Oct 28 (Reuters) - Labcorp ( LH ) on Tuesday raised its

annual profit forecast and beat estimates in the third quarter

as the laboratory operator benefited from strong demand for its

diagnostic tests.

Steady demand for non-urgent surgeries, especially among

older Americans, is helping boost earnings of diagnostic-test

providers such as Labcorp ( LH ) and Quest Diagnostics ( DGX ).

Over the past year, the two companies have also tapped

agreements to manage hospital laboratories as they seek to

expand market share.

Labcorp ( LH ) trimmed its full-year revenue forecast, however, and

now expects growth of 7.4% to 8%, down from its prior estimate

of 7.5% to 8.6%, due to a stronger dollar and the timing of

certain acquisitions.

Around 13% of its revenue came from outside the United

States last year.

Revenue from its diagnostics laboratories climbed 8.5%

to $2.77 billion, while its contract research business for drug

development grew 8.3% to $799.1 million.

Labcorp ( LH ) also said it is taking action to address weaker

demand in early-stage drug development by divesting or

restructuring about $50 million in annual revenue through site

consolidation, as biotechs face a prolonged funding crunch.

"We advanced our strategy by forming new partnerships with

health systems and regional laboratories" and introduced new

specialty tests for diseases including cancer and Alzheimer's,

said CEO Adam Schechter.

The company now expects 2025 adjusted profit of $16.15 to

$16.50 per share, up from its previous range of $16.05 to $16.50

per share.

For the third quarter ended September 30, Labcorp ( LH ) reported

adjusted earnings of $4.18 per share, beating analysts'

consensus estimate of $4.13, according to data compiled by LSEG.