percent, while adjusted EPS was changed to a range of $6.90 to $7.05 from a prior range of $6.95 to $7.05.

For full-year 2014, LabCorp gave preliminary guidance of 2 percent revenue growth and $6.50 in non-GAAP EPS, excluding amortization.

It said that the challenging operating environment will continue to weigh against the company's financial performance through 2014 and noted factors that include a continued muted utilization environment; an increase in Americans with high deductible and high co-insurance plans; continued government payment and reimbursement obstacles; and uncertainty surrounding the implementation of the Affordable Care Act.

LabCorp Chairman and CEO David King said in a statement that the company will respond to the challenges by continuing to "revitalize and strengthen" its core business with initiatives in customer service, IT, and laboratory automation. It also will focus on strategic transactions, do a comprehensive review of the company's cost structure, and continue executing revenue growth and diversification efforts.

LabCorp is scheduled to report its fourth quarter and full-year 2013 financial results on Feb. 7, 2014.

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