Labcorp Holdings Inc

LH: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$983.00	Rzkjy	Kqrdzdhwx

Labcorp Earnings: Solid Medical Utilization Contributes to Healthy Volume Gains

Debbie S. Wang

Aug 1, 2024

Labcorp racked up strong quarterly results that slightly exceeded our expectations, but after minor adjustments to our full-year projections, we’re leaving our fair value estimate unchanged. We’ve incrementally boosted our revenue estimate for 2024 to reflect the strong utilization trends and the addition of recent acquisitions, but the effect was generally offset by slightly lower margins, as its new operations are integrated. We remain confident in Labcorp’s narrow economic moat, where strong medical utilization underscores the company’s cost advantage with more test volume running through its established fixed assets.

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