Laboratory Corporation of America Holdings (Labcorp) reported a revenue increase of 7.0% for the fiscal year ending December 31, 2024, reaching $13,008.9 million, compared to $12,161.6 million in 2023. The growth was driven by a 3.9% organic revenue increase, acquisitions contributing 2.8%, and favorable foreign currency translation accounting for 0.2%. The company's diluted earnings per share from continuing operations rose to $8.84, up from $4.33 in the previous year, reflecting a significant improvement in profitability.
The company underwent a significant structural change with the spin-off of its Clinical Development and Commercialization Services (CDCS) business, now known as Fortrea Holdings Inc., on June 30, 2023. This strategic move allowed Labcorp to focus on its core diagnostics and biopharma laboratory services. Following the spin-off, Labcorp utilized approximately $1.6 billion in cash proceeds to repurchase shares and reduce debt, enhancing shareholder value and financial stability.
Operationally, Labcorp's Diagnostics Laboratories (Dx) segment generated $10,144.3 million in revenue, a 7.7% increase from $9,415.1 million in 2023, while the Biopharma Laboratory Services (BLS) segment saw revenues of $2,922.6 million, up 5.3% from $2,774.2 million. The total volume of requisitions increased by 5.3%, indicating a robust demand for Labcorp's services. The company also launched nearly 100 new tests in 2024, further expanding its testing capabilities.
As of December 31, 2024, Labcorp employed approximately 70,000 individuals and served clients in around 100 countries. The company reported a total operating cash flow of $1,585.8 million, up from $1,202.3 million in 2023, demonstrating strong cash generation capabilities. Looking ahead, Labcorp aims to continue its growth trajectory by enhancing its diagnostic offerings, expanding its global reach, and pursuing strategic acquisitions that align with its core competencies.
In terms of financial outlook, Labcorp anticipates maintaining its capital expenditures at approximately 3.8% of revenues in 2025, focusing on growth initiatives and facility expansions. The company remains committed to returning value to shareholders through dividends and share repurchases, with an outstanding authorization to repurchase up to $1.28 billion in common stock.
About LABCORP HOLDINGS INC.
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