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Morningstar's Laboratory Corp of America Holdings Stock Analysis

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LabCorp Navigates Softening Demand for COVID-19 Tests in Q1; Shares Moderately Undervalued

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

LabCorp posted first-quarter results that were generally consistent with our expectations, and we’re holding steady in our fair value estimate, as nothing in the quarter prompted us to materially change our underlying assumptions. We remain confident in the firm’s narrow economic moat, as LabCorp continues to benefit from its scale-derived cost advantage. Nonetheless, we expect near-term profitability to be constrained by ongoing pressure from labor and transportation costs as well as decisions about how much excess capacity to carry in the event another COVID-19 variant emerges.

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Laboratory Corp of America Holdings's Company Profile

Business Description

Laboratory Corp. of America is one of the nation's two largest independent clinical laboratories, with roughly 20% of the independent lab market. The company operates approximately 2,000 patient-service centers, offering a broad range of 5,000 clinical lab tests, ranging from routine blood and urine screens to complex oncology and genomic testing. With the addition of Covance, LabCorp also has a sizable footprint in the global contract research organization market.

358 South Main Street
Burlington, NC, 27215
T +1 336 229-1127
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Aggressive Growth
Employees 75,500

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