The United States has seen more people, especially older adults, catching up on medical procedures and routine checkups that were deferred due to pandemic-driven curbs. The increased medical care utilization has benefited U.S. lab testing companies, including Labcorp's rival Quest Diagnostics, which forecast strong 2024 sales, betting on demand for diagnostic kits.
Revenues for the quarter were $3.67 billion, down from $4.06 billion in the same quarter last year and below the consensus Wall Street estimate of $3.74 billion.