Labcorp Holdings (LH) FY2019 results: revenue $11.6 billion, up 2.0% on the year
Labcorp Holdings Inc. (LH) reported revenue of $11.6 billion for fiscal 2019, the year ended 31 December 2019, up 2.0% on the year before. Net income was $824 million, down 6.8%, and diluted earnings per share $8.35. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$11.6 billion
+2.0% on the year
FY2012FY2019
Operating margin
11.5%
11.7% a year earlier
FY2012FY2019
Net income
$824 million
-6.8% on the year
FY2012FY2019
Diluted EPS
$8.35
-3.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
11,555
11,333
10,308
+2.0%
Cost of revenue
8,302
8,157
7,216
+1.8%
Gross profit
3,252
3,176
3,092
+2.4%
Gross margin
28.1%
28.0%
30.0%
Selling, general and administrative
1,624
1,571
1,499
+3.4%
Operating income
1,330
1,326
1,305
+0.3%
Operating margin
11.5%
11.7%
12.7%
Interest expense
241
244
235
-1.4%
Income tax
280
384
-155
-27.2%
Net income
824
884
1,227
-6.8%
Net margin
7.1%
7.8%
11.9%
Diluted EPS
$8.35
$8.61
$11.81
-3.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,445
1,305
1,498
+10.7%
Capital expenditure
400
380
313
+5.4%
Free cash flow
1,044
926
1,185
+12.8%
Free cash flow margin
9.0%
8.2%
11.5%
Cash from investing
-1,283
207
-2,229
Cash from financing
-253
-1,390
593
Depreciation and amortisation
577
552
533
+4.5%
Share-based compensation
107
91.6
110
+16.8%
Buybacks
450
700
338
-35.7%
Diluted shares, weighted
99m
103m
104m
-3.9%
Shares outstanding at period end
97m
99m
102m
-1.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,644
7,048
6,804
+8.5%
Debt
6,205
6,001
6,762
+3.4%
Operating lease liabilities
597
0.0
n/a
Finance lease liabilities
91.1
51.0
n/a
+78.6%
Other liabilities
3,510
3,085
3,107
+13.8%
Total liabilities and equity
18,046
16,185
16,673
+11.5%
Fixed assets
2,637
1,740
1,707
+51.5%
Goodwill
7,865
7,360
7,401
+6.9%
Intangible assets
4,034
3,911
4,166
+3.2%
Cash and equivalents
338
427
317
-20.9%
Receivables
1,544
1,468
1,531
+5.2%
Inventory
245
237
228
+3.1%
Other assets
1,384
1,042
1,324
+32.9%
Total assets
18,046
16,185
16,673
+11.5%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.