ALSO READ: Wearing masks did 'little to nothing' to help curb Covid spread, study reveals For the fourth quarter, the laboratory operator's sales declined about 9% to $3.67 billion and missed estimates of $3.74 billion, according to IBES data from Refinitiv.
However, it beat analysts' estimates for quarterly profit, helped by growth in sales in the company's base business, which excludes COVID-19 testing.
Excluding items, Labcorp reported a profit of $4.14 per share for the quarter ended Dec. 31, above analysts' estimates of $4.10.
The North Carolina-based company forecast an adjusted profit for 2023 in the range of $16 to $18 per share, compared with analysts' estimates of $17.65.