As reported by Fierce Medical Devices
, LabCorp believes it will be negatively affected by Medicare payment reductions this year. The company predicts it will lose about 35 cents per share to a decline in reimbursement.
LabCorp still expects between 2% and 3% revenue growth for the year, in line with 2012's 2.3% jump over the previous year, Fierce Medical Devices says.
The company has been in the process of restructuring, eliminating jobs and taking other related actions. LabCorp also authorized a $1-billion share buyback program.
LabCorp isn't alone in dealing with the reduced reimbursement rates. Last month, Quest
announced 2013 projections that fell below analyst estimates, saying reimbursement cuts would cut testing revenue by about 3% this year.
More on Quest's restructuring