For more than 30 years, we’ve been helping to bring to market everything from niche treatments and therapies to blockbuster drugs. The pandemic continues to cause delays in clinical trial progression and associated testing, reductions in investigator site access, as well as interruptions to the supply chain particularly impacting the nonclinical business unit. The decrease in revenue was due to a (5.2%) decline in organic revenue, (0.7%) from the disposition of a business, and (0.1%) from unfavorable foreign currency translation, partially offset by a 3.1% benefit from an acquisition.
Report this profile; About. To learn more about LabCorp, visit The increase in net earnings and diluted EPS in the quarter was primarily due to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Emergency Funding, which increased net earnings and diluted EPS by $55.9 million and $0.42 per share, respectively.
In response to LabCorp's improved outlook, the Company has been resuming regular work schedules and is proceeding with merit adjustments and will retroactively reinstate 401(k) contributions. Email Alerts. This increase was primarily driven by expenditures associated with the increase in COVID-19 Testing capacity of $22.5 million. The increase in operating cash flow was due to higher cash earnings, partially offset by higher working capital. For the first six months of 2020, cash earnings included the CARES Act and benefited from income and payroll tax deferrals, while working capital was negatively impacted by an increase in COVID-19 Testing related supplies and accounts receivable. Represents executive transition expenses related to various management reorganizations. Investor Relations. Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: The Investor Relations website contains information about Laboratory Corporation of America Holdings's business for stockholders, potential investors, and financial analysts. The decline in organic Base Business includes the lower Medicare and Medicaid pricing as a result of PAMA of (0.5%). A conference call discussing LabCorp's quarterly results will be held today at 9:00 a.m. EDT and is available by dialing 877-898-8036 (720-634-2811 for international callers). Less: Net earnings attributable to the noncontrolling interest The decrease in revenue was due to a (4.9%) decline in organic revenue and (0.1%) from unfavorable foreign currency translation, partially offset by 1.1% from acquisitions. The ($36.6) million decline in adjusted operating income and (140) basis point decline in adjusted operating margin were primarily due to the reduction in the Base Business (due to the pandemic) and higher personnel costs, partially offset by the increase in COVID-19 Testing and LaunchPad savings.
However, the Company notes that these adjusted measures may be different from and not The access code for the replay is 2597361. Interested parties can access the conference call by dialing 1-877-898-8036 within the U.S. and Canada, or 1-720-634-2811 internationally, using the passcode 2597361.
LabCorp reported revenue of more than $11.5 billion in 2019.
The ($29.0) million decrease in adjusted operating income and (230) basis point decrease in adjusted operating margin were primarily due to the negative impact from the pandemic and higher personnel costs, partially offset by molecular COVID-19 testing and LaunchPad savings. Adjusted operating income for the quarter was $308.8 million, or 18.2% of revenue, compared to $345.4 million, or 19.6%, in the second quarter of 2019. Accounts receivable, net of allowance for doubtful accounts of $29.1 and $19.0 as of June 30, 2020 and December 31, 2019, respectively These charges were triggered by the current economic conditions as a result of the COVID-19 pandemic. The Base Business price includes the negative impact from PAMA of (0.8%) and the non-renewal of the BeaconLBS contract of (1.2%).
The decline in the organic Base Business includes the negative impact from PAMA of (0.6%).
The decrease in operating income and margin was primarily due to the reduction in the Base Business (due to the pandemic and ($14.0) million from PAMA) and higher personnel costs (primarily driven by merit increases), partially offset by COVID-19 Testing and LaunchPad savings. The Company further believes that the use of these non-GAAP financial measures provides an additional tool for investors in evaluating operating results and trends, and growth and shareholder returns, as well as in comparing the Company’s financial results with the financial results of other companies. The decline in organic revenue was primarily due to the negative impact from the pandemic, partially offset by a 1.1% increase from molecular COVID-19 testing through its Central Laboratories business.
LabCorp. The following segment results exclude amortization, restructuring charges, special items, and unallocated corporate expenses.
Net losses in the first half of 2020 were ($85.6) million, compared to net earnings of $376.0 million in the first half of 2019. Common stock, 97.3 and 97.2 shares outstanding at June 30, 2020 and December 31, 2019, respectively
As previously announced, the Company instituted numerous actions to help mitigate the financial impact from the COVID-19 pandemic, which included furloughs, reduced hours, and the suspension of discretionary merit adjustments and 401(k) contributions. directly comparable to the measures presented by other companies. "During the second quarter, we delivered solid performance across the company despite the impact of the pandemic.
To date, LabCorp has performed more than 8.5 million molecular COVID-19 tests as well as more than 2 million serology COVID-19 tests. Losses and (gains) on venture fund investments, net Operating income for the quarter was $297.7 million, or 10.8% of revenue, compared to $335.7 million, or 11.6%, in the second quarter of 2019. Contact Investor Relations. Change in assets and liabilities (net of effects of acquisitions and divestitures):
Adjusted EPS exclude the impact from the CARES Act Emergency Funding. (Increase) decrease in prepaid expenses and other
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