On October 24, 2024 Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, reported results for the third quarter ended September 30, 2024 and updated full-year guidance (Press release, LabCorp, OCT 24, 2024, View Source [SID1234647369]).
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"Labcorp achieved strong performance in Diagnostics and Biopharma Laboratories, including robust organic growth in the third quarter," said Adam Schechter, chairman and CEO of Labcorp. "Our results demonstrate momentum in our core businesses as we introduced new tests, and extended our leadership position in specialty testing. We announced or completed several transactions with health systems and regional/local laboratories, which aligns with our acquisition strategy. We are on track to finish 2024 with strong growth as we focus on science, technology, and innovation and bring new tests and services to our customers."
Labcorp advanced key growth initiatives that supported its strategy:
Announced an agreement to acquire select operating assets of Ballad Health’s outreach lab services, expanding the company’s laboratory and testing capabilities to rural communities in Tennessee, Virginia, North Carolina and Kentucky.
Entered into a strategic collaboration with Naples Comprehensive Healthcare in Southwest Florida to manage the daily operations of its inpatient lab operations.
Signed a new agreement to acquire select assets of Lab Works, an independent clinical laboratory located in Alabama.
Closed the previously announced acquisition of select assets of BioReference Health’s laboratory testing business.
Completed the acquisition of select assets of Invitae ("Invitae"), extending Labcorp’s leadership in specialty testing and ability to utilize genetic data to improve clinical trials and treatment regimens in oncology and select rare diseases.
The company continues to make strides in science, technology, and innovation:
Announced an expanded collaboration with Ultima Genomics to utilize its UG 100TM sequencing solution and ppmSeqTM technology to explore new whole genome sequencing clinical applications, including MRD in patients with early-stage solid tumor cancers.
Received De Novo marketing authorization from the FDA for PGDx elio plasma focus Dx, the industry’s only kitted, pan-solid tumor liquid biopsy test.
Expanded Labcorp OnDemand offerings with additional consumer-initiated tests, including Syphilis and Luteinizing Hormone tests.
Introduced a new Order Tracker Experience for Diagnostics customers, offering the majority of providers real-time visibility of test order status.
Announced the expansion of its women’s health solutions to include a personalized, comprehensive Postpartum Experience, through Ovia Health by Labcorp.
Subsequent to the quarter, announced an exclusive agreement with NowDiagnostics (NOWDx) to distribute the first over-the-counter, point-of-care Syphilis blood test granted marketing authorization by the FDA.
On October 10, 2024, Labcorp announced a quarterly cash dividend of $0.72 per share of common stock, payable on December 13, 2024, to stockholders of record at the close of business on November 26, 2024.