Based in Burlington, N.C., LabCorp said its routine-testing demand fell by 50 percent to 55 percent at the end of the first fiscal quarter.
The company employs about 9,000 people in North Carolina and didn’t disclose how many people it will be furloughing or how long the furloughs will last. It will also freeze hiring, let go of temporary and contract workers and suspend 401(k) contributions, according to the Times-News.
Most of LabCorp’s revenue comes from conducting routine tests, such as drug-testing employees for private companies. But during the COVID-19 pandemic, demand for routine testing has fallen significantly.
The decline in routine testing led to a loss of $317 million in the first quarter, LabCorp reported.
A spokesperson for the company told the Times-News its ability to conduct COVID-19 testing won’t be affected by the furloughs.
Read the full article here.
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