Labcorp Holdings (LH) FY2023 results: revenue $12.2 billion, up 2.5% on the year
Labcorp Holdings Inc. (LH) reported revenue of $12.2 billion for fiscal 2023, the year ended 31 December 2023, up 2.5% on the year before. Net income was $418 million, down 67.3%, and diluted earnings per share $4.77. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.
Revenue
$12.2 billion
+2.5% on the year
FY2016FY2023
Operating margin
6.0%
12.1% a year earlier
FY2016FY2023
Net income
$418 million
-67.3% on the year
FY2016FY2023
Diluted EPS
$4.77
-65.9% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,328
1,956
3,110
-32.1%
Capital expenditure
454
429
422
+5.7%
Free cash flow
874
1,527
2,688
-42.7%
Free cash flow margin
7.2%
12.9%
20.5%
Cash from investing
-1,172
-1,652
-885
Cash from financing
-59.3
-1,322
-2,066
Depreciation and amortisation
577
537
577
+7.5%
Share-based compensation
129
117
133
+10.2%
Buybacks
1,000
1,100
1,668
-9.1%
Dividends paid
254
195
0.0
+30.1%
Dividend per share
$2.88
$2.16
n/a
+33.3%
Diluted shares, weighted
88m
92m
98m
-4.4%
Shares outstanding at period end
84m
88m
98m
-4.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
7,875
10,097
10,273
-22.0%
Debt
5,054
5,340
5,416
-5.3%
Operating lease liabilities
649
653
642
-0.6%
Finance lease liabilities
78.6
83.6
84.6
-6.0%
Other liabilities
3,068
3,982
3,968
-22.9%
Total liabilities and equity
16,725
20,155
20,385
-17.0%
Fixed assets
2,912
2,794
2,815
+4.2%
Goodwill
6,142
6,124
5,891
+0.3%
Intangible assets
3,342
3,124
3,736
+7.0%
Cash and equivalents
537
321
1,473
+67.4%
Receivables
1,913
1,786
2,262
+7.2%
Inventory
475
471
401
+0.8%
Other assets
1,404
5,537
3,808
-74.6%
Total assets
16,725
20,155
20,385
-17.0%
10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.