laboratory crp of amer hldgs (LH) Key Developments
Laboratory Corp. of America Holdings Presents at Barclays Capital 2014 Global Healthcare Conference, Mar-11-2014 10:45 AM
Mar 4 14
Laboratory Corp. of America Holdings Presents at Barclays Capital 2014 Global Healthcare Conference, Mar-11-2014 10:45 AM. Venue: Loews Miami Beach Hotel, Miami, Florida, United States. Speakers: David P. King, Chairman, Chief Executive Officer and President.
Laboratory Corporation of America Holdings Announces Availability of Thermo Scientific ImmunoCAP Allergy Testing Products
Feb 24 14
Laboratory Corporation of America Holdings announced the availability of Thermo Scientific ImmunoCAP allergy testing products from Thermo Fisher Scientific Inc. Allergies affect approximately 60 million individuals within the U.S. and this population is growing. In addition to the more commonly associated symptoms of allergies such as sneezing, congestion, runny nose, hives and itchy, watery eyes, there are also more significant symptoms such as fatigue, headache, malaise, eczema and chronic sinusitis. There is also a well-documented relationship between allergies and asthma. LabCorp provides innovative testing technologies that facilitate earlier and more accurate diagnosis, treatment and monitoring of diseases and medical conditions. The agreement provides LabCorp with access to Thermo Fisher's unmatched ImmunoCAP allergy testing portfolio of more than 600 allergens and 100 allergen components.
Laboratory Corp. of America Holdings Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for 2014
Feb 7 14
Laboratory Corp. of America Holdings announced consolidated earnings results for the fourth quarter and full year ended December 31, 2013. Net earnings attributable to company was $126.3 million and earnings per diluted share (EPS) were $1.43 in the fourth quarter of 2013 compared to net earnings attributable to company of $120.2 million or $1.26 per diluted share for the fourth quarter of 2012. Non-GAAP earnings per diluted share, excluding amortization, restructuring and other special charges (Adjusted EPS Excluding Amortization) recorded in the fourth quarter of 2013 were $1.61 against $1.54 per share for the fourth quarter of 2012. Weather late in the quarter reduced Adjusted EPS Excluding Amortization by approximately $0.03. Operating income for the quarter was $215.0 million against $215.3 million a year ago. Non-GAAP operating income excluding restructuring and other special charges (Adjusted Operating Income) recorded in the quarter was $219.0 million against $242.2 million a year ago. Revenues for the quarter were $1,437.0 million, an increase of 2.3% over the fourth quarter of 2012 of $1,405.3 million. Operating cash flow for the quarter was $248.7 million. Earnings before income taxes were $194.2 million against $191.5 million a year ago.
Net earnings attributable to company was $573.8 million and earnings per diluted share were $6.25 in 2013 compared to net earnings attributable to company of $583.1 million or $5.99 per diluted share for 2012. Adjusted EPS Excluding Amortization in 2013 and 2012 were $6.95 and $6.82, respectively. During 2013, the impact of weather reduced EPS by approximately $0.07. Operating income was $990.9 million in 2013 compared to $1,023.5 million a year ago. Adjusted operating income was $1,012.7 million against $1,064.9 million a year ago. Revenues were $5,808.3 million, an increase of 2.4% over 2012 revenue of $5,671.4 million. Compared to 2012, testing volume, measured by requisitions, increased 4.0% and revenue per requisition decreased 1.6%. Net cash provided by operating activities for 2013 was $818.7 million against $841.4 million a year ago. Earnings before income taxes were $915.6 million against $944.2 million a year ago. Capital expenditures were $202.2 million against $173.8 million a year ago.
The company provided earnings guidance for 2014. The company expects revenue growth of approximately 2.0%; Adjusted EPS Excluding Amortization of $6.35 to $6.65, which excludes the impact of any share repurchase activity after December 31, 2013; operating cash flow of approximately $780 million to $820 million; and capital expenditures of approximately $185 million to $205 million. As stated in the Company's December 10, 2013 announcement, the Company's outlook for 2014 is affected by the anticipated negative impact from, among other factors: A continued muted utilization environment; Continued increases in Americans with high deductible and high co-insurance plans; Ongoing government payment and reimbursement issues; and Uncertainty related to the implementation of the Affordable Care Act.
Laboratory Corp Seeks Acquisitions
Feb 7 14
Laboratory Corp. of America Holdings (NYSE:LH) is seeking acquisitions. Laboratory Corp continues to grow its business through acquisitions and uses Adjusted EPS Excluding Amortization as a measure of operational performance, growth and shareholder returns.
Epic Sciences Partners with Laboratory Corporation of America Holdings to Accelerate European Clinical Sample Processing for Circulating Tumor Cell Technology
Jan 29 14
Epic Sciences announced an agreement with Laboratory Corporation of America Holdings to expedite sample processing for Epic's circulating tumor cell (CTC) technology to support European clinical trials. For Epic's clinical trial partners and customers, LabCorp's Central Laboratory in Mechelen, Belgium is able to quickly process samples, which will then be sent to Epic's GLP certified laboratory in La Jolla, CA for downstream detection and molecular characterization of CTCs. Circulating tumor cells (CTCs) are released from solid tumors and enter the bloodstream. Epic's CTC technology can isolate, count and characterize CTCs from a blood sample to provide an alternate way to identify appropriate patients for clinical trials, select optimal therapeutics given a particular cancer sub-type and understand treatment effectiveness, disease progression and metastatic risk. Epic is currently involved in 27 individual oncology clinical trials occurring around the world and is collaborating with its partners to create companion diagnostic products for oncology drug candidates. Epic's mission is to provide a better way to monitor and personalize cancer treatments.