Respondents to LMT’s How’s Business survey conducted in November offer mixed reviews of their laboratory profitability: while just over half acknowledge profits in 2020 would be lower than 2019, 27% say they would be higher (see chart below for details).
While a lack of consensus on business performance is par for the course in the 30-plus-year history of LMT’s surveys, it’s interesting to note that—in the midst of a global pandemic—there is still a decent percentage of laboratories reporting growing profits.
On top of that, more than half of laboratories participating in our survey shared positive reviews of their overall economic health, with 30% saying it’s “excellent” and 26% rating it as “good” (see chart below). Since early 2020 was so busy, many of these labs were in a good economic standing when COVID hit and the Federal government’s Paycheck Protection Program...
