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Labcorp Holdings Inc. LH recently announced the completion of its acquisition of select assets of BioReference Health — a wholly-owned subsidiary of OPKO Health, Inc. (OPK). The transaction is aimed at providing customers with greater access to Labcorp's comprehensive, high-quality laboratory services, scientific expertise and expanded testing capabilities in key regions across the United States.
Likely Trend of LH Stock Following the News
Following the announcement, shares of Labcorp rose 2.1% to $225.76 yesterday. The company continues to gain a high level of synergies from its various new collaborations and acquisitions within the clinical laboratory service space. Accordingly, we expect market sentiment toward LH stock to continue to remain positive, driven by this announcement.
Details on LabCorp's Acquisition of BioReference Health
The terms of acquisition include BioReference Health's laboratory testing businesses. The laboratory testing business is focused on clinical diagnostics and reproductive and women's health in the United States outside of New York and New Jersey. The acquisition also includes BioReference Health’s certain patient service centers, customer contracts and operating assets, which currently generate approximately $100 million in annual revenues.
The acquisition will further enhance Labcorp's laboratory services network and expand access to its clinical services. The purchase price for the transaction is $237.5 million.
More on the News
The sale of these diagnostic assets is an important step toward improving efficiencies, enhancing the productivity of BioReference Health's operations and accelerating the process profitability. With the closure of the transaction, Labcorp is focused on integrating these assets to drive better health outcomes for patients.
Lazard was Labcorp's financial advisor while Hogan Lovells, Kilpatrick Townsend and Parker Poe were legal counsel. Piper Sandler & Co. was OPKO's financial advisor while Greenberg Traurig served as legal counsel.
Lapcorp’s Other Recent Developments
Earlier this month, Labcorp inked a strategic collaboration with Ballad Health to provide outreach laboratory services across the Appalachian Highlands region. Under the agreement, the company will acquire select operating assets of Ballad Health’s outreach lab services. These assets, in combination with the ongoing partnership, aim to enhance patient care, expand access to advanced testing and improve efficiency for the health system and its patients.
In August 2024, Labcorp purchased the select assets of the medical genetics company, Invitae. The acquisition will expand its specialty testing capabilities and ability to utilize genetic data to improve clinical trials and treatment regimens in oncology and select rare diseases.
Industry Prospects Favor Labcorp
Per a Fortune Business Insights report, the global clinical laboratory services market was valued at $258.71 billion in 2023 and is projected to grow from $274.21 billion in 2024 to $468.15 billion by 2032, witnessing a compound annual growth rate of 6.9% during the period.
The key factors influencing market growth include the increasing chronic diseases, the growing demand for early diagnostic tests and the rapid advancements in data management and sample preparation.
LH Stock’s Price Performance
Year to date, shares of LH have risen 12.2% compared with the industry’s 0.5% growth.
LH’s Zacks Rank and Key Picks
LH currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Intuitive Surgical ISRG, TransMedics Group TMDX and Boston Scientific BSX. While Intuitive Surgical and TransMedics currently sport a Zacks Rank #1 (Strong Buy) each, Boston Scientific carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Intuitive Surgical’s shares have surged 64.8% in the past year. Estimates for the company’s earnings have remained constant at $1.67 per share for 2024 in the past 30 days.
ISRG’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 8.97%. In the last reported quarter, it posted an earnings surprise of 16.34%.
Estimates for TransMedics’ 2024 earnings per share (EPS) have moved up 2.5% to $1.23 in the past 30 days. Shares of the company have soared 156.5% in the past year compared with the industry’s 17.5% growth.
TMDX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 287.50%. In the last reported quarter, it delivered an earnings surprise of 66.67%.
Estimates for Boston Scientific’s 2024 EPS have increased 3.4% to $2.40 in the past 60 days. In the past year, shares of BSX have risen 57.6% compared with the industry’s 19.5% growth.
In the last reported quarter, BSX delivered an earnings surprise of 6.90%. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%.
Zacks Investment Research
Masimo Corporation MASI, on Friday, announced a partnership with Google. The tie-up aims to develop a new reference platform for original equipment manufacturers (OEMs) building Wear OS by Google smartwatches.
OEMs who adopt the new Masimo platform will continue to design and produce their new smartwatches’ physical exteriors. However, the devices’ interiors, including optimized hardware and software components, biosensors, and a companion Android smartphone app, will be provided by Masimo. This is expected to ensure superior performance and unmatched user experiences.
