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News Breaks
April 17, 2014
08:32 EDTLH, ABIOARCA Biopharma announces screening of first patient in Phase 2B/3 trial
ARCA biopharma announced that the first patient has been genetically screened in GENETIC-AF, its Phase 2B/3 adaptive design clinical trial. The GENETIC-AF trial will evaluate Gencaro as a potential treatment for the prevention of atrial fibrillation in patients with heart failure and/or left ventricular dysfunction who also have a specific genotype of the beta-1 adrenergic receptor, which is believed to be present in approximately 50% of the U.S. population. There are currently seven active clinical trial sites recruiting patients for GENETIC-AF. The company anticipates having approximately 50 clinical trial sites for the Phase 2B portion of the trial. Last week, ARCA hosted the initial GENETIC-AF Investigator Meeting which brought together the physicians and research coordinators participating in the trial for information sharing and study-specific training.
News For ABIO;LH From The Last 14 Days
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March 2, 2015
05:42 EDTLHLabCorp initiated with an Overweight at Barclays
Target $140.
February 26, 2015
14:53 EDTLHLabCorp management to meet with William Blair
Meeting to be held in Burlington, VT on March 4 hosted by William Blair.
10:00 EDTLHOn The Fly: Analyst Initiation Summary
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07:24 EDTLHLabCorp added to Conviction Buy List from Not Rated at Goldman
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07:24 EDTLHQuest Diagnostics downgraded to Buy from Conviction Buy at Goldman
Goldman removed Quest Diagnostics (DGX) from the Conviction Buy List and added LabCorp (LH) to the list. The firm believes LabCorp will have higher average organic growth and earnings growth, and views its valuation as more attractive. The firm rates Quest Diagnostics a Buy with a $77 price target.
February 25, 2015
15:28 EDTLHLabCorp management to meet with Evercore ISI
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February 23, 2015
09:59 EDTLHOn The Fly: Analyst Upgrade Summary
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08:12 EDTLHLabCorp upgraded to Overweight from Underweight at Morgan Stanley
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07:32 EDTLHLabCorp resumed with a Market Perform at Wells Fargo
Price target range $120-$129.
06:36 EDTLHLabCorp upgraded to Outperform from Neutral at Credit Suisse
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05:41 EDTLHLabCorp upgraded to Overweight from Neutral at Piper Jaffray
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February 20, 2015
07:13 EDTLHLabCorp says has temporarily suspended share repurchase program
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07:12 EDTLHLabCorp sees FY15 adjusted EPS $7.35-$7.70, consensus $7.34
Guidance includes accretion of approximately 35c-40c to earnings in 2015 from the acquisition of Covance. The Company expects to have approximately 102 million total weighted-average shares outstanding in 2015, after issuing approximately 15.3 million shares for the Covance transaction. Sees FY15 total revenue growth of approximately 40%-44%, after adjusting for approximately 160 basis points of negative currency impact. Revenue growth in the clinical laboratory business of approximately 3%-5%. Consensus is $6.16B. Revenue growth in the Covance business of approximately 4%-6%, after adjusting for approximately 330 basis points of negative currency impact. Sees FY15 operating cash flow $1.075B-$1.1B, CapEx $325M-$350M, free cash flow $725M-$775M. Free cash flow will be used to pay down debt and for tuck-in acquisitions. The company has temporarily suspended its share repurchase program until it approaches its target leverage ratio of 2.5 times debt to EBITDA. The company expects cost synergies from business optimization, corporate overhead and purchasing and logistics in excess of $100M within three years, with associated one-time costs of approximately $50M. The company expects synergies in 2015 of approximately $35M, with associated one-time costs of approximately $20M. Project LaunchPad will re-engineer the Company’s systems and processes, leverage technological advancements, create a sustainable, more efficient business model, and improve the experience of all stakeholders. The company expects this initiative to drive net savings in excess of $150M over the next three years, with associated one-time costs of approximately $30M. The company expects net savings from this initiative in 2015 of approximately $50M, with associated one-time costs of approximately $15M.
07:09 EDTLHLabCorp reports Q4 adjusted EPS $1.65, consensus $1.63
Reports Q4 revenue $1.51B, consensus $1.5B.
February 19, 2015
15:32 EDTLHNotable companies reporting before tomorrow's open
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09:22 EDTLHLabCorp completes acquisition of Covance
LabCorp (LH) announced the completion of its acquisition of Covance (CVD), following its entry into a definitive purchase agreement on November 2, 2014. At closing, the purchase consideration was valued at $107.19 per Covance share, consisting of $75.76 in cash and 0.2686 LabCorp shares for each Covance share, or an equity value of approximately $6.2B and an enterprise value of approximately $5.7B. The closing of the transaction follows the receipt of all necessary regulatory requirements and approval of the transaction by Covance shareholders on February 18. With the closing of the transaction, Covance common stock will cease trading and will no longer be listed on the NYSE.
February 18, 2015
09:27 EDTLHCovance stockholders approve acquisition by LabCorp
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