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Thursday, February 10, 2022

Labcorp 2021 Fourth Quarter and Full-Year Results

 

  • Revenue: Q4 of $4.1 billion, versus $4.5 billion last year; Full year of $16.1 billion, versus $14.0 billion last year

  • Diluted EPS: Q4 of $5.75, versus $9.54 last year; Full year of $24.39, versus $15.88 last year

  • Adjusted EPS: Q4 of $6.77, versus $10.56 last year; Full year of $28.52, versus $23.94 last year

  • Free Cash Flow: Q4 of $548 million, versus $675 million last year; Full year of $2.6 billion, versus $1.8 billion last year

  • Strengthened leading oncology position by agreeing to acquire Personal Genome Diagnostics Inc.

  • Announced yesterday a comprehensive, long-term strategic agreement with Ascension; Arrangement includes acquisition of certain outreach laboratory assets with annual revenues of approximately $150 million and a purchase price of $400 million

  • Full-Year 2022 Guidance: Adjusted EPS of $17.25 to $21.25 and Free Cash Flow of $1.7 billion to $1.9 billion

  • Longer-Term Outlook (2022-2024): Base Business organic revenue compound annual growth of 4%-7% versus 2021; Base Business average annual margin expansion of 30 bps to 50 bps versus 2021; adjusted EPS compound annual growth of 11%-14% versus 2019

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