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Last $127.01 USD
Change Today -0.34 / -0.27%
Volume 868.8K
LH On Other Exchanges
Symbol
Exchange
Berlin
New York
As of 8:04 PM 08/4/15 All times are local (Market data is delayed by at least 15 minutes).

laboratory crp of amer hldgs (LH) Key Developments

Laboratory Corporation of America Holdings Announces Management Changes for Covance Drug Development (Covance)

Laboratory Corporation of America Holdings announced that Deborah Keller will succeed Joseph Herring as Chief Executive Officer of Covance Drug Development (Covance). Mr. Herring will retire on July 31 after more than a decade as CEO. Ms. Keller joined Covance in 1987 and has held senior leadership roles in global operations, quality assurance, and marketing over her tenure. Most recently she served as Executive Vice President, Covance and Group President, R&D Laboratories. As CEO of Covance, Ms. Keller will also be a member of the LabCorp Executive Committee and will report to David P. King, Chairman and CEO of LabCorp.

Laboratory Corp. of America Holdings Revises Earnings Guidance for the Year 2015

Laboratory Corp. of America Holdings revised earnings guidance for the year 2015. The company expects net revenue growth (assuming foreign exchange rates effective as of June 30, 2015) of 40% to 42%, after the impact from approximately 190 basis points of negative currency. Adjusted EPS of $7.75 to $8.00, versus prior guidance of $7.55 to $7.90, and as compared to $6.80 last year. Operating cash flow of $990 million to $1,015 million, capital expenditures of $270 million to $295 million, and free cash flow of $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 versus $536 million last year.

Laboratory Corporation of America Holdings Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year 2015

Laboratory Corporation of America Holdings announced consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company’s total revenues were $2,269.1 million compared to $1,516.4 million a year ago. Operating income was $321.3 million compared to $246.7 million a year ago. Earnings before income taxes were $264.3 million against $232.5 million a year ago. Net earnings attributable to the company were $168.4 million or $1.64 per diluted share compared to $141.3 million or $1.64 per diluted share a year ago. Adjusted EPS (excluding amortization, restructuring and special items) were $2.09 in the quarter, compared to $1.84 in the second quarter of 2014. Net cash provided by operating activities was $396.7 million compared to $207.4 million a year ago. The increase in operating cash flow was due to the acquisition of Covance as well as improved earnings and working capital. Capital expenditures totaled $69.1 million, compared to $48.1 million in the second quarter of 2014. Free cash flow (operating cash flow less capital expenditures) was $327.6 million, compared to $159.3 million in the second quarter of 2014. For the six months, the company’s total revenues were $4,062.3 million compared to $2,947.1 million a year ago. Operating income was $452.4 million compared to $450.0 million a year ago. Earnings before income taxes were $295.5 million against $420.2 million a year ago. Net earnings attributable to the company were $169.7 million or $1.73 per diluted share compared to $254.4 million or $1.73 per diluted share a year ago. Adjusted EPS (excluding amortization, restructuring and special items) were $3.85, compared to $3.35 in the first half of 2014. Operating cash flow was $309.8 million, compared to $349.7 million in the first half 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. Capital expenditures totaled $102.9 million, compared to $104.6 million in the first half of 2014. Free cash flow (operating cash flow less capital expenditures) was $206.9 million, compared to $245.1 million in the first half of 2014. The company provided updated earnings guidance for the year 2015. For the year, the company expected net revenue growth (assuming foreign exchange rates effective as of June 30, 2015) of 40% to 42%, after theimpact from approximately 190 basis points of negative currency. Net revenue growth in LabCorp Diagnostics of 3.5% to 5.5%, after the impact from approximately 70 basis points of negative currency. The company expected adjusted EPS of $7.75 to $8.00, versus prior guidance of $7.55 to $7.90, and as compared to $6.80 last year. Operating cash flow of $990 million to $1,015 million, capital expenditures of $270 million to $295 million, and free cash flow of $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 versus $536 million last year.

Laboratory Corp. of America Holdings Seeks Acquisitions

Laboratory Corp. of America Holdings (NYSE:LH) announced that it is looking at a wide variety of potential acquisition opportunities.

Laboratory Corporation of America's Covance Drug Development Relocates its Clinical Research Unit

Laboratory Corporation of America Holdings announced that Covance Drug Development has relocated its clinical research unit (CRU) in Dallas, TX, to a new, fit-for-purpose clinical research facility. The new unit, which opened earlier this month, has expanded from 72 to 100 medical beds and is located in the same building as the prior unit. In addition, a LabCorp patient service center will be co-located in the CRU, at which patients will have an opportunity to learn more about volunteering and participating in early stage clinical trials. With more than 55,000 square feet of space, the new CRU includes a cGMP pharmacy, dedicated ophthalmology procedure rooms, an advanced telemetry system, and a glucose clamp suite, as well as dedicated screening and outpatient visit areas. The pharmacy includes three sterile and two non-sterile manufacturing suites, which allows the site to meet current Good Manufacturing Practices. The telemetry system enables the team to perform continuous, high-quality data monitoring, supporting improved monitoring of study participants and quick adjustments to treatment regimens, when necessary.

 

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LH

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Valuation LH Industry Range
Price/Earnings 27.5x
Price/Sales 1.8x
Price/Book 2.7x
Price/Cash Flow 23.8x
TEV/Sales 0.8x
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