NU Online News Service, May 5, 2004, 5:12 p.m. EDT – An increase in insurance teleunderwriting revenue catalyzed a big increase in first-quarter earnings at LabOne Inc., Lenexa, Kan.[@@]
The company sells medical testing services and drug testing services, but its biggest division helps underwriters applicants for life, health and disability insurers.
The company as a whole is reporting $5.9 million in net income for the latest quarter on $112.8 million in revenue, up from $4.6 million in net income on $81.9 million in revenue for the first quarter of 2003.
Conventional paramedical insurance testing volume fell 3% between the first quarter of 2003 and the latest quarter, but paramedical exam revenue increased 19%, to $24.4 million, and teleunderwriting revenue increased 44%, to $17.2 million, LabOne says.
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