LabCorp to return $132M in CARES Act funding

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LabCorp will return $132 million in funding it received from the Coronavirus, Aid, Relief and Economic Security Act this spring, the diagnostic testing company revealed Oct. 27 in its third-quarter financial results. 

The company said it is able to return the funds because of its improved financial performance in the third quarter and its expectation that its future performance will be strong.

"Our base business continued to improve as people returned to routine medical care and treatments and clinical trial studies resumed," said LabCorp Chair and CEO Adam Schechter. "I want to thank our more than 70,000 employees around the world for all of their hard work and dedication."

In the quarter ended Sept. 30, LabCorp saw its revenue increase to $3.9 billion, up $1 billion from the same quarter in 2019. 

The diagnostic testing company ended the period with an operating income of $1.05 billion, compared to $339 million in the third quarter of 2019. 

After factoring in expenses and investments, LabCorp reported a net income of $703.4 million in the third quarter. This compares to a $220.7 million net income in the three-month period one year prior. 

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