- #LABORATORY CORPORATION OF AMERICA HOLDINGS TRIAL#
- #LABORATORY CORPORATION OF AMERICA HOLDINGS FREE#
I'll now highlight examples of progress on our strategy. We are maintaining our ability to process 300,000 PCR tests per day, pending supplies and labor, to help the country remain prepared for potential new waves of infections or new variants as a public health emergency persists. Time to results for COVID PCR tests is currently one day on average. Testing rates have since declined and we expect the decline to continue for the remainder of the year.
Our PCR volume was approximately 70,000 per day for the quarter. While we continue to see some impact from Omicron and the conflict in Ukraine throughout the quarter, overall Drug Development recovered nicely in March, giving us confidence in our 2022 performance and guidance.
#LABORATORY CORPORATION OF AMERICA HOLDINGS TRIAL#
COVID-related vaccine work was lower versus a year ago across the segment, with the largest impact in clinical trial testing solutions, or CTTS, which primarily consists of our central laboratories operations. Our backlog increased to $15.2 billion, an increase of 8.7% compared to last year. In Drug Development, our book-to-bill remains strong at 1.23 on a trailing 12 month basis. Diagnostics Base Business volume increased 4.4% versus last year as both routine and esoteric testing saw a significant uptick after an initial slowdown in January.
#LABORATORY CORPORATION OF AMERICA HOLDINGS FREE#
In the quarter, revenue totaled $3.9 billion, adjusted earnings per share reached $6.11 and free cash flow was $239 million. This positions us well for continued success throughout the year. In the Base Business, each month of the quarter was progressively better than the previous one. We remain focused on growth opportunities while continuing to take actions to mitigate inflation. We delivered a solid first quarter despite Omicron, which had a significant impact across both businesses in January and continue to impact drug development outside the US throughout the quarter. In the first quarter, we continued to advance our strategy through science, innovation and technology. Thank you, Chas, and good morning, everyone. Now I'll turn the call over to Adam Schechter. We have no obligation to provide any updates to these forward-looking statements even if our expectations change. More information is included in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and in the company's filings with the SEC. Each of the forward-looking statements is subject to the change based upon various factors, many of which are beyond our control. These forward-looking statements include, but are not limited to, statements with respect to the estimated 2022 guidance and the related assumptions, the impact of various factors on the company's businesses, operating and financial results, cash flows and/or financial condition, including the COVID-19 pandemic and the general economic and market conditions, our response to the COVID-19 pandemic, future business strategies, expected savings and synergies and opportunities for future growth. This morning, in the Investor Relations section of our Web site at we posted both our press release and an Investor Relations presentation with additional information on our businesses and operations, which include a reconciliation of the non-GAAP financial measures to the GAAP financial measures discussed during today's call.Īdditionally, we are making forward-looking statements. With me today are Adam Schechter, Chairman and Chief Executive Officer and Glenn Eisenberg, Executive Vice President and Chief Financial Officer. As detailed in today's press release, there will be a replay of this conference call available via telephone and Internet. Good morning, and welcome to Labcorp's first quarter 2022 conference call. I would now hand the conference over to your speaker today, Chas Cook, Vice President, Investor Relations. Please be advised that today's conference is being recorded.
Welcome to the Labcorp's First Quarter 2022 Earnings Conference Call. Glenn Eisenberg - Executive Vice President and Chief Financial Officer Laboratory Corporation of America Holdings ( NYSE: LH) Q1 2022 Earnings Conference Call Ap9:00 AM ETĬhas Cook - Vice President, Investor RelationsĪdam Schechter - Chairman and Chief Executive Officer
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