Life science research firm Fortrea on Monday reported a slight increase in revenues year-over-year, dating back to its spinoff from Burlington-based Labcorp. However the company took a $13 million loss.
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Animals rights group PETA has criticized Burlington-based Labcorp following the death of four monkeys used in research. The group wants Labcorp to shut down its animal labs and called the federal fine in the case “paltry.” Labcorp defends its policies.
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Labcorp on Thursday reported third-quarter profit of $183.3 million in a quarter that delivered financials better than expected by Wall Street.
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Shares in Labcorp spinoff Fortrea climbed 4% Tuesday after media reports said an activist investor has taken more than a 5% stake in the life science company and wants changes to improve financial performance.
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Global life science giant Labcorp is rolling out a test that it says can speed up a diagnosis for Alzheimer’s and thus lead to earlier intervention to fight the deadly disease.
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LabCorp Central Laboratory Services, a subsidiary of Burlington-based Labcorp, is paying $525,000 in back wages and interest to 205 Black and 13 Asian applicants to settle a discrimination complaint from the U.S. Department of Labor.
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Labcorp joins five other investors in backing a California-based startup focusing on early cancer detection and blood testing to detect minimal residual disease monitoring.
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Fortrea, the new life science contract research organization built around the spinoff of Labcorp’s CRO business, reported revenues of $793 million and a gross profit of $28.3 million in its first full quarter as a public company on Monday.
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Labcorp has reached an agreement with Tufts Medicine, a leading integrated academic health system in Massachusetts, for Labcorp to acquire the Tufts Medicine outreach laboratory business and select operating assets.
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