Laboratory Corporation of America Holdings (NYSE:LH) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.
International Business Payments
Robert Willoughby ? Bank of America Merrill Lynch: It looked like the accounts receivable did rise a bit more expected on a slightly lower revenue base. Any dynamic going on there?
William B. Hayes ? EVP and CFO: Hey, Bob, this is Brad. Just some timing of payments in one of our international businesses specifically, and I think the typical in the first quarter more going to patients in the form of copays and deductibles slowed things down a little bit.
EXCLUSIVE OFFER! Take Advantage of the Tax Relief 50% Off Sale for a Limited Time. CLICK HERE for your Weekly Stock Cheat Sheets NOW!Robert Willoughby ? Bank of America Merrill Lynch: And just the pace of M&A, Dave, it slowed down here a bit of late. Is this just the kind of the eye before the storm or what do you anticipate over the remainder of the year from a transaction standpoint?
David P. King ? Chairman and CEO: Bob, I think the pace continues to be about the same in terms of opportunities that are available. We?ve looked at quite a few things, a number of them we don?t like the valuations and so we?re biding our time and waiting for things to come along where we think the valuations are more reasonable for us, but there?s still a lot of opportunities in M&A and we continue to be focused on doing the right deals that will be accretive, that will give us the target, return on invested capital and that will contribute to long-term growth, and I would say, we think of MEDTOX as a terrific example of doing all those things. Accretive, good ROIC, long-term growth and expanding our capabilities and further diversification of our payor mix?
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