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Labcorp (LH) Closes the Legacy Health Asset Acquisition Deal
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Labcorp (LH - Free Report) recently announced the completion of the comprehensive laboratory relationship with Legacy Health. Under the terms of the agreement, Labcorp will acquire the select assets of its outreach laboratory business in the Northwest United States, including laboratory facilities and equipment.
The collaboration allows Labcorp to bring its leading diagnostics capabilities to patients across Legacy's service area. The company currently manages Legacy's inpatient hospital laboratories through a long-term agreement to provide staffing, leadership, scientific knowledge, analytics, supply-chain services and laboratory support.
News in Detail
The locally owned, non-profit healthcare system, Legacy Health offers comprehensive healthcare services across its communities in Portland, Southwest Washington and Oregon's mid-Willamette Valley. It includes a six-hospital health system with a full-service children's hospital, a 24-hour behavioral health center and more than 80 primary care, specialty and urgent care clinics.
Image Source: Zacks Investment Research
Connecting two mission-driven organizations, the partnership expands access to Labcorp's industry-leading laboratory services and diagnostic testing to benefit communities in Oregon and Southwest Washington. Per Labcorp’s representative, the closing of this deal reinforces the company’s commitment to providing access to high-quality testing throughout the region by building on Legacy Health's longstanding history of serving communities.
Upon the completion of full integration, healthcare providers and patients throughout the region will have more direct and convenient access to Labcorp's full range of laboratory services. However, Legacy continues to maintain the ownership and licensure of its hospital laboratories.
Industry Prospects
Per a research report, the global diagnostic testing market was valued at $165.6 billion in 2021 and is expected to witness a CAGR of 8.6% by 2030.
Labcorp sees strength across its diagnostic laboratories and biopharma laboratory service businesses. The company has been driving exceptional growth by expanding the base business, finalizing and integrating hospital and health systems and local and regional laboratory transactions. Labcorp owes this significant momentum to its leadership in science and technology to deliver superior solutions to patients and to its commitment to quality and efficiency.
The latest partnership announcement with Baystate Health builds on their existing reference laboratory relationship to improve the efficiency of routine and specialty lab testing. The company will acquire the outreach laboratory business and select operating assets, including laboratory service centers operated by Baystate Health throughout Massachusetts. In August 2023, the company expanded Diagnostic Testing and Laboratory Services in Eastern Massachusetts via an agreement with the leading integrated academic health system, Tufts Medicine.
Price Performance
In the past six months, Labcorp shares have declined 0.8% against the industry’s 1.6% growth.
Haemonetics’ stock has decreased 1.9% in the past year. Earnings estimates for Haemonetics have increased from $3.82 to $3.86 in 2023 and $4.07 to $4.11 in 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.1%. In the last reported quarter, it posted an earnings surprise of 5.3%.
Estimates for Insulet’s 2023 earnings per share have increased from $1.61 to $1.90 in the past 30 days. Shares of the company have dropped 36.6% in the past year compared with the industry’s decline of 5.3%.
PODD’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 105.1%. In the last reported quarter, it delivered an average earnings surprise of 77.4%.
Estimates for DexCom’s 2023 earnings per share have increased from $1.23 to $1.43 in the past 30 days. Shares of the company have fallen 1.1% in the past year compared with the industry’s decline of 5.8%.
DXCM’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 36.4%. In the last reported quarter, it delivered an average earnings surprise of 47.1%.
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Labcorp (LH) Closes the Legacy Health Asset Acquisition Deal
Labcorp (LH - Free Report) recently announced the completion of the comprehensive laboratory relationship with Legacy Health. Under the terms of the agreement, Labcorp will acquire the select assets of its outreach laboratory business in the Northwest United States, including laboratory facilities and equipment.
The collaboration allows Labcorp to bring its leading diagnostics capabilities to patients across Legacy's service area. The company currently manages Legacy's inpatient hospital laboratories through a long-term agreement to provide staffing, leadership, scientific knowledge, analytics, supply-chain services and laboratory support.
News in Detail
The locally owned, non-profit healthcare system, Legacy Health offers comprehensive healthcare services across its communities in Portland, Southwest Washington and Oregon's mid-Willamette Valley. It includes a six-hospital health system with a full-service children's hospital, a 24-hour behavioral health center and more than 80 primary care, specialty and urgent care clinics.
Image Source: Zacks Investment Research
Connecting two mission-driven organizations, the partnership expands access to Labcorp's industry-leading laboratory services and diagnostic testing to benefit communities in Oregon and Southwest Washington. Per Labcorp’s representative, the closing of this deal reinforces the company’s commitment to providing access to high-quality testing throughout the region by building on Legacy Health's longstanding history of serving communities.
Upon the completion of full integration, healthcare providers and patients throughout the region will have more direct and convenient access to Labcorp's full range of laboratory services. However, Legacy continues to maintain the ownership and licensure of its hospital laboratories.
Industry Prospects
Per a research report, the global diagnostic testing market was valued at $165.6 billion in 2021 and is expected to witness a CAGR of 8.6% by 2030.
Strategic Partnerships Expand Diagnostics Capabilities
Labcorp sees strength across its diagnostic laboratories and biopharma laboratory service businesses. The company has been driving exceptional growth by expanding the base business, finalizing and integrating hospital and health systems and local and regional laboratory transactions. Labcorp owes this significant momentum to its leadership in science and technology to deliver superior solutions to patients and to its commitment to quality and efficiency.
The latest partnership announcement with Baystate Health builds on their existing reference laboratory relationship to improve the efficiency of routine and specialty lab testing. The company will acquire the outreach laboratory business and select operating assets, including laboratory service centers operated by Baystate Health throughout Massachusetts. In August 2023, the company expanded Diagnostic Testing and Laboratory Services in Eastern Massachusetts via an agreement with the leading integrated academic health system, Tufts Medicine.
Price Performance
In the past six months, Labcorp shares have declined 0.8% against the industry’s 1.6% growth.
Zacks Rank and Key Picks
LH currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Haemonetics (HAE - Free Report) , Insulet (PODD - Free Report) and DexCom (DXCM - Free Report) . Haemonetics and DexCom each presently carry a Zacks Rank #2 (Buy), and Insulet sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Haemonetics’ stock has decreased 1.9% in the past year. Earnings estimates for Haemonetics have increased from $3.82 to $3.86 in 2023 and $4.07 to $4.11 in 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.1%. In the last reported quarter, it posted an earnings surprise of 5.3%.
Estimates for Insulet’s 2023 earnings per share have increased from $1.61 to $1.90 in the past 30 days. Shares of the company have dropped 36.6% in the past year compared with the industry’s decline of 5.3%.
PODD’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 105.1%. In the last reported quarter, it delivered an average earnings surprise of 77.4%.
Estimates for DexCom’s 2023 earnings per share have increased from $1.23 to $1.43 in the past 30 days. Shares of the company have fallen 1.1% in the past year compared with the industry’s decline of 5.8%.
DXCM’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 36.4%. In the last reported quarter, it delivered an average earnings surprise of 47.1%.