Labcorp Holdings Inc Erratum: Notes From The Road

研报英文原文证据摘录

Labcorp Holdings Inc Erratum: Notes From The Road

Global Research

21 June 2026ab

Labcorp Holdings Inc Equities

United StatesErratum: Notes From The Road

Healthcare Providers

12-month rating Buy

This note replaces the previous version, which was missing the clause "risk from

an increase on bad debt is low" in Bullet 2. We also clarify the bullet on capex

12m price target US$320.00

(Bullet 9) to add more detail on capex needs.

Price (18 Jun 2026) US$255.82

2026 Guidance Reiterated

RIC: LH.N BBG: LH US

Last week we hosted LH CFO Julia Wang and SVP of Investor Relations Dewey Steadman

for a series of investor meeting in London. The overriding theme of the meetings was Trading data and key metrics

confidence in the 2026 outlook, continued solid operational performance across the 52-wk range US$290.93-243.04

business and growth opportunities in the Diagnostics and Central Lab segments. Other Market cap. US$21.1b

key takeaways included: Shares o/s 82.3m (COM)

The expected 30bps full year negative impact on volumes from the decrease in HIX Free float 100%

membership was reiterated. Recall commentary on the 1Q call suggested little Avg. daily volume ('000) 221

impact through March, but now as membership totals and plan levels are better Avg. daily value (m) US$57.8

known, management expressed confidence in the 30bps impact. The risk from Common s/h equity (12/26E) US$9.11b

Medicaid job requirement rules changes was also downplayed, as was any P/BV (12/26E) 2.3x

slowdown in hospital volumes seen in 2Q data. These topics have been investor Net debt to EBITDA (12/26E) 1.9x

debates of late.

EPS (UBS, diluted) (USD)

Likewise, management also suggested the risk from an increase on bad debt is 12/26E

low seen at the hospital level given mix, processes and contractual arrangements.