Q2 2026 Labcorp Holdings Inc Earnings Call Transcript
Key Points
- Revenue grew 6% to $3.7 billion, with adjusted EPS up 15% to $4.99.
- Diagnostics segment revenue increased 5.5% to $2.9 billion, driven by strong organic growth.
- Biopharma Laboratory Services revenue grew 6.5% to $836 million, with a strong book-to-bill ratio of 1.14.
- Specialty testing in oncology, neurology, autoimmune disease, and women's health delivered double-digit revenue growth.
- Full-year 2026 guidance raised, with enterprise revenue growth expected at 5.4% to 6.3% and adjusted EPS of $18.10 to $18.55.
- Free cash flow decreased to $314 million from $543 million last year due to working capital timing and higher capital expenditures.
- ACA-related headwinds are expected to impact Diagnostics segment volume by approximately 30 basis points for the full year.
- Early Development revenue growth remains modest at low single digits, reflecting ongoing restructuring challenges.
- Patient responsibility as a percentage of total revenue increased, partly due to growth in consumer-initiated testing.
- PAMA data submissions and potential reimbursement cuts create uncertainty for future pricing and margins.
Good day, and thank you for standing by. Welcome to the Q2 2026 Labcorp Holdings earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Dewey Steadman, Senior Vice President, Investor Relations. Please go ahead.
Good morning, and welcome to Labcorp's second quarter 2026 financial results webcast. With me today are Adam Schechter, our Chairman and Chief Executive Officer; and Julia Wang, our Executive Vice President and Chief Financial Officer.
This morning, in the Events section of the Labcorp Investor Relations website at ir.labcorp.com, we posted both our press release and a supplemental financial presentation with additional information on our business and operations. We will also host a replay of this webcast on the IR website for one year.
On today's webcast, we will focus on our adjusted or non-GAAP results for the
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