Q1 EARNINGS: Rainy days for LabCorp
This article was originally published in Clinica
In its first fiscal quarter, Laboratory Corporation of America (LabCorp) saw sales dip 1% to $1.43bn, while net earnings also fell from $147.2m, or $1.56 per share, in Q1 last year, to $113.1m, or $1.31 per diluted share this year. The company blamed inclement weather, which it said reduced revenue by $42m and adjusted EPS (excluding amortization) by $0.22. However, other forces are also at work, including Medicare payment reductions: test volume grew nearly 3% in Q1, but revenue per requisition decreased 3% year-on-year. For 2014, the firm is expecting revenue growth of around 2% and adjusted earnings of $6.40-6.70 per share, up slightly from previous guidance of $6.35-6.65 per share.
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