LabCorp’s stock hit a new 52-week low today after posting less than expected sales and profits. Even LabCorp supporting analysts downgraded the stock. Here’s one headline from MarketWatch “S&P DOWNGRADES OPINION ON SHARES OF LABCORP OF AMERICA…” Here’s another one “Laboratory Corp. Of America Holdings’ second-quarter net income fell 19% on restructuring costs as the lab-services provider lowered its 2008 outlook.”
At one point during the day LH stock was down almost $7, losing over 10% of the company’s market value. Laboratory Corporation of America’s stock trades on the New York Stock Exchange under the symbol LH.
I’ve received dozens of emails related to problems and complaints against LabCorp. From those who have filed lawsuits against them to physicians that are fed up with service related issues. I will respond to them all this week. Since this is something that I do on the side because of the poor attitude of LabCorp company manager and executives, I can only do it during down time. Sorry about that.
The retail business has many dynamics. It’s a business that I know well. Relating these principles to LabCorp’s operation, it is hard to believe that there are so many patients that will never set foot in a LabCorp center again. Yet the company and its executives do not seem to be doing anything about it. It’s a real shame how a company can believe that they are so omnipotent that they can do whatever they want. Our country’s laws and regulations are established for these particular instances. They will eventually catch up to LabCorp. The government agencies will move in and that’s when you will see them change.
I also believe that the tough economy will severely affect LabCorp and their view of the customer. In my opinion, they see the customer as the HMO, insurance company or 3rd party payer. The patient is seen as a secondary factor when in fact it is all about the patient. Poor results or worst yet, no results, will not only anger the patients but also the payer as the patient will start complaining. Why do these managers and executives not see this? Oh well, they will when the 3rd party payers start cancelling contracts because of malpractice lawsuits. And the doctors that send them the specimens for results? They will eventually get tired of poor results that affect the lives of their patients. I believe that doctors generally care more about their patients than the lower prices offered by LabCorp. That will also work against LabCorp. When will this company wake up to reality?
Tags: General Labcorp Stories, labcorp, Labcorp Criminal, LabCorp Doctors, LabCorp Emails, LabCorp Employees, LabCorp Executives, LabCorp Managers, LabCorp Practitioners, LabCorp Stories, labcorp unethical, laboratory Corporation of America
LabCorp stock is listed in the New York Stock Exchange with a symbol of LH. LabCorp’s stock price has been declining steadily. As on July 20, 2008 the stock has a 52-week high of $81.11 and a low of $65.13. The high was hit on 07/18/2007 and the low on 11/05/2007. It has been lingering around its lows. If you are an investor or hold shares of LabCorp, tell us your story.