Revenues were $4,266.1 million, an increase of 2.2% compared to the same period in 2011. Compared to the first nine months of 2011, testing volume, measured by requisitions, increased 1.3% and revenue per requisition increased 0.8%.
Operating cash flow for the first nine months of 2012 was $587.2 million. During the first nine months of 2012, the Company repurchased $380.4 million of stock, representing 4.3 million shares.
“We are pleased with our third quarter and year-to-date results,” said David P. King, Chairman and Chief Executive Officer. “We delivered approximately ten percent earnings growth for the quarter and year to date, and we saw improving volume trends in the quarter, despite the challenging economic environment.”
Outlook for 2012
The Company updated its 2012 guidance, expecting revenue growth of approximately 2.5%; Adjusted EPS Excluding Amortization in the range of $6.88 to $6.93, excluding the impact of any share repurchase activity after September 30, 2012; operating cash flow of approximately $915 million; and capital expenditures of approximately $145 million.
Use of Adjusted Measures
The Company has provided in this press release “adjusted” financial information that has not been prepared in accordance with GAAP, including Adjusted EPS, Adjusted EPS Excluding Amortization and Adjusted Operating Income. The Company believes these adjusted measures are useful to investors as a supplement to, but not as a substitute for, GAAP measures, in evaluating the Company’s operational performance. The Company further believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating operating results and trends, and in comparing the Company’s financial results with other companies. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in the tables accompanying this press release.
The Company today is filing an 8-K that will include additional information on its business and operations. This information will also be available on the Company's Web site. Analysts and investors are directed to this 8-K and the Web site to review this supplemental information.