Company also preparing to support faster point-of-care testing for COVID-19 in hospitals once available
BURLINGTON, N.C.--(BUSINESS WIRE)--Mar. 23, 2020-- LabCorp (NYSE: LH), a leading global life sciences company that is deeply integrated in guiding patient care, today announced that it is exploring all options to prioritize COVID-19 testing for the hospital inpatient population who are being treated for what the physician suspects may be the COVID-19 virus. The company anticipates finalizing options through the week and will subsequently work with hospitals to begin implementation.
LabCorp continues to add capacity to perform testing for patients who should be tested in accordance with Centers for Disease Control and Prevention (CDC) and other health authority guidelines.
“LabCorp colleagues around the world are working tirelessly alongside our industry partners and governmental and health authorities to increase testing and capacity,” said Adam Schechter, president and CEO of LabCorp. “We are aligned with the Administration’s guidance and are actively encouraging all healthcare providers to follow the guidance to prioritize testing for patients who are hospitalized and being treated for suspected COVID-19. We are exploring all options to make this happen and will continue to do all we can to help fight this unprecedented health crisis.”
LabCorp is also preparing to help hospitals for whom it provides technical support services to perform on-site serological and molecular tests for COVID-19, including Cepheid’s recently announced Xpert Xpress SARS-CoV-2 molecular test, once available. LabCorp remains in close contact with manufacturers that are developing additional test options, and will work with healthcare providers to help them prepare to use these tests when they become available.
LabCorp continues to play a vital role in supporting the public response to COVID-19 and has moved quickly to increase its testing capacity by adding staff, equipment and more high-throughput testing. On Friday, March 20,LabCorp announced that it has the ability to perform more than 20,000 COVID-19 tests per day. This represents a significant increase in capacity since the company released its COVID-19 test on March 5, 2020. The company is working continuously to support the needs of healthcare workers, patients, government, clients and other organizations, and expects capacity to continue to increase.
LabCorp is now performing COVID-19 testing in three of its largest labs in the country.
LabCorp (NYSE: LH), an S&P 500 company, is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. With a mission to improve health and improve lives, LabCorp delivers world-class diagnostics solutions, brings innovative medicines to patients faster, and uses technology to improve the delivery of care. LabCorp reported revenue of more than $11.5 billion in 2019. To learn more about LabCorp, visit www.LabCorp.com, and to learn more about Covance Drug Development, visit www.Covance.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to statements with respect to clinical laboratory testing. Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the Company’s control, including without limitation, competitive actions and other unforeseen changes and general uncertainties in the marketplace, changes in government regulations, including healthcare reform, customer purchasing decisions, including changes in payer regulations or policies, other adverse actions of governmental and third-party payers, the Company’s satisfaction of regulatory and other requirements, patient safety issues, changes in testing guidelines or recommendations, adverse results in material litigation matters, failure to maintain or develop customer relationships, our ability to develop or acquire new products and adapt to technological changes, failure in information technology, systems or data security, and employee relations. These factors, in some cases, have affected and in the future (together with other factors) could affect the Company’s ability to implement the Company’s business strategy and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. The Company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the Company’s most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in the Company’s other filings with the SEC.
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