LabCorp ($LH) is bringing on a new chief financial officer, a key position for the diagnostics and genomic testing outfit as it seeks to recharge sales, emerge from a restructuring and combat ongoing insurance reimbursement challenges.
Glenn Eisenberg will become LabCorp's latest executive vice president and CFO as of June 16, 2014. He'll replace Brad Hayes, who will remain in the spot until that point.
LabCorp CEO David King said in a statement that Eisenberg will bring the company experience in both financial and operational roles, and noted that "his appointment underscores our continued focus on disciplined financial management and forward looking, innovative thinking about the evolution of our business."
Eisenberg most recently held a similar position at The Timken Company ($TKR) a global marker of engineered bearings and alloy steels, plus related products and services.
He'll be joining a company that produced close to $1.44 billion in net sales for its 2013 fourth quarter, up 2.3% from the $1.41 billion in net sales reported over the same period in 2012. Net earnings also grew, to $126.7 million during the quarter, up from $120.6 million in the 2012 fourth quarter.
But those gains came at a cost. Job and cost cutting led to lower administration spending, and restructuring charges dropped in Q4. While LabCorp's toxicology business continued to grow, Medicare reimbursement reductions and problems regarding molecular pathology "payment issues" dogged the Burlington, NC, company.
Eisenberg joins the company with that backdrop, and he'll be an important member of the executive team charged with producing more robust revenue growth in the months ahead.
- read the release