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Labcorp raises annual profit forecast on strong testing demand
['Sahil', 'July', 'Min Read']
Yahoo Finance
By Sahil PandeyJuly 30 (Reuters) - Laboratory operator Labcorp raised its annual profit forecast and posted better-than-expected second-quarter results on Thursday, as steady demand for diagnostic testing and growth in its drug-development services business boosted performance.
• Peer Quest Diagnostics last week raised its full-year profit forecast after demand for routine diagnostic testing helped the company beat second-quarter estimates.
• The company lifted its annual revenue forecast to a range of $14.71 billion to $14.83 billion from its previous projection of $14.65 billion to $14.80 billion.
• Revenue at its Biopharma Laboratory Services segment rose 6.5% to $836.2 million, exceeding estimates of $797.3 million.
• Overall second-quarter revenue rose 5.8% to $3.73 billion, above estimates of $3.71 billion.