10-Q - LABORATORY CORP OF AMERICA HOLDINGS (0000920148) (Filer)

Tue, Apr 30, 4:20 PM (372 days ago)

Laboratory Corporation of America Holdings (Labcorp) reported its Q1 2024 financial results, showing a revenue increase to $3,176.6 million, up 4.6% from Q1 2023, driven by organic growth and acquisitions. Despite a decrease in COVID-19 testing revenue, overall organic revenue grew by 2.3%, with a significant contribution from the Base Business. Operating income slightly decreased to $321.3 million, and net earnings attributable to Labcorp were $228.0 million. The company highlighted several financial and strategic developments, including the continuation of its LaunchPad savings initiative, aimed at achieving significant cost reductions by the end of 2024. Labcorp also noted an increase in selling, general, and administrative expenses, primarily due to higher personnel costs. The financial statements reflect compliance with all regulatory requirements, and the company remains confident in its liquidity position to meet future obligations.