LabCorp

Its revenues growing with business up 13% year-over-year, Labcorp reports a profit of $188.9 million in its second quarter. It’s the first quarterly report where financials from the recently Fortrea spinoff were not included.

Labcorp’s stock took a double-digit hit over the weekend following a big valuation cut from financial services giant Morningstar and ahead of Monday’s formal spinoff of its contract research organization business into the new Fortrea. So what’s going on?

Fortrea, with 19,000 employees and based in Durham, becomes a reality early Monday following the completion of its spinoff from global life science firm Labcorp.

The spinoff of Fortrea – which is made up of the clinical development and commercialization services business of life science giant Labcorp – is set for June 20 and the listing of the standalone company is set for the Nasdaq even though regulatory approval for the deal is still pending.

Fortrea, the looming spinoff from global life sciences giant Labcorp, is looking to raise money in order to help pay the $1.6 billion it will owe Labcorp as part of the deal.

LabCorp on Tuesday reported a first-quarter profit of $212.9 million – not quite meeting Wall Street expectations. But revenues did collectively beat the target of analysts. Here are the details.