FOR IMMEDIATE RELEASE
Contact: Paul Surdez (investors) - 336-436-5076
Pattie Kushner (media) - 336-436-8263
Company Information: www.labcorp.com
358 South Main Street
Burlington, NC 27215
Telephone: (336) 584-5171
LABORATORY CORPORATION OF AMERICA® HOLDINGS
ANNOUNCES 2015 FOURTH QUARTER AND FULL YEAR RESULTS
AND PROVIDES 2016 GUIDANCE
Record Q4 and 2015 Net Revenue of $2.2 billion and $8.5 billion, respectively
Q4 and 2015 Diluted EPS of $1.11 and $4.34, respectively
Record Q4 and 2015 Adjusted EPS of $1.98 and $7.91, respectively
Q4 and 2015 Free Cash Flow of $300 million and $727 million, respectively
2016 Adjusted EPS guidance of $8.45 to $8.85, up 7% to 12% over 2015
2016 Free Cash Flow guidance of $900 million to $950 million, up 24% to 31% over 2015
Burlington, NC, February 18, 2016 - Laboratory Corporation of America® Holdings (LabCorp® or the “Company”) (NYSE: LH) today announced results for the fourth quarter and year ended December 31, 2015 and 2016 guidance.
“The year was transformative for LabCorp,” said David P. King, chairman and chief executive officer. “We significantly expanded the Company’s capabilities, global presence and avenues for future growth while reinforcing our position as the world’s leading healthcare diagnostics company. We concluded the year with strong fourth quarter results including continued organic volume growth in LabCorp Diagnostics, accelerated revenue growth in Covance Drug Development, double-digit adjusted EPS growth, and robust free cash flow.”
Fourth Quarter Results
Net revenue for the quarter was $2.24 billion, an increase of 48.4% over last year’s $1.51 billion. The acquisition of Covance contributed $669.5 million in net revenue during the quarter, driving 44.3% year-over-year growth. The remainder of the increase of $62.6 million, or 4.1%, was driven by organic volume growth, price, mix and tuck-in acquisitions, partially offset by currency. Organic revenue growth in the quarter, excluding currency, was 3.9%.
Operating income for the quarter was $243.5 million, compared to $219.0 million in the fourth quarter of 2014. The Company recorded restructuring charges and special items of $86.4 million during the fourth quarter of 2015, compared to $15.6 million during the same period in 2014. Adjusted operating income (excluding amortization of $38.3 million, restructuring and special items) for the quarter was $368.2 million, or 16.4% of net revenue, compared to $250.0 million, or 16.5%, in the fourth quarter of 2014. The increase in adjusted operating income was primarily due to the
The following information was filed by Laboratory Corp Of America Holdings (LH) on Thursday, February 18, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.