Laboratory Corporation of America reports mixed Q1 earnings; narrows FY23 EPS outlook
- Laboratory Corporation of America press release (NYSE:LH): Q1 Non-GAAP EPS of $3.82 misses by $0.14.
- Revenue of $3.8B (-2.6% Y/Y) beats by $100M.
- Free Cash Flow: Q1 of $27 million versus $239 million last year
- Planned spin of Clinical Development business remains on schedule for mid-2023.
- Full-Year 2023 Guidance: Adjusted EPS narrowed to $16.25 to $17.75 with midpoint unchanged vs. consensus of $17.30 and Free Cash Flow remains at $1.0 billion to $1.2 billion