Health and wellness capabilities will feature the same biosensing innovations and analytics that power the Masimo W1 wearable and upcoming Masimo Freedom smartwatch. The Masimo reference platform will likely make these components, features and benefits available for smartwatch manufacturers building Wear OS smartwatches in an easy-to-implement, standardized package.
Following the announcement on Sept. 13, MASI’s shares have gained 1% till the last trading.
The latest partnership is expected to significantly strengthen Masimo’s patient monitoring business.
Rationale Behind MASI’s Tie-Up
Per Masimo, by incorporating its biosensing technologies and standardizing smartwatch devices using the Masimo reference platform, OEMs will be able to build more efficiently and bring high-performing Wear OS smartwatches to market. The company believes that the robust reference platform will likely support the fast-growing Wear OS ecosystem, including a suite of health and wellness tracking tools to provide accurate, reliable data, seamless integration with Android smartphones, and improved quality and experience.
Masimo’s management expects the new wearable platform to boost the smartwatch OEMs’ abilities to create innovative, competitive and truly compelling Wear OS smartwatches for consumers.
Per Wear OS, smartwatch makers are expected to be able to benefit from Masimo’s biosensing technology and quickly bring the Wear OS devices to market, at scale, with Masimo's reference platform.
Masimo’s Industry Prospects
Per a report by MarketsandMarkets, the global patient monitoring devices market is anticipated to reach from $48.5 billion in 2024 to $71.1 billion by 2029 at a CAGR of 8%. Factors like the rising burden of chronic diseases due to lifestyle changes, growth in the elderly population, increasing preference for home and remote monitoring and the ease of use of portable devices are expected to drive the market.
Given the market potential, the latest tie-up is likely to provide a significant boost to Masimo’s business.
MASI’s Recent Partnerships
This month, Masimo announced its partnership with Qualcomm Technologies, Inc. to develop a next-generation smartwatch reference platform for OEMs building Wear OS by Google smartwatches.
The same month, Masimo announced that France-based Saint-Denis Hospital Center would be adopting the use of its SafetyNet cloud-based telemonitoring platform as part of an experimental mobile neonatology unit aimed at facilitating earlier discharge of premature newborns from the ICU to the home.
Last month, Masimo launched a partnership with March of Dimes to support new parents with babies in the Neonatal Intensive Care Unit (NICU). Through this partnership, Masimo will support March of Dimes’ NICU Family Support program, which helps over 50,000 families nationwide as they navigate the NICU experience and the transition from hospital to home.
Masimo’s Share Price Performance
Shares of the company have gained 14.2% in the past year compared with the industry’s 18.2% rise and the S&P 500's 25.9% growth.
MASI’s Zacks Rank & Other Key Picks
Currently, Masimo sports a Zacks Rank #1 (Strong Buy).
A few other top-ranked stocks in the broader medical space are DaVita Inc. DVA, Baxter International Inc. BAX and Boston Scientific Corporation BSX.
DaVita, flaunting a Zacks Rank #1 at present, has an estimated long-term growth rate of 17.5%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 24.2%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have gained 65.6% compared with the industry’s 30.1% rise in the past year.
Baxter, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 10%. BAX’s earnings surpassed estimates in each of the trailing four quarters, with the average being 3.7%.
Baxter has gained 3.9% compared with the industry’s 20.3% rise in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.6%. BSX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 7.2%.
Boston Scientific’s shares have rallied 57.6% compared with the industry’s 20.3% rise in the past year.
Zacks Investment Research
QIAGEN’s QGEN business is expected to get a boost from its growing molecular diagnostic market, expanded test menu and growth-driving strategic collaborations. Yet, a challenging macro environment and an intensely competitive market may dent its results of operations. The stock carries a Zacks Rank #3 (Hold) currently.
Factors Driving Growth for QGEN Stock
QIAGEN offers one of the broadest portfolios of molecular technologies for healthcare. Its range of assays for diseases and biomarkers speeds up and simplifies laboratory workflow and standardizes many lab procedures.
The company has established itself as a preferred partner to co-develop companion diagnostics paired with targeted drugs, together with a rich pipeline of molecular tests transforming the treatment of cancer and other diseases. QGEN has more than 30 master collaboration agreements with pharmaceutical industry customers, some with multiple co-development projects. The company noted the expansion of QIAstat into new applications with pharma partners for companion diagnostics. During the second quarter, QIAGEN entered into a new partnership with the U.S. Federal Bureau of Investigation (FBI) to develop a first-of-its-kind digital PCR, which boosts forensics analytics.
