Labcorp profit drops 16.5% on slowing COVID-19 tests sales

(Reuters) – Clinical laboratory operator Laboratory Corp of America Holdings on Thursday reported a 16.5% fall in quarterly profit due to slowing COVID-19 testing and higher personnel costs.

The company’s net income fell to $587.3 million, or $6.05 per share, in the third quarter ended month Sept. 30, from $703.4 million, or $7.17 per share, a year earlier.

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