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News Breaks
March 18, 2014
07:28 EDTDHR, DGX, RHHBY, ABT, JNJ, LHCLFS review potential negative for Quest, LabCorp, says Piper Jaffray
Piper Jaffray views the Centers for Medicare & Medicaid Services' plan to revalue Clinical Lab Fee Schedule test codes as a potential negative for Quest Diagnostics (DGX) and LabCorp (LH) as well as diagnostic manufacturers like Abbott (ABT), Danaher (DHR), Johnson & Johnson (JNJ) and Roche (RHHBY). Piper says Quest and LabCorp both have around 12% of revenue exposure to CLFS, which it feels presents risk for additional reimbursement pressure in FY15. The review follows an Office of Inspector General report that found CMS paid between 18%-30% higher for 20 high volume/high expenditure tests than state and federal plans.
News For DGX;LH;ABT;DHR;JNJ;RHHBY From The Last 14 Days
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February 20, 2015
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.
07:08 EDTABT, DGXAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
February 19, 2015
18:25 EDTRHHBYPiper Jaffray biotech analyst to hold analyst/industry conference call
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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.
09:09 EDTRHHBYLeerink's life science tools analyst holds an analyst/industry conference call
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06:45 EDTRHHBYStudy shows Roche's treatments equal to Eylea in most cases, NY Times says
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05:31 EDTRHHBYExelixis announces acceptance of NDA for Genentech cobimetinib
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05:26 EDTRHHBYFDA grants Genentech cobimetinib priority review for combination use
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February 18, 2015
16:46 EDTJNJOn The Fly: Closing Wrap
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12:36 EDTJNJAnalysts applaud cheaper than expected Boston Scientific settlement
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12:31 EDTJNJOn The Fly: Midday Wrap
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09:27 EDTLHCovance stockholders approve acquisition by LabCorp
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07:41 EDTJNJSettlement 'a big win' for Boston Scientific, says Bernstein
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07:12 EDTJNJBoston Scientific settlement should remove overhang, says Stifel
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07:09 EDTJNJBoston Scientific payment to J&J well below expectations, says Piper Jaffray
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February 17, 2015
16:29 EDTJNJ Boston Scientific announces settltement of merger agreement lawsuit
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09:01 EDTDGXQuest Diagnostics, Genomic Vision renew collaboration for three years
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07:04 EDTJNJGTx names Robert Wills as executive chairman
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