Thermo Fisher Scientific, LabCorp and Quest Diagnostics all reported strong third-quarter results boosted by increased demand for COVID-19 testing.
Thermo Fisher, which makes test kits, reagents and materials used in COVID-19 vaccine and drug trials, said its third-quarter profit more than doubled compared to last year's. The company reported $1.9 billion in profit. Revenue increased 36 percent to $8.5 billion, and more than 20 percent of revenue was tied to COVID-19 tests, equipment and services. The company generated $2 billion of COVID-19-related revenue in the third quarter.
"The past nine months have been nothing short of incredible for our company, and I’m truly humbled by our colleagues around the world who are making a meaningful and positive impact on society through their work," CEO Marc Casper said in the Securities and Exchange Commission filing.
LabCorp reported that its third-quarter earnings more than tripled as COVID-19 testing demand surged and routine lab test volumes started to return to normal. Its net earnings were $703 billion, compared to $220 million last year.
LabCorp also reported $3.9 billion in revenue in the third quarter, up from $2.9 billion last year. The company said that due to improved performance, it will return all the money it received from the Coronavirus Aid, Relief, and Economic Security Act.
Quest said its profits doubled in the third quarter and reported revenue of $2.8 billion, up 42.5 percent from $1.9 billion in 2019. Its third-quarter cash was $862 million, up 189 percent from 2019. The company also said it will return $138 million in CARES Act funding. Quest has performed over 22 million COVID-19 diagnostic and antibody tests, the company said in its SEC filing.