NVTA - Labcorp's Q1 Revenue Surpasses Forecasts; Analysts Scrutinize Invitae Deal | Benzinga
Thursday, Labcorp (NYSE:LH) reported first-quarter sales increased 4.6% to $3.18 billion, beating the consensus of $3.12 billion. Base Business grew 6.7%.
The increase was due to organic revenue of 2.3%, acquisitions, net of divestitures of 1.8%, and foreign currency translation of 0.5%.
The 2.3% increase in organic revenue was driven by a 4.2% increase in the company’s organic Base Business, partially offset by a (1.9%) decrease in COVID-19 PCR testing (COVID-19 Testing).
The adjusted operating income margin for the quarter was 14.3%, almost unchanged from 14.7% a year ago.
Diagnostics Laboratories revenue for the quarter was $2.48 billion, an increase of 4.1%.
Total volume increased by 3.4% as acquisition volume, net of divestitures contributed 2.2%, while organic volume ...