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LabCorp Posts 1 Percent Revenue Growth in Q3

NEW YORK (GenomeWeb News) – Laboratory Corporation of America today reported that its third-quarter revenues increased 1 percent year over year.

The Burlington, NC-based clinical lab giant, which has expanded its presence in the molecular diagnostic market through the acquisitions of Genzyme Genetics and Orchid Cellmark, reported total revenues of $1.42 billion for the three months ended Sept. 30, compared to $1.40 billion for the third quarter of 2011. It fell short of Wall Street's consensus estimate for revenues of $1.44 billion.

LabCorp's net income for the quarter was $148 million, or $1.53 per share, compared to $134.3 million, or $1.31 per share, for Q3 2011. On an adjusted basis EPS was $1.76 for the most recent quarter compared to $1.61. LabCorp beat the bottom line EPS estimate of $1.74.

The firm's SG&A spending inched up to $285.1 million from $283.8 million, while its restructuring and other special charges fell sharply to $4.8 million from $24.1 million.

LabCorp finished the quarter with $466 million in cash and short-term investments.

It expects to report full-year revenue growth of around 2.5 percent and adjusted EPS of $6.88 to $6.93.

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