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☆ Labcorp beats quarterly profit estimates on strength in routine testing segment
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

The logo for Labcorp, Laboratory Corporation of America, a life sciences company is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 22, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 26 (Reuters) - Laboratory Corporation of America (LH.N) topped Wall Street expectations for quarterly adjusted profit on Thursday, as strength in its routine diagnostics business more than offset weak COVID test sales. Peer Danaher (DHR.N) also beat profit expectations earlier this week on the back of strong demand for its diagnostic tests for respiratory diseases. Labcorp reported adjusted profit of $3.38 per share, beating analysts' average estimate of $3.33 per share. The life sciences company also tightened its annual profit per share outlook to between $13.25 and $13.75, from $13 to $14 forecast earlier.

Persons: Brendan McDermid, Danaher, Labcorp, Mariam Sunny, Vinay Dwivedi Organizations: Laboratory Corporation of America, New York Stock Exchange, REUTERS, Quest Diagnostics, Thomson Locations: New York City, U.S, Bengaluru

☆ Starboard may be poised to build value amicably at contract research firm Fortrea
▼ + stars: | 2023-10-21 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

CROs work with drug companies through all stages of the drug development process, from drug discovery and preclinical development to Phase I through IV post-approval work. With a material portion of that outsourced, the CRO industry has grown accordingly. So, there are strong secular tailwinds driving growth for the CRO industry, but to be a successful contract research organization, it helps to have global scale. With peer margins and peer multiples, Starboard sees this as a $47 to $72 stock. Elliott Management recently partnered with Patient Square Capital and Veritas Capital to acquire Fortrea peer Syneos Health Inc (SYNH) for $7.1 billion.

Persons: Covance, Fortrea, Tom Pike, Pike, Elliott, Ken Squire Organizations: Fortrea, Labcorp, Development, Elliott Management, Square, Veritas Capital, Inc, pharma, 13D, Fortrea Holdings Locations: Covance, Labcorp, Fortrea

☆ Blood tests needed for widespread Alzheimer's diagnosis on the way
▼ + stars: | 2023-10-11 | by ( Deena Beasley | ) www.reuters.com time to read: +6 min

Several Alzheimer's blood tests are in the works – and one is already being sold to consumers – but none have been established as accurate, formally approved by regulators or reimbursed by insurers. Researchers have been working for years on blood tests for Alzheimer's that can replicate these diagnostic tools. The need for blood tests has become more pressing since the FDA approved Leqembi in July. Accurate blood tests are expected to help identify which dementia patients actually have Alzheimer’s, the most common but not the only cause of dementia. "When there are widely available, scalable, sensitive and specific blood tests it will be an absolute game changer for Alzheimer's patients."

Persons: Denis Balibouse, Eli Lilly, Dr, Sarah Kremen, Eliezer Masliah, Eisai, Michael Irizarry, Roche, Bruce Jordan, Russ Paulsen, Deena Beasley, Caroline Humer, Bill Berkrot Organizations: Memory Centre, of Readaptation, University Hospital, REUTERS, FDA, Sinai Medical Center, Wednesday, Quest Diagnostics, National Institute, Aging, U.S . National Institutes of Health, C2N Diagnostics, Roche Diagnostics, Alzheimer's Association, RAND, Thomson Locations: Geneva, Switzerland, Leqembi, Eisai, Los Angeles, U.S

☆ Jana Partners loaded up on little-known defense stocks in second quarter
▼ + stars: | 2023-08-15 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Barry Rosenstein's Jana Partners placed two new bets on defense and aerospace stocks in the second quarter, according to a 13F filing with the U.S. Securities and Exchange Commission . Among Jana's other notable moves in the second quarter were buying a new position in Leidos Holdings worth $29 million. Jana lowered its holding in LabCorp nearly 40%, or $55 million, bringing it to roughly $97 million by the quarter's end. The fund entirely exited a $4 million position in geospatial intelligence stock BlackSky Technology . Jana managed about $1.3 billion in 13F securities at the end of the second quarter, according to WhaleWisdom.com .

Persons: Barry Rosenstein's Jana Partners, Jana Organizations: U.S . Securities, Exchange Commission, Mercury Systems, Leidos Holdings, U.S ., U.S . Department of Defense, U.S . Department of Homeland Security, Fidelity National Information Services, Technology Locations: LabCorp

☆ Stock spinoffs beat the market by 10%. Here are some recent ones to buy
▼ + stars: | 2023-07-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Investors looking for some outperformance may want to check out stocks that are spun off from their parent companies, according to Morgan Stanley. Two years after completion, spinoffs outperformed the market by an average of 10.2%, the investment bank found. Parent companies, on the other hand, underperformed by 8%. "Spinoffs present investors with a unique opportunity to capitalize on unlocked and potentially underappreciated value," analyst Todd Castagno wrote in a note Monday. One of the biggest spinoffs in the past year was GE Healthcare Technologies , which split from General Electric in December.

