“We finished the year strong, with accelerated revenue growth in Diagnostics, continued strong underlying fundamentals in Drug Development and margin expansion,” Schechter said. “In 2022, we also advanced our strategy with the announcement of the spin of our Clinical Development business, which will be named Fortrea, and acceleration of several hospital partnerships and acquisitions.
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That was attributed to a 13% drop in COVID testing and a smaller impact from foreign currency rates.įor the full year, Labcorp had $9.2 billion in diagnostics revenue including $1.1 billion from COVID testing.
Nurses across the country have been striking to protest understaffing. Ascension is not the only hospital system to cut staff to dangerously low levels. Labcorp, based in Burlington, North Carolina, reported total diagnostics revenue of $2.29 billion in the fourth quarter, a 13% decrease from the year-earlier period. Ascension is the country’s largest faith-based hospital system and the second-largest private hospital system by the number of hospitals. Learn more about all our Ascension locations Explore details about what makes each of our markets unique and how you can become a part of Ascension. At one hospital, nurses arrived to the emergency department and were told they had to care for 11 patients each (the industry standard is just two patients per nurse). In 2022, the segment brought in $5.7 billion in revenue, a 1.7% decrease from a year earlier. In the fourth quarter, Labcorp incurred $29 million in costs related to the planned spinoff, CFO Glenn Eisenberg said on an earnings call. Health (5 days ago) Dell Childrens and Ascension Seton Hospitals are now offering My Seton Health Patient Accept Reject. The spinoff is still on track to be completed in mid-2023, CEO Adam Schechter said in the statement.
Labcorp announced plans to spin off its clinical development business in July 2022 and more recently hired former Quintiles CEO Tom Pike to lead the business. That helped grow Labcorp’s base testing business by about 7% in the fourth quarter. Last quarter, the two companies began integrating with Labcorp adding about 5,000 employees and providing laboratory management services for just short of 100 hospitals across the system.
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