(Reuters) -Laboratory Corp of America Holdings on Thursday beat quarterly profit estimates, helped by strength in its diagnostics business and demand for its drug development services.
Test providers such as Quest Diagnostics and Abbott Laboratories have seen a rebound in demand for routine testing in the recent quarters, helping them cushion a decline in revenues from COVID-19 tests.
Last month, Labcorp indicated that diagnostics volume were coming back to pre-COVID levels.
The company said on Thursday its sales from COVID testing can fall as much as 90% this year.
Excluding items, the company reported a profit of $4.14 per share for the quarter ended Dec. 31, compared with analysts’ estimates of $4.10 per share, according to Refinitiv data.
(Reporting by Raghav Mahobe and Mariam E Sunny in Bengaluru; Editing by Maju Samuel)
