Labcorp Holdings Inc. Q4 FY2023 results: revenue $2.3 billion, down 37.6% on the year

Labcorp Holdings Inc. (LH) reported revenue of $2.3 billion for Q4 FY2023, the quarter ended 31 December 2023, down 37.6% on the same quarter a year earlier. Net income was -$167 million, and diluted earnings per share $-1.85. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue$2.3 billiondown 37.6%

Net income-$167 million

Diluted EPS$-1.85

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,293	3,057	n/a	n/a
Cost of revenue	1,596	2,206	n/a	n/a
Gross profit	697	851	n/a	n/a
Gross margin	30.4%	27.8%	n/a
Selling, general and administrative	436	526	n/a	n/a
Operating income	-134	252	n/a	n/a
Operating margin	-5.8%	8.3%	n/a
Interest expense	48.8	50.3	n/a	n/a
Income tax	19.1	55.1	n/a	n/a
Net income	-167	183	n/a	n/a
Net margin	-7.3%	6.0%	n/a
Diluted EPS	-$1.85	$2.11	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	580	276	n/a	n/a
Capital expenditure	167	105	n/a	n/a
Free cash flow	412	171	n/a	n/a
Free cash flow margin	18.0%	5.6%	n/a
Depreciation and amortisation	146	146	n/a	n/a
Share-based compensation	27.0	34.4	n/a	n/a
Buybacks	n/a	1,009	n/a	n/a
Dividends paid	61.1	63.9	n/a	n/a
Diluted shares, weighted	88m	87m	n/a	n/a
Shares outstanding at period end	84m	85m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	16,725	16,886	n/a	n/a
Cash and equivalents	537	728	n/a	n/a
Receivables	1,913	1,957	n/a	n/a
Inventory	475	461	n/a	n/a
Goodwill	6,142	6,332	n/a	n/a
Long-term debt	4,055	4,428	n/a	n/a
Borrowings, as the company tags them	0.6	1.0	n/a	n/a
Operating lease liabilities	649	662	n/a	n/a
Finance lease liabilities	78.6	80.2	n/a	n/a
Shareholders' equity	7,875	7,873	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,057	2,293	3,177	3,221	3,282	3,329	3,345	3,527	3,564	3,516	3,538	3,731
Cost of revenue	2,206	1,596	2,279	2,294	2,378	2,433	2,397	2,481	2,538	2,523	2,524	2,619
Gross profit	851	697	897	926	904	896	948	1,046	1,025	993	1,014	1,112
Gross margin	28%	30%	28%	29%	28%	27%	28%	30%	29%	28%	29%	30%
SG&A	526	436	508	558	569	595	546	579	552	539	551	577
Operating income	252	-134	321	295	254	216	326	394	397	268	381	452
Operating margin	8%	-6%	10%	9%	8%	7%	10%	11%	11%	8%	11%	12%
Interest expense	50.3	48.8	46.9	47.6	50.4	63.4	56.0	57.1	56.0	55.0	55.1	61.1
Net income	183	-167	228	205	169	143	213	238	261	165	278	299
Net margin	6%	-7%	7%	6%	5%	4%	6%	7%	7%	5%	8%	8%
Diluted EPS	$2.11	-$1.85	$2.69	$2.43	$2.00	$1.72	$2.52	$2.84	$3.12	$1.98	$3.35	$3.64
Operating cash flow	276	580	-29.8	561	277	777	18.5	621	387	614	192	446
Capital expenditure	105	167	134	128	116	112	126	77.9	107	124	121	132
Free cash flow	171	412	-164	433	162	665	-108	543	280	490	70.5	314
Buybacks	1,009	n/a	n/a	n/a	75.0	n/a	0.0	200	25.0	225	98.0	354
Dividends paid	63.9	61.1	62.1	60.4	60.5	60.1	61.6	59.9	59.9	59.3	61.2	58.7
Shares outstanding	85m	84m	84m	84m	84m	83m	84m	83m	83m	82m	82m	81m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 26 February 2024, accession 0000920148-24-000014: the filing on EDGAR. All of Labcorp Holdings Inc.'s filings: EDGAR company page.

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