In the second quarter of 2024, the 8% CER growth in the Diagnostic Solutions product group underscored the strength and resilience of the company’s portfolio mix. The growth was led by high-single-digit CER gains in consumables sales. The QIAstat- Dx testing system achieved double-digit sales growth, driven by significant gains in consumables and an ongoing good level of instrument placement.
To support internal growth, QIAGEN heavily invests in research and development for the menu expansion of its key platforms.
QIAGEN N.V. Price
QIAGEN N.V. price | QIAGEN N.V. Quote
The second quarter of 2024 saw numerous developments, such as the launch of the Investigator Quantiplex Pro FLX kit, which offers forensic laboratories a high level of sensitivity when processing forensics samples. Within the digital PCR platform QIAcuity, the company launched 35 new wet-lab tested digital PCR Microbial DNA Detection Assays and a new digital PCR Custom Assay Design Tool for copy number variation analysis.
In terms of strategic collaborations, in the second quarter, the company collaborated with Myriad Genetics to develop a globally distributable kit-based test for analyzing the Homologous Recombination Deficiency status. In January, the company, in collaboration with Penn State University, helped shape research, education and outreach in microbiomes.
The stock has gained 11.4% in a year compared with the industry’s 0.7% rise. With the company strategically expanding through innovation and synergistic deals, as well as expanding its business footprint, we expect the stock to continue its upward movement in the coming days.
Factors Weighing on QIAGEN Stock
QIAGEN currently markets products in more than 100 countries. Its international operations are subject to a variety of risks arising from the economy, political outlook, language and cultural barriers in the countries it operates. In many of these emerging markets, QIAGEN faces several risks, which include economies that may be dependent on only a few products and are therefore subject to significant fluctuations, weak legal systems that may affect its ability to enforce contractual rights, exchange controls, unstable governments and privatization or other government actions affecting the flow of goods and currency.
In the quarter under review, the company’s sales in the Asia-Pacific Japan region declined at a low-single-digit CER rate. Sales in China declined at a single-digit CER rate, reflecting the macro challenges in this market that are likely to stay for a while. The industry-wide trend of logistical challenges, arising from growing geopolitical complexities in recent days as well as supply shortages of healthcare labor globally, might result in a deteriorated margin scenario for QIAGEN going forward.
Considering QIAGEN’s huge gamut of services, the company is also susceptible to competitive headwinds. The company is facing increasing competition from firms that provide competitive pre-analytical solutions and other products used by QIAGEN’s customers. The markets for some of the company’s products are very competitive and price-sensitive.
Other product suppliers may have significant advantages in terms of financial, operational, sales and marketing resources and experience in research and development. According to the company, customers in the market for pre-analytical sample technologies and assay technologies display significant loyalty to their initial supplier of a particular product. As a result, it may be not easy to convert customers who have purchased products from competitors.
Key Picks
Some better-ranked stocks in the broader medical space are Intuitive Surgical ISRG, TransMedics Group TMDX and Boston Scientific BSX. While Intuitive Surgical and TransMedics currently sport a Zacks Rank #1 (Strong Buy) each, Boston Scientific carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Intuitive Surgical’s shares have surged 64.8% in the past year. Estimates for the company’s earnings have remained constant at $1.67 per share for 2024 in the past 30 days.
ISRG’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 8.97%. In the last reported quarter, it posted an earnings surprise of 16.34%.
Estimates for TransMedics’ 2024 EPS have moved up 2.5% to $1.23 in the past 30 days. Shares of the company have soared 156.5% in the past year compared with the industry’s 17.5% growth.
TMDX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 287.50%. In the last reported quarter, it delivered an earnings surprise of 66.67%.
Estimates for Boston Scientific’s 2024 EPS have increased 3.4% to $2.40 in the past 60 days. In the past year, shares of BSX have risen 57.6% compared with the industry’s 19.5% growth.
In the last reported quarter, BSX delivered an earnings surprise of 6.90%. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%.
Zacks Investment Research
Quest Diagnostics DGX recently purchased Allina Health’s select laboratory assets, in line with its strategy to expand through planned acquisitions. The acquisition should help Quest Diagnostics expand its unique and cost-efficient laboratory services in Minneapolis and across Minnesota and western Wisconsin.
Financial terms of the deal were not disclosed.
