laboratory crp of amer hldgs (LH) Key Developments
Laboratory Corporation of America Holdings Announces Full Portfolio of Hepatitis C Virus Drug Resistance Assays
May 18 15
Laboratory Corporation of America Holdings announced the launch of two new Hepatitis C Virus (HCV) drug resistance assays. The HCV NS5A and NS5B Drug Resistance Assays expand LabCorp's portfolio of HCV resistance tests that includes HCV GenoSure NS3/4A, which was launched in 2011. These tests are available through Monogram Biosciences, a member of the LabCorp Specialty Testing Group, and a leader in the development and commercialization of innovative antiviral diagnostics. Chronic viral hepatitis is the leading cause of liver failure, liver transplantation and hepatocellular carcinoma. The U.S. Centers for Disease Control and Prevention (CDC) estimates that more than three million people in the U.S., and 170 million individuals worldwide, are infected with HCV. Since 2011, the U.S. Food and Drug Administration (FDA) has approved six new drug applications for HCV treatment that include one or more direct acting antiviral (DAA) agents. DAA-based regimens have dramatically improved HCV cure rates compared to interferon-based treatment regimens, which have been standard of care for over two decades. Although DAA treatment is highly successful, DAA treatment can fail if a patient is infected with certain HCV variants that are drug resistant. LabCorp's HCV drug resistance assays provide clinicians with actionable knowledge that can guide treatment decisions. The HCV NS5B Drug Resistance Assay assesses resistance to sofosbuvir, which was approved as a single DAA in 2013 and as a co-formulation with the NS5A inhibitor, ledipasvir, in 2014. The HCV NS5A Drug Resistance Assay assesses resistance to ledipasvir. In addition, LabCorp's portfolio of HCV resistance assays can assess resistance to each component of the latest FDA-approved DAA-based regimen, which is comprised of paritaprevir, ombitasvir and dasabuvir. LabCorp's HCV DAA resistance assays are the first to be developed using next generation sequencing (NGS) technology, which features improved discrimination of small populations of drug resistant virus. The complete portfolio of LabCorp HCV drug resistance assays is also available through Monogram and for customers of Covance Drug Development to support pre-clinical development and clinical evaluation of new HCV DAA candidates.
Laboratory Corp. of America Holdings Presents at Bank of America Merrill Lynch 2015 Health Care Conference, May-14-2015 08:40 AM
Apr 29 15
Laboratory Corp. of America Holdings Presents at Bank of America Merrill Lynch 2015 Health Care Conference, May-14-2015 08:40 AM. Venue: Encore at the Wynn, 3131 S Las Vegas Blvd, Las Vegas, Nevada, United States. Speakers: David P. King, Chairman and Chief Executive Officer.
Laboratory Corp. of America Holdings Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Year 2015; Reports Asset Impairment for the First Quarter Ended March 31, 2015
Apr 27 15
Laboratory Corp. of America Holdings announced consolidated earnings results for the first quarter ended March 31, 2015. Net revenue for the quarter was $1.77 billion, an increase of 23.9% over last year’s $1.43 billion. Operating income for the quarter was $130.2 million, compared to $203.3 million in the first quarter of 2014. Adjusted operating income (excluding amortization of $31.4 million, and restructuring and special items) for the quarter was $300.3 million, or 16.9% of net revenue, compared to $231.9 million, or 16.2%, in the first quarter of 2014. The increase in adjusted operating income was due to the acquisition of Covance, organic volume growth and productivity gains, partially offset by price and mix. The company’s earnings were reduced by restructuring and special items of $191.3 million ($138.7 million impacted operating income and $52.6 million impacted interest expense), or $141.3 million after-tax. As a result, the company recognized net earnings attributable to the company in the quarter of $0.7 million, or $0.01 per diluted share, compared to $113.1 million, or $1.31 per diluted share, last year. Adjusted EPS (excluding amortization, restructuring and special items) were $1.73 in the first quarter, compared to $1.51 in the first quarter of 2014. Operating cash flow for the first quarter was negative $86.9 million, compared to $142.3 million in the first quarter of 2014, as the company’s operating cash flow was negatively impacted by $153.5 million in non-recurring items relating to the acquisition of Covance. Excluding these items, operating cash flow was $66.6 million. The decline in operating cash flow was due to Covance’s seasonal use of cash, partially offset by improved earnings and working capital in the company’s base business. Capital expenditures totaled $33.8 million, compared to $56.5 million in the first quarter of 2014. As a result, free cash flow was negative $120.7 million, compared to $85.8 million in the first quarter of 2014. Excluding non-recurring items, free cash flow was $32.8 million during the quarter. Total revenue was 1,793.2 million compared to $1,430.7 million a year ago. Earnings before income taxes were $30.3 million compared to $187.7 million a year ago.
The company’s updated its guidance for 2015. Net revenue growth of 39% to 42%, after the impact from approximately 230 basis points of negative currency due to the strengthening U.S. Dollar. Net revenue growth in LabCorp Diagnostics of approximately 3% to 5%, after the impact from approximately 70 basis points of negative currency. Net revenue growth in Covance Drug Development of approximately 0% to 2% versus full year 2014 revenue after the impact from approximately 440 basis points of negative currency. Adjusted EPS guidance of $7.55 to $7.90, compared to $6.80 last year. Operating cash flow of approximately $1,045 million to $1,070 million, capital expenditures of approximately $325 million to $350 million, and free cash flow of approximately $695 million to $745 million. The company expects free cash flow in 2015 to be negatively impacted by approximately $120 million of net non-recurring items related to the Covance acquisition. Excluding these items, the company expects free cash flow to be $815 million to $865 million, unchanged from the company’s prior guidance.
For the first quarter ended March 31, 2015, the company reported asset impairment of $14.8 million.
Laboratory Corp. of America Holdings Presents at UBS Global Healthcare Conference, May-19-2015 08:00 AM
Apr 21 15
Laboratory Corp. of America Holdings Presents at UBS Global Healthcare Conference, May-19-2015 08:00 AM. Venue: Sheraton New York Times Square Hotel, 811 Seventh Avenue, New York, New York, United States. Speakers: David P. King, Chairman and Chief Executive Officer.
Laboratory Corp. of America Holdings - Shareholder/Analyst Call
Apr 3 15
Annual Meeting of Shareholders