Q2 revenue of $2.9 billion, up 13% over $2.5 billion last year
Q2 diluted EPS of $2.27, up 28% from $1.78 last year; Q2 adjusted EPS of $2.98, up 23% over $2.43 last year
Q2 free cash flow of $280 million, up 16% over $241 million last year
2018 adjusted EPS guidance of $11.35 to $11.65, up 23% to 26% over 2017
2018 free cash flow guidance of $1.1 billion to $1.2 billion
Burlington, NC, July 25, 2018 - LabCorp® (or the Company) (NYSE: LH) today announced results for the second quarter ended June 30, 2018, and updated 2018 guidance.
“We delivered another quarter of strong growth and disciplined capital deployment across our integrated enterprise, with double-digit increases in revenue and adjusted EPS over last year,” said David P. King, chairman and CEO. “The Drug Development business drove continued organic revenue growth and strong margin improvement, while winning and expanding strategic partnerships that will contribute to future study awards. The Diagnostics business expanded opportunities with key partners, and achieved solid results despite the negative impact from the implementation of PAMA. As a global leader in the expanding life sciences industry, our differentiated offering strengthens our ability to overcome segment-specific challenges, and create significant value for stakeholders now and for years to come.”
Effective January 1, 2018, the Company adopted the FASB-issued converged standard on revenue recognition (ASC 606), using the full retrospective method. Unless otherwise indicated, all financial results in 2017 and comparisons to financial results in 2017 have been restated in this press release as if the Company had adopted ASC 606 on January 1, 2017.
Second Quarter Results
Revenue for the quarter was $2.87 billion, an increase of 13.4% compared to $2.53 billion in the second quarter of 2017. The increase in revenue was due to growth from acquisitions of 10.5%, organic growth of 2.1%, and the benefit from foreign currency translation of approximately 80 basis points.
The following information was filed by Laboratory Corp Of America Holdings (LH) on Wednesday, July 25, 2018 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0000920148-18-000097 Submitted to the SEC: Fri Jul 27 2018 1:30:47 PM EST Accepted by the SEC: Fri Jul 27 2018 Period: Saturday, June 30, 2018 Industry: Medical Laboratories