Likely Trend of DGX Stock Following the News
Following the announcement, shares of the company moved nearly 1.3% north to $156.36 at yesterday’s close. Historically, the company has gained high level of synergies from its various inorganic investments within the laboratory service space. We expect market sentiment on the stock to continue to remain positive around this announcement, too.
Meanwhile, DGX currently has a market capitalization of $17.41 billion. It has an earnings yield of 5.76%, much higher than the industry’s yield of 3.39%. In the last reported quarter, DGX delivered an earnings surprise of 1.73%.
More on Quest Diagnostics' Allina Health Deal
Under the terms of the agreement announced earlier, with the completion of the acquisition, Allina Health’s clinic physicians will now have access to Quest Diagnostics’ laboratory services.
For investors’ note, Allina Health is a leading non-profit healthcare system. With this transaction, Allina Health can reinvest non-profit resources to support its commitment to providing quality and affordable laboratory services to different communities of people.
Strategic Implications of DGX's Latest Purchase
The acquisition of Allina Health’s select laboratory assets is expected to be strategically aligned with DGX's business as both share common interests like helping a range of communities benefit from quality, innovative and affordable laboratory services.
According to Quest Diagnostics, this latest initiative is part of the company’s strategy to generate growth through accretive laboratory acquisitions.
Industry Prospects in Favor of Quest Diagnostics
Per a Grand View Research report, the global clinical laboratory services market was valued at $233.2 billion in 2023 and is anticipated to witness a CAGR of 3.5% by 2030. Primary factors influencing the market surge include the increasing burden of chronic diseases and the growing demand for early diagnostic tests. Along with these, rapid advancements in data management and sample preparation due to growing volumes of testing samples are expected to uplift market growth during the period.
Given the market potential, the deal is expected to benefit Quest Diagnostics' strategy for continuous growth through gradual laboratory acquisitions.
Quest Diagnostics' Growth Through Acquisitions
Acquisitions play a major role for the company. In addition to reaching out through professional lab services and reference testing, The company mainly focuses on traditional hospital outreach purchases and tuck-in lab deals that are accretive to earnings in the first year.
In August, the company announced the completion of its acquisition of LifeLabs from OMERS. The transaction was valued at approximately $1 billion, including net debt. This acquisition is aimed at enhancing access to diagnostic innovation for patients in North America.
The same month, Quest Diagnostics signed a definitive agreement to acquire select assets of University Hospitals' outreach laboratory services business. The transaction should help the company to broaden its access in Ohio to provide its innovative test menu, network of convenient patient access sites and broad health plan coverage.
Additionally, the company purchased PathAI Diagnostics from PathAI, aiming to increase the adoption of AI and digital pathology for better diagnosis of cancer and other diseases.
DGX Price Comparison
Over the past three months, DGX stock has risen 13.9% compared with the industry’s 9.7% growth.
Zacks Rank of DGX and Key Picks
Quest Diagnostics currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Intuitive Surgical ISRG, TransMedics Group TMDX and Boston Scientific BSX. While Intuitive Surgical and TransMedics currently sport a Zacks Rank #1 (Strong Buy) each, Boston Scientific carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Intuitive Surgical’s shares have surged 64.8% in the past year. Estimates for the company’s earnings have remained constant at $1.67 per share for 2024 in the past 30 days.
ISRG’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 8.97%. In the last reported quarter, it posted an earnings surprise of 16.34%.
Estimates for TransMedics’ 2024 EPS have moved up 2.5% to $1.23 in the past 30 days. Shares of the company have soared 156.5% in the past year compared with the industry’s 17.5% growth.
TMDX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 287.50%. In the last reported quarter, it delivered an earnings surprise of 66.67%.
Estimates for Boston Scientific’s 2024 EPS have increased 3.4% to $2.40 in the past 60 days. In the past year, shares of BSX have risen 57.6% compared with the industry’s 19.5% growth.
In the last reported quarter, BSX delivered an earnings surprise of 6.90%. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%.
Zacks Investment Research
Myriad Genetics, Inc. MYGN is making notable strides in its key strategic areas, which is poised to help it grow in the upcoming quarters. New product introductions and enhancements are gaining traction with customers. There is growing optimism about the company’s huge potential in the oncology space. Meanwhile, the impacts of macroeconomic pressure and fierce rivalry can be worrisome for Myriad Genetics’ performance.
In the past year, this Zacks Rank #3 (Hold) company has outperformed both the industry and the S&P 500 composite. Shares have surged 63.8% compared with the industry’s 0.7% rise and the S&P 500’s gain of 25.7%.
