ANNOUNCES 2016 FOURTH QUARTER AND FULL YEAR RECORD RESULTS
AND PROVIDES 2017 GUIDANCE
Net Revenue: Q4 of $2.4 billion, up 6% over 2015; Full year of $9.4 billion, up 11% over 2015
Diluted EPS: Q4 of $1.75, up 63% over 2015; Full year of $7.02, up 61% over 2015
Adjusted EPS: Q4 of $2.15, up 9% over 2015; Full year of $8.83, up 12% over 2015
Free Cash Flow: Q4 of $375 million, up 25% over 2015; Full year of $897 million, up 23% over 2015
2017 Adjusted EPS guidance of $9.35 to $9.75, up 6% to 10% over 2016, inclusive of the negative impact from foreign currency translation
2017 Free Cash Flow guidance of $925 million to $975 million, up 3% to 9% over 2016
Burlington, NC, February 16, 2017 - Laboratory Corporation of America® Holdings (LabCorp® or the “Company”) (NYSE: LH) today announced results for the fourth quarter and year ended December 31, 2016, and provided 2017 guidance.
“We had a strong finish to a record year,” said David P. King, chairman and chief executive officer. “On the strategic front, we continue to establish ourselves as a global life sciences company, deeply integrated in guiding patient care. Consistent with our growth strategy, we completed significant transactions involving Sequenom and the Mount Sinai Health System, both of which are market leaders. From a financial perspective, we delivered record revenue, earnings per share and cash flow, while expanding margins in both businesses and returning capital to our shareholders by re-initiating our share repurchase program.”
Fourth Quarter Results
Net revenue for the quarter was $2.39 billion, an increase of 6.3% compared to $2.24 billion in the fourth quarter of 2015. The increase in net revenue was due to acquisitions and strong organic growth, partially offset by the negative impact of foreign currency translation of approximately 60 basis points. Organic revenue growth in the quarter, excluding the impact of currency, was 4.3%.
The following information was filed by Laboratory Corp Of America Holdings (LH) on Thursday, February 16, 2017 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.
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Form Type: 10-K Annual Report Accession Number: 0000920148-17-000018 Submitted to the SEC: Mon Feb 27 2017 7:24:14 AM EST Accepted by the SEC: Mon Feb 27 2017 Period: Saturday, December 31, 2016 Industry: Medical Laboratories