Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

LabCorp sees rise in COVID-19 testing as Delta variant spreads

Stock MarketsJul 29, 2021 11:26AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

(Reuters) -Laboratory Corp of America Holdings said on Thursday it has seen a rise in COVID-19 testing in July with the spread of the more contagious Delta variant across the United States.

The variant, first identified in India, is now the dominant one worldwide and has led to a spike in infection rates that has stoked widespread concerns over a economic recovery.

LabCorp said it saw a sequential decline in COVID-19 testing each month through the year with tests performed in month of June falling below the second-quarter average of 54,000 PCR tests per day.

"July was the first month, frankly, that we've seen the level of COVID testing higher than the prior month," said Glenn Eisenberg, LabCorp's Chief Financial Officer.

The comments echo those of Quest Diagnostics (NYSE:DGX), which also saw demand for COVID-19 testing increase since the end of June.

LabCorp said it now believes reduction in testing would be lesser than what it had previously expected through the year.

The company's second quarter results saw it join other COVID-19 testing companies such as Quest Diagnostics and Abbott Labs (NYSE:ABT) in signaling a recovery in their mainstay businesses as mass inoculations prompted people to return to non-urgent care in the United States.

LabCorp raised its 2021 adjusted profit between $21.50 and $25 per share from previous outlook of $20 to $24 per share on the back of the recovery, especially in its diagnostics unit which offers services such as genetic, pathology and drug monitoring tests.

The company said for the first time since the pandemic, its non-COVID-19 testing volumes rose in June compared to 2019 and expects continued growth through the year.

Excluding items, it earned $6.13 per share, beating analyst estimates of $5.53 per share, according to Refinitiv IBES data.

Revenue of $3.84 billion also topped estimates of $3.61 billion.

LabCorp sees rise in COVID-19 testing as Delta variant spreads
 

Related Articles

U.S. congresswoman Greene bought Trump SPAC shares
U.S. congresswoman Greene bought Trump SPAC shares By Reuters - Oct 28, 2021 21

By Anirban Sen (Reuters) -U.S. Representative Marjorie Taylor Greene, an ally of Donald Trump, bought as much as $50,000 worth of shares in the special purpose acquisition company...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email