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Labcorp beats quarterly estimates on diagnostic test demand
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Labcorp beats quarterly estimates on diagnostic test demand
Oct 25, 2024 4:32 PM

Oct 24 (Reuters) - Laboratory operator Labcorp ( LH ) on

Thursday beat Wall Street estimates for third-quarter profit and

revenue, helped by demand for diagnostic tests.

Diagnostic checkups have risen in recent quarters as more

people, especially older adults, caught up on surgeries deferred

during the pandemic.

The company, however, cut the top-end of its 2024 adjusted

profit forecast to $14.70 per share from $14.90, due to an about

15 cent impact from weather-related disruptions, keeping the

low-end at $14.30.

Analysts on average see profit for the period to be $14.56

per share, according to data compiled by LSEG.

The company's sales rose 7.4% to $3.28 billion from a

year earlier, beating analysts' average estimate of $3.26

billion.

On an adjusted basis, Labcorp ( LH ) reported a third-quarter

profit of $3.50 per share, above estimates of $3.48 per share.

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