Persons: Morgan Stanley, Todd Castagno, — Michael Bloom Organizations: BorgWarner, New York Stock Exchange, Nasdaq, GE Healthcare Technologies, General Electric, GE Health Locations: LabCorp

☆ Why Are Remote Corporate Workers Having More Fun? Co-Working Spaces.
▼ + stars: | 2023-05-31 | by ( Roy Furchgott | ) www.nytimes.com time to read: +1 min

During the pandemic, Mr. “It can be a little distracting,” said Mr. Slaughter, who sequestered himself at a small desk in his bedroom. “It’s not as though I could go anywhere in the house.”When LabCorp told its employees they would be returning to the office, Mr. Slaughter found out he had no office to return to — his job had been made “fully remote.” Like many companies, LabCorp reduced office space, having found employees were just as effective — and often happier — working from home.

Persons: Andrew Slaughter, Slaughter, ”, “ It’s, LabCorp Organizations: Research, of Locations: of Durham, N.C, singalongs

The insurance company posted 84 cents in adjusted earnings per share and $1.11 billion in revenue. However, the company's $592.2 million quarterly revenue fell below the $593.9 million anticipated by Wall Street. Although the company's quarterly adjusted earnings and revenue topped analysts' expectations, investors may have been disappointed in its muted full-year outlook. Danaher's GAAP operating profit of $1.79 billion fell below analysts' estimates of $2.12 billion, according to FactSet. General Motors — Shares fell 3.3% after the automaker lowered its guidance for net income attributable to stockholders in 2023.

☆ Labcorp to pay $2.1 million to settle allegations it overbilled Defense Department for genetic tests for military members
▼ + stars: | 2023-03-27 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Laboratory Corporation of America will pay the U.S. $2.1 million to settle allegations that it overbilled the Department of Defense for genetic tests that involved children and fetuses, the Justice Department announced Monday. Hecker-Gross' allegations surrounded genetic tests performed under a contract LabCorp entered with the Defense Department in 2012. Hecker-Gross alleged that LabCorp overcharged and double or triple-billed DOD for genetic tests performed by GeneDx. There were $210,959 in overcharges on 38 tests, including $113,525.50 for 21 tests billed between March 2016 and January 2017 alone, the lawsuit alleged. In 1996, LabCorp agreed to pay $187 million for fraudulently billing the government for unnecessary tests on elderly patients.

Reuters reported in March 2020 that Syneos was working with investment bank Centerview Partners LLC to explore a sale. Syneos, which has a market capitalization of $3.9 billion and carries a $2.9 billion debt pile, was not immediately available for comment. Based in Morrisville, North Carolina, Syneos helps pharmaceutical companies with clinical trials and to market their drugs. There has been a wave of consolidation among contract research organizations in a bid to lower costs, amass more clinical trial data and win customers. Labcorp (LH.N), for example, said earlier this month that it will complete the spinoff of its contract research organization, called Fortrea, by the middle of this year.

☆ We saw 6% growth in our base business if you put aside Covid testing, says Labcorp CEO Adam Schechter
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe saw 6% growth in our base business if you put aside Covid testing, says Labcorp CEO Adam SchechterLabcorp Chairman and CEO Adam Schechter joins 'Closing Bell' to discuss his company's earnings, Covid testing and products the company has in the pipeline.

With a majority of S & P 500 companies having posted their quarterly results, investors' focus will turn toward inflation and the consumer price index reading in the upcoming week. The three major indexes are on pace to end the week down, with the S & P 500 poised to post its worst performance since December. Sharp declines for Alphabet , which is off by more than 9% this week, dragged the tech-heavy index. January's consumer price index With the latest Powell speech in the books, investors are now looking ahead to the consumer price index for insight into the pace of inflation. "Retail sales and CPI is really driven by the consumer, and a lot of eyes are on how the consumer doing," Bruno said.

☆ Rapid tests for Covid, RSV and flu are available in Europe. What's stopping them in the U.S.?
▼ + stars: | 2023-01-06 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Aria-Bendix-Byline-Jm.Jpg | Aria Bendix | ) www.nbcnews.com time to read: +7 min

But unlike Covid tests, which are available over the counter, RSV and flu tests must be performed at a doctor’s office or ordered via prescription. The rapid test from Brus' photo, however, is available in the European Union, and the manufacturer has certified that it meets the E.U. The FDA said it strongly supports at-home tests for respiratory viruses, including combination tests for flu and Covid. Unlike Covid tests, Butler-Wu said, there have been fewer opportunities to study whether rapid flu tests can be administered in the shallower part of the nose and maintain their accuracy. Butler-Wu said rapid flu tests given by medical professionals are generally about 60% sensitive, meaning they produce false negatives about 40% of the time.

☆ It's 'early innings' in the fertility market. Here's how to play the booming business with under-the-radar names
▼ + stars: | 2022-11-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +13 min

The multibillion dollar global fertility market is ripe with opportunity. For investors thinking about the fertility market, pharma firms may come to mind. In fact, the number of employers looking at fertility benefits as a "must have" has skyrocketed, she said. The global market size for fertility within the private women's health market should reach $72 billion by 2027, a report by FemTech Focus and Coyote Ventures found. Just like there were a wave of fintech companies going public, she expects fertility companies to eventually follow suit.

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