Labcorp backed its guidance for the year and projected further gains ahead as it expects to outperform the laboratory services market.

The laboratory services company said Thursday it continues to expect adjusted earnings per share of $18.10 to $18.55 and revenue of $14.71 billion to $14.83 billion for the year.

Looking ahead, the company projected a compound annual growth between 5% to 8% for revenue and 8.5% to 12% for adjusted earnings per share through 2029.

Labcorp pointed to several areas it expects to drive its next phase of growth, including specialty testing in oncology, neurology autoimmune diseases and women's health, as well as personalized health solutions to help develop therapies.

The company said it is also focused on advanced technology, including artificial intelligence and robotics.

"Labcorp has never been more relevant than it is today," Chief Executive Adam Schechter said, noting changes in the healthcare industry due to innovation, personalized medicine and consumer-directed care.

"Labcorp's growth strategy supports our expectation for above-market performance," he said.