Post by luxetvox on Jul 27, 2023 14:08:34 GMT
Seems like the lab business is in a funk. Forecasts are tepid at best. Maybe LH or DGX will have their hand forced to add significant revenue through a significant acquisition. I can think of a good candidate that's ripe to be bought...
Labcorp Falls After Free Cash Flow Forecast Misses Estimates (1)
2023-07-27 13:59:57.628 GMT
By Robert Lavelle and Angel Adegbesan
(Bloomberg) -- (Updates with shares move.)
Labcorp falls as much as 3.5%, the most intraday since
early May, after the company provided guidance for free cash
flow for the full year that missed the average analyst estimate.
YEAR FORECAST
* Sees free cash flow $800 million to $1.0 billion, estimate
$1.21 billion (Bloomberg Consensus)
* Sees adjusted EPS $13.00 to $14.00
SECOND QUARTER RESULTS
* Adjusted EPS $3.42
* Revenue $3.03 billion
* Adjusted operating margin 14.8%
* Trailing 12-month net book-to-bill ratio 1.23%
* Free cash flow $177 million, -57% y/y
COMMENTARY AND CONTEXT
* Full-Year 2023 Guidance from Continuing Operations: Adjusted
EPS of $13.00 to $14.00 and Free Cash Flow of $0.8 billion to
$1.0 billion
* Labcorp is providing 2023 full year guidance to reflect its
second quarter performance and full year outlook.
* “We delivered strong results in the quarter, and I’m
optimistic about our opportunities for continued growth as
Labcorp enters the second half of the year with significant
momentum,” said Adam Schechter, chairman and CEO of Labcorp.
Labcorp Falls After Free Cash Flow Forecast Misses Estimates (1)
2023-07-27 13:59:57.628 GMT
By Robert Lavelle and Angel Adegbesan
(Bloomberg) -- (Updates with shares move.)
Labcorp falls as much as 3.5%, the most intraday since
early May, after the company provided guidance for free cash
flow for the full year that missed the average analyst estimate.
YEAR FORECAST
* Sees free cash flow $800 million to $1.0 billion, estimate
$1.21 billion (Bloomberg Consensus)
* Sees adjusted EPS $13.00 to $14.00
SECOND QUARTER RESULTS
* Adjusted EPS $3.42
* Revenue $3.03 billion
* Adjusted operating margin 14.8%
* Trailing 12-month net book-to-bill ratio 1.23%
* Free cash flow $177 million, -57% y/y
COMMENTARY AND CONTEXT
* Full-Year 2023 Guidance from Continuing Operations: Adjusted
EPS of $13.00 to $14.00 and Free Cash Flow of $0.8 billion to
$1.0 billion
* Labcorp is providing 2023 full year guidance to reflect its
second quarter performance and full year outlook.
* “We delivered strong results in the quarter, and I’m
optimistic about our opportunities for continued growth as
Labcorp enters the second half of the year with significant
momentum,” said Adam Schechter, chairman and CEO of Labcorp.