Labcorp has reported a net income of $143.4m, or $1.70 per diluted share, for the fourth quarter ended 31 December 2024, compared to a net loss of $167.1m, or $1.95 per diluted share, for the same quarter in 2023.
The US-based company’s net income for the fourth quarter of 2024 (Q4 2024) decreased by 15% compared to $169m for the third quarter of 2024 (Q3 2024).
Labcorp reported total revenues of $3.32bn for Q4 2024, a 9.8% rise compared to $3.03bn for the same quarter in 2023, and a 1.4% increase compared to $3.28bn for Q3 2024.
The company reported an operating income of $217m for Q4 2024, compared to an operating loss of $122.8m for the respective quarter in the previous year.
Labcorp reported an income before tax of $183.8m for Q4 2024, compared to an income before tax of $147.1m for the same period in 2023.
Labcorp chairman and CEO Adam Schechter said: “In 2024, Labcorp delivered exceptional results driven by both organic and inorganic growth.
“We announced 10 transactions to further establish our position as a trusted partner to hospitals, health systems and regional/local laboratories.
“Additionally, we strengthened our presence in key high-growth areas including oncology, women’s health, neurology and autoimmune disease.”
LabCorp reported a net income of $746m, or $8.84 per diluted share, for the full year 2024, a 78% rise compared to $418m, or $4.33 per diluted share, for the full year 2023.
The company reported revenues of $13bn for the full year 2024, a 7% increase compared to $12.16bn for the full year 2023.
LabCorp reported an operating income of $1.08bn for the full year 2024, a 50% rise compared to $725m for the full year 2023.
The laboratory services provider company reported an income before tax of $959.5bn for the full year 2024, a 50% rise compared to $569m for the full year 2023.
In Q4 2024, Labcorp completed the acquisition of select assets of Lab Works in Birmingham, Alabama, and Ballad Health’s laboratory services in the Appalachian region.
Also, the company entered a strategic collaboration with Inspira Health to manage its hospital laboratories and to serve as the primary lab for its physician network.
Schechter added: “In 2025, we are positioned to deliver strong growth and margin expansion across both Diagnostics Laboratories and Biopharma Laboratory Services, while we improve health and improve lives of patients around the world.”
