Shares of Labcorp LH, -6.37% tumbled 4.7% in premarket trading on Thursday after the diagnostics company said revenue in the third quarter of 2022 came in lower than expected as fewer people got PCR or antigen tests for COVID-19. Labcorp had earnings of $352.8 million, or $3.90 per share, in the third quarter of 2022, down from $587.3 million, or $6.05 per share, in the same quarter a year ago. Adjusted earnings per share were $4.68, against a FactSet consensus of $4.09. The company’s revenue was $3.6 billion for the quarter. That’s down from $4.0 billion in revenue in the third quarter of 2021. The FactSet consensus was $3.9 billion. Labcorp narrowed its guidance for adjusted EPS for the year, saying it now expects $19.25 to $20.25. The previous guidance was $19.00 to $21.25. The company’s stock has declined 26.8% this year, while the broader S&P 500 SPX, +0.15% is down 19.6%.
