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LabCorp Posts 4 Percent Q1 Revenue Increase

NEW YORK (GenomeWeb News) – Laboratory Corporation of America today reported that its first-quarter revenues increased around 4 percent.

The clinical lab giant, which has been adding molecular diagnostics and genetic testing assets over the past few years, had total revenues of $1.42 billion for the three-month period ended March 31 compared to $1.37 billion for Q1 2011. It beat analysts' consensus estimate for revenues of $1.40 billion.

"Our core business continues to perform well, and we remain extremely pleased with the performance of the Genzyme Genetics and Orchid Cellmark acquisitions," LabCorp Chairman and CEO David King said in a statement.

LabCorp acquired DNA forensic test firm Orchid Cellmark for $85.4 million in December 2011. That deal followed its late 2010 $925 million purchase of Genzyme Genetics.

The Burlington, NC-based firm posted net income of $161.6 million, or $1.63 per share, compared to $130.6 million, or $1.23 per share, for Q1 2011. On an adjusted basis, its EPS was $1.74, besting Wall Street's estimate of $1.67.

This year's Q1 results included a $3.6 million net credit related to a reversal of previously established reserves for unused severance and unused facility-related costs. The Q1 2011 results included restructuring and other special charges totaling $27.9 million.

LabCorp finished the quarter with $129.9 million in cash and short-term investments.

The firm reaffirmed its guidance for FY 2012 revenue growth of between 2 percent and 3.5 percent, with adjusted EPS excluding amortization between $6.75 and $7.05.

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