Laboratory Corp of America Holdings cut its annual profit forecast on Thursday following the spin off of its clinical development business, Fortrea .
The lab operator has been struggling with a shortage of lab monkeys due to curbs on animal imports after a Cambodian supplier wasHowever, the company said it expects the supply constraints related to non-human primates to be resolved in the third quarter.
"We expect to grow in the second half of the year versus the prior year and do not expect impact from NHP supply constraints for the rest of the year," CEO Adam Schechter said in the earnings conference call. The company also expects revenue from core business to grow in the range of 11.3%-12.6% for the year, compared with 9.5%-11% estimated earlier.
COVID testing sales are projected to fall between 85% and 89% this year compared with the previous forecast of 80%-90%, the company said. The life sciences company now expects to earn between $13 and $14 per share on an adjusted basis this year. Analysts on average estimate $14.02 per share, according to Refinitiv data.
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