The company said the hit to demand for diagnostic testing was 'was marginally offset by an increase in demand for COVID-19 tests.'
LabCorp reported Wednesday a net loss for the first quarter as the coronavirus pandemic drove up costs and cut demand, prompting the company to withdraw 2020 guidance.
The company said the coronavirus outbreak drove a 50% to 55% plummet in demand for testing services at the end of the quarter compared to the same period last year. The Burlington, Vermont-based company reported total revenue of $2.82 billion, up 1% compared to the same time last year. However, the company posted a net loss of $317.2 million, compared to earnings of $185.6 million over the same period last year.
"During the quarter we delivered solid performance across the company, especially considering the challenges associated with the COVID-19 pandemic," CEO Adam Schechter said in a statement.
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