The renowned genetic testing and precision medicine company has a market capitalization of $2.51 billion. MYGN’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 213.4%.
Let’s delve deeper.
Tailwinds for MYGN
Progress With Three Strategic Priorities: Myriad Genetics is advancing in developing top-quality products, building new enterprise capabilities and executing key initiatives to drive long-term growth and profitability. MYGN is gaining shares in the hereditary cancer market. The prenatal business grew 25% year over year in the second quarter of 2024, with a 12% increase in testing volumes due to ongoing initiatives to improve average selling prices (ASPs).GeneSight revenues increased 22% from the comparable 2023 period on nearly 129,000 tests in the second quarter.
Myriad Genetics announced several new strategic partnerships, including a collaboration with the National Cancer Center Hospital East in Japan to study the prognostic and predictive value of molecular residual disease (MRD) testing. It focuses its capital on new tech-enabled tools and capabilities, innovation and commercial capabilities that will improve the customer experience, such as the Labs of the Future program.
Product Launches and Upgrades: Myriad Genetics continues to gain customer acceptance for its slew of products. In June 2024, the company launched the Foresight Carrier Screening test with a new Universal Plus Panel. The anticipated guideline expansion by the American College of Obstetricians and Gynecologists for carrier screening is likely to broaden the market opportunity for this test and drive increased adoption and revenue per test improvements.
Earlier this year, the company received a patent from the United States Patent and Trademark Office, which bolsters its ability to deliver a tumor-informed, high-definition MRD assay to the market. It also made enhancements to the GeneSight Psychotropic test — a pharmacogenomic test for mental health medications — in 2023.
Huge Potential in Oncology Testing: Myriad Genetics has identified the key opportunities to grow its Oncology business by expanding companion diagnostics, capturing markets through new clinical guidelines and introducing new offerings. In the second quarter of 2024, growth in hereditary cancer testing revenues reflected the company’s ongoing efforts to improve average revenue per test by expanding payer coverage and improving revenue cycle processes, which are helping reduce the no-pay rate. The addition of Intermountain Precision Genomics has broadened its oncology testing options, bringing Precise Tumor and Precise Liquid tests in-house.
As part of the strategic reorganization of its European operations, the company has sold its EndoPredict business to Eurobio Scientific, giving the right to sell Prolaris in vitro diagnostic kits outside of the United States. The reorganization and sale are expected to boost MYGN’s adjusted operating income annually by more than $4 million by streamlining the cost structure. The development of the Precise MRD assay also advances.
Factors Weighing on MYGN
Macroeconomic Concerns: With active operations internationally, the company is prone to several regulatory, political, operational, financial and economic risks. The curtailment of trade and other business restrictions and global inflationary pressure can result in higher costs of retaining skilled employees, producing test results and procuring lab supplies, denting its profitability. In the second quarter, Penumbra recorded a 4% jump in selling, general and administrative expenses due to a $2.6 million increase in compensation costs.
Increasing Competition: Myriad Genetics is currently facing growing competition in its key BRACAnalysis market as more players make their entry. The company expects the rivalry to intensify, with other companies potentially launching molecular diagnostic tests. In our opinion, competitive headwinds might push down prices for the high-priced tests provided by Myriad Genetics. This might deter margin improvement in the future.
MYGN Estimate Trend
In the past 30 days, the Zacks Consensus Estimate for the company’s 2024 earnings has increased 11.1% to 10 cents.
The Zacks Consensus Estimate for 2024 revenues is pegged at $840.3 million, suggesting an 11.6% rise from the year-ago reported number.
Top MedTech Stocks
Some better-ranked stocks in the broader medical space are TransMedix Group TMDX, AxoGen AXGN and Boston Scientific BSX. While TransMedix Group currently sports a Zacks Rank #1 (Strong Buy), AxoGen and Boston Scientific each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
TransMedix Group’s earnings are expected to surge 259.7% in 2024. Its shares have soared 156.5% compared with the industry’s 17.5% rise in the past year.
TMDX’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 287.5%.
AxoGen has an estimated 2024 earnings growth rate of 94.1% compared with the industry’s 12.8%. Shares of the company have soared 165.9% compared with the industry’s 17.6% rise over the past year.
AXGN’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 96.5%.
Boston Scientific has an estimated earnings growth rate of 17.1% compared with the industry’s 14.9%. Shares of the company have rallied 57.5% compared with the industry’s 19.5% rise over the past year.
BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.2%.
Zacks Investment Research
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