BURLINGTON – Labcorp on Thursday reported second-quarter profit of $467.4 million. And CEO Adam Schechter is quite optimistic about what he’s seeing.
“Our strategy focusing on science, innovation and technology led to strong second quarter results,” he said in a statement.
“Patients and pharmaceutical clients accelerated their return to normal health care and business activities, which drove 46% revenue growth in our base business. In light of our second quarter performance and improved outlook, we are raising full-year financial guidance.”
On a per-share basis, the Burlington-based company said it had net income of $4.76. Earnings, adjusted for one-time gains and costs, were $6.13 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $5.64 per share.
The medical laboratory operator posted revenue of $3.84 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $3.59 billion.
Labcorp now expects full-year earnings in the range of $21.50 to $25 per share.
Labcorp shares have risen 39% since the beginning of the year, while the S&P’s 500 index has climbed 17%. The stock has climbed 44% in the last 12 months.
Highlights of the report as noted by LabCorp:
- Revenue: Q2 of $3.8 billion, versus $2.8 billion last year
- Diluted EPS: Q2 of $4.76, versus $2.37 last year
- Adjusted EPS: Q2 of $6.13, versus $2.57 last year
- Free Cash Flow: Q2 of $390 million, versus $272 million last year
- Acquired remaining ownership interest in OmniSeq, bolstering oncology portfolio
- Agreed to purchase the outreach laboratory business of a Minnesota-based hospital
- Full Year 2021 Guidance: Revenue raised to range of 6.5% to 9.0%; Adjusted EPS raised to range of $21.50 to $25.00; Free Cash Flow raised to range of $1.95 billion to $2.15 billion
