LH Stock Recent News

Laboratory Corporation of America Holdings (NYSE:LH ) Q2 2023 Earnings Conference Call July 27, 2023 9:00 AM ET Company Participants Chas Cook – Vice President-Investor Relations Adam Schechter – Chairman and Chief Executive Officer Glenn Eisenberg – Executive Vice President and Chief Financial Officer Conference Call Participants Jack Meehan – Nephron Research Lisa Gill – JPMorgan A.J. Rice – Credit Suisse Eric Coldwell – Baird Brian Tanquilut – Jefferies Kevin Caliendo – UBS Patrick Donnelly – Citi Kieran Ryan – Deutsche Bank Tim Daley – Wells Fargo Securities Operator Good day.

Laboratory Corporation of America Holdings shares have been hurt by the boom-bust cycle induced by the pandemic. Tough comparables should run off in the coming quarters, as the company is simplifying the business with the Fortrea spinoff. Overall valuations look quite reasonable, amidst modest leverage ratios, which makes me upbeat with earnings growth set to return in the coming quarters.

LabCorp's (LH) latest partnership will significantly assist patients gain access to cutting-edge, potentially life-saving medication.

Labcorp (LH) completes the planned spin-off of Fortrea to operate as an independent clinical development business.

While the spinoff deal is positive for Labcorp, investors used the opportunity to sell on the news. Labcorp will do a $1 billion stock repurchase program and pay down debt.

Labcorp LH, +0.35% said Monday it completed the spin-off of Fortrea FTREV, -3.98% as an independent contract research organization (CRO) that specializes in Phase I-IV clinical trial management, patient access and technology solutions to pharmaceutical and biotechnology organizations around the world. Fortrea will begin trading on the Nasdaq starting on Monday under the symbol “FTRE”.

BURLINGTON, N.C. , June 29, 2023 /PRNewswire/ -- Labcorp (NYSE: LH), a leading global life sciences company, will release its financial results for the second quarter of 2023 before the market opens on Thursday, July 27, 2023.

Laboratory Corporation has visible headwinds to growth ahead. The company's return on capital employed has lagged behind the required rate of return in the last two periods. Net-net, reiterate that LH stock is a hold, valuation of $221.

Fortrea is set to comprise Labcorp's (LH) Clinical Development and Commercialization Services businesses.

After separation from LabCorp (LH), Fortrea is set to operate as a global contract research organization that offers comprehensive drug and medical device development services.