LabCorp to return $132M in CARES Act funding

Alia Paavola –
Wednesday, October 28th, 2020
Print|Email.

© Copyright ASC COMMUNICATIONS 2020. Intrigued in LINKING to or REPRINTING this content? View our policies by clicking here.

© Copyright ASC COMMUNICATIONS 2020. Intrigued in LINKING to or REPRINTING this content? View our policies by clicking here.

The diagnostic testing business ended the duration with an operating income of $1.05 billion, compared to $339 million in the third quarter of 2019..

In the quarter ended Sept. 30, LabCorp saw its earnings increase to $3.9 billion, up $1 billion from the exact same quarter in 2019..

After considering financial investments and expenses, LabCorp reported a net income of $703.4 million in the 3rd quarter. This compares to a $220.7 million net earnings in the three-month period one year prior..

More short articles on healthcare financing: New Hampshire health system submits for bankruptcy6 current contributions to health centers, health systemsCHS records $112M earnings, says it will sell 4 more healthcare facilities by year-end.

” Our base organization continued to improve as people returned to routine medical care and treatments and clinical trial studies resumed,” stated LabCorp Chair and CEO Adam Schechter. “I wish to thank our more than 70,000 workers around the world for all of their effort and dedication.”.

LabCorp will return $132 million in funding it got from the Coronavirus, Aid, Relief and Economic Security Act this spring, the diagnostic testing company revealed Oct. 27 in its third-quarter financial outcomes..

Since of its improved financial performance in the third quarter and its expectation that its future efficiency will be strong, the company said it is able to return the funds.