Key Developments: Laboratory Corporation of America Holdings (LH)
100.63USD
21 May 2013
$1.00 (+1.00%)
$98.97
$99.60
$101.02
$99.21
1,256,021
832,046
$101.02
$81.56
Latest Key Developments (Source: Significant Developments)
Laboratory Corporation of America Holdings Reaffirms FY 2013 Guidance
Laboratory Corporation of America Holdings reaffirmed its fiscal 2013 guidance and expects revenue growth in the range of approximately 2.0% to 3.0%; Adjusted EPS Excluding Amortization of $6.85 to $7.15, which includes a negative impact of approximately $0.35 due to Medicare payment reductions and excludes the impact of any share repurchase activity after March 31, 2013. The Company reported revenue of $5.671 billion in fiscal 2012. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $5.788 billion and EPS of $7.09 for fiscal 2013. Full Article
Bristol-Myers Squibb Company Selects Laboratory Corporation of America Holdings As Preferred Provider For Global Central Laboratory Services
Laboratory Corporation of America Holdings announced that LabCorp Clinical Trials has been selected as a preferred provider for full-service global central laboratory services and biomarker testing by Bristol-Myers Squibb Company. The five-year agreement builds on a long-standing partnership between the two companies during which LabCorp`s global central lab, biomarker and specialty testing capabilities have supported various Bristol-Myers Squibb early and late-stage clinical development programs. Full Article
Laboratory Corporation of America Holdings Authorizes $1 Billion Share Repurchase Program
Laboratory Corporation of America Holdings announced that the Board authorized a new $1 billion share repurchase program. This authorization reflects the Company's continued commitment to return capital to and create value for shareholders. Full Article
Laboratory Corporation of America Holdings Issues FY 2013 Mixed Guidance
Laboratory Corporation of America Holdings announced that for fiscal 2013, it expects revenue growth in the range of approximately 2.0% to 3.0%; Adjusted EPS Excluding Amortization of $6.85 to $7.15, which includes a negative impact of approximately $0.35 due to Medicare payment reductions and which excludes the impact of any share repurchase activity after December 31, 2012. The Company reported revenue of $5.671 billion in fiscal 2012. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $5.766 billion and EPS of $7.26 for fiscal 2013. Full Article
Laboratory Corporation of America Holdings Updates On FY 2012 Revenue Guidance; Narrows FY 2012 EPS Guidance Below Analysts' Estimates
Laboratory Corporation of America Holdings announced that for fiscal 2012, it expects revenue growth of approximately 2.5%; adjusted EPS excluding amortization in the range of $6.88-$6.93, excluding the impact of any share repurchase activity after September 30, 2012. The Company reported revenue of $5.542 billion in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $5.692 billion and EPS of $6.96 for fiscal 2012. Full Article
Laboratory Corporation of America Holdings Prices $500 Million in 2.20% Senior Notes Due 2017 and $500 Million in 3.75% Senior Notes Due 2022
Laboratory Corporation of America Holdings announced that it has priced its offering of $1 billion in senior notes. The offering consists of two tranches: $500 million aggregate principal amount of 2.20% Senior Notes due 2017 (the 2017 Notes) and $500 million aggregate principal amount of 3.75% Senior Notes due 2022 (the 2022 Notes, and together with the 2017 Notes, the Notes). The Notes will bear interest from August 23, 2012, payable semi-annually on August 23 and February 23, commencing on February 23, 2013. The closing of the offering is expected to occur on August 23, 2012, subject to the satisfaction of customary closing conditions. The Notes will be senior unsecured obligations and will rank equally with LabCorp’s existing and future senior unsecured debt. LabCorp intends to use the net proceeds of this offering to repay certain amounts outstanding under its existing credit facility dated December 21, 2011, and for general corporate purposes. The active joint book-running managers for the offering are BofA Merrill Lynch and Credit Suisse. Barclays and Wells Fargo Securities are acting as passive joint book-running managers. BB&T Capital Markets; Citigroup; Mitsubishi UFJ Securities; and TD Securities are acting as co-managers. Full Article
Laboratory Corporation of America Completes Acquisition Of Medtox Scientific, Inc.
Laboratory Corporation of America announced the completion of its acquisition of MEDTOX Scientific, Inc., effective July 31, 2012. At a special meeting held on July 31, 2012, MEDTOX’s stockholders approved the acquisition and the transaction closed promptly thereafter. After the close of the Nasdaq Global Select Market on July 31, 2012, trading in MEDTOX common stock ceased, and the listing of MEDTOX’s common stock was suspended. MEDTOX stockholders will receive a letter of transmittal from American Stock Transfer & Trust Company LLC as paying agent with instructions on how to cash in their shares of MEDTOX common stock. Full Article
Laboratory Corporation of America Lowers High End Of Prior FY 2012 Revenue Guidance To A Range Below Analysts' Estimates; Narrows FY 2012 EPS Guidance
Laboratory Corporation of America updated fiscal 2012 guidance and expects revenue growth of approximately 2.0%-3.0% and adjusted earnings per share (EPS) Excluding Amortization in the range of $6.80 to $7.00, excluding the impact of any share repurchase activity after June 30, 2012. The Company reported revenues of $5.542 billion in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $5.71 billion and EPS of $6.97 for fiscal 2012. Full Article
Laboratory Corporation of America's Acquisition Of MEDTOX Scientific, Inc. Clears Antitrust Approval
Laboratory Corporation of America announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 applicable to the acquisition of MEDTOX Scientific, Inc. by LabCorp. Early termination of the waiting period satisfies one of the conditions necessary to consummate the pending acquisition. The transaction remains subject to other customary closing conditions set forth in the Agreement and Plan of Merger, dated June 3, 2012, between LabCorp, MEDTOX and Mercer Acquisition Corp., including approval by MEDTOX’s stockholders. Assuming approval or waiver of all closing conditions, the transaction is expected to close in the third quarter of 2012. Full Article
Laboratory Corporation of America Announces Agreement To Acquire Medtox Scientific, Inc.
Laboratory Corporation of America and MEDTOX Scientific, Inc. announced that they had entered into a definitive merger agreement under which LabCorp would acquire MEDTOX for a purchase price of $27.00 per share in cash, representing a total enterprise value of approximately $241,000,000. The Board of Directors of MEDTOX unanimously approved the agreement and recommended approval of the transaction by MEDTOX's shareholders. The transaction is expected to close in the third quarter of 2012. Full Article
LabCorp says Sandy hurt quarter, sees 2013 revenue rise
- Diagnostics testing company Laboratory Corp of America Holdings reported a drop in fourth-quarter profit on Friday and said bad weather, particularly Superstorm Sandy, was partly to blame.
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