Labcorp Q1 revenue down 3.1% to $3.78B; adj EPS $3.82 vs $6.11; guides FY adj EPS $16.25-$17.75

LABCORP HOLDINGS INC.

2023-Q1 EPS reported $2.39 revenue$3,777,900,000

Q1 revenue $3.78B vs $3.90B prior year; Base Business organic growth +7.9% offset by COVID-19 Testing decline -11.6%.
Diluted EPS $2.39, adjusted EPS $3.82; prior year $5.23 and $6.11 respectively; free cash flow $27M vs $239M.
FY2023 guidance: adjusted EPS narrowed to $16.25-$17.75 (midpoint unchanged), free cash flow $1.0B-$1.2B.
Diagnostics adj op income $441.5M (18.5% margin) down from $683.1M (27.8%); Drug Development adj op income $123.9M (8.8%) down from $168.6M (11.6%).
Spin of Clinical Development (Fortrea) on track for mid-2023; quarterly dividend $0.72/share payable June 8, 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LABCORP HOLDINGS INC. updated its full-year 2023 guidance (reaffirmed).

Period: full-year 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

• Full-Year 2023 Guidance: Adjusted EPS narrowed to $16.25 to $17.75 with midpoint unchanged and Free Cash Flow remains at $1.0 billion to $1.2 billion

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Source: SEC EDGAR

accession 0000920148-23-000023

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