Labcorp q1 loss per share $3.27

Announces 2020 first quarter results.q1 loss per share $3.27.q1 revenue $2.82 billion versus refinitiv ibes estimate of $2.74 billion.q1 earnings per share estimate $1.95 -- refinitiv ibes data.q1 adjusted earnings per share $2.37.withdraws 2020 guidance and temporarily suspends its share repurchase program due to unpredictability of ongoing covid-19 pandemic.in labcorp diagnostics, demand for testing declined 50% to 55% versus company's normal daily levels at end of q1.recorded restructuring charges, special items, impairments, and amortization, which together totaled $558.5 million in quarter.qtrly labcorp diagnostics revenue, adjusting out increase in accounts receivable reserves was $1.70 billion, a decrease of 1.2%.reduction in qtrly demand in labcorp diagnostics impacted testing volumes broadly, but was heavily weighted towards routine tests.qtrly covance drug development revenue, was $1.14 billion, an increase of 6.4%.qtrly lower organic revenue includes estimated negative impact from covid-19 of 4.9% & lower medicare, medicaid pricing as a result of pama of 0.7%.qtrly volume reduction in base business of labcorp diagnostics appears to have stabilized.quarter-end covance drug development backlog was $11.30 billion.at end of quarter, company's cash balance and total debt were $323.6 million and $6.2 billion, respectively.
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