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LabOne Reports Higher 1st Quarter Net Income

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NU Online News Service, May 12, 2003, 4:27 p.m. EDT – LabOne Inc., Lenexa, Kan., is reporting $4.6 million in net income for the first quarter on $82 million in revenue, up from $3.1 million in net income on $71 million in revenue for the first quarter of 2002.

LabOne sells testing services to life and health insurance underwriting operations as well as drug-testing services and traditional medical lab services.

The number of insurance applicants examined fell 8% from the number for the first quarter of 2002, but revenue from traditional underwriting paramedical exams increased 15%, and revenue from telephone-based underwriting increased 230%, LabOne says.

The company speculates that the number of applicants fell in the latest quarter because the Sept. 11, 2001, terrorist attacks led to a spike in application activity during the first quarter of 2002.