Labcorp beats quarterly estimates on diagnostic test demand

(Reuters) - Laboratory operator Labcorp on Thursday beat Wall Street estimates for third-quarter profit and revenue, helped by demand for diagnostic tests.

Diagnostic checkups have risen in recent quarters as more people, especially older adults, caught up on surgeries deferred during the pandemic.

The company, however, cut the top-end of its 2024 adjusted profit forecast to $14.70 per share from $14.90, due to an about 15 cent impact from weather-related disruptions, keeping the low-end at $14.30.

Analysts on average see profit for the period to be $14.56 per share, according to data compiled by LSEG.



The company's sales rose 7.4% to $3.28 billion from a year earlier, beating analysts' average estimate of $3.26 billion.

On an adjusted basis, Labcorp reported a third-quarter profit of $3.50 per share, above estimates of $3.48 per share.

Source: Investing.com