Labcorp Q2 revenue $3.03B (+4% YoY); adjusted EPS $3.42 vs $4.04; completes Fortrea spin-off, launches $1B buyback

LABCORP HOLDINGS INC.

2023-Q1 EPS reported $4.51 revenue$6,071,500,000

Revenue from continuing ops $3.03B (+3.8% YoY); Base Business organic revenue +9.8% while COVID-19 testing declined -7.8% pts.
Diluted GAAP EPS $1.74 (down from $2.89); adjusted EPS $3.42 (down from $4.04); full-year adjusted EPS guidance $13.00-$14.00.
Completed spin-off of Fortrea on June 30; Fortrea distributed ~$1.6B cash; Labcorp announced $1.0B accelerated share repurchase.
New partnerships: lab agreement with Jefferson Health; acquisition of Providence Oregon outreach lab; Legacy Health inpatient lab management.
Q2 free cash flow $177M vs $408M; FY 2023 free cash flow guidance $0.8B-$1.0B; quarterly dividend $0.72/share payable Sept 8.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LABCORP HOLDINGS INC. reported Full Year 2023 results: EPS $13.00 to $14.00. Guidance initiated.

Period: Full Year 2023
EPS: $13.00 to $14.00
Guidance: initiated
Result: guidance update

Exact text from the filing

Full-Year 2023 Guidance from Continuing Operations: Adjusted EPS of $13.00 to $14.00 and Free Cash Flow of $0.8 billion to $1.0 billion

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Source: SEC EDGAR

accession 0000920148-23-000058

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