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About Labcorp Holdings Inc.
Labcorp Holdings Inc. (NYSE: LH) is a global leader in innovative and comprehensive laboratory services, playing a critical role in advancing healthcare through diagnostics and drug development. With nearly 70,000 employees serving clients in approximately 100 countries, Labcorp provides unparalleled expertise in clinical diagnostics, genomics, and drug development solutions. The company’s operations are divided into two primary segments: Diagnostics Laboratories, which offers a vast array of routine and specialty testing, and Biopharma Laboratory Services, which supports pharmaceutical and biotechnology companies in drug development and clinical trials.
Core Business Areas
Labcorp is renowned for its extensive portfolio of over 5,000 clinical tests, ranging from routine blood and urine analyses to advanced genomic profiling and oncology diagnostics. The company operates a sophisticated network of laboratories and approximately 2,000 patient service centers, processing millions of samples annually. Its diagnostic services cater to diverse clients, including physician offices, hospitals, managed care organizations, and biopharmaceutical companies. Labcorp’s Biopharma Laboratory Services segment supports the development of new drugs and therapeutic products, contributing to the approval of a significant percentage of FDA-approved drugs each year.
Innovation and Technological Expertise
Labcorp is at the forefront of medical innovation, leveraging cutting-edge technologies in genomics, liquid biopsy, and molecular diagnostics to enhance patient care. Its precision oncology solutions, such as Labcorp Plasma Complete™ and PGDx elio™ plasma focus Dx, provide comprehensive genomic profiling to guide personalized treatment decisions, particularly in oncology. These advancements underscore Labcorp’s commitment to reducing variability in testing and improving the accuracy of clinical insights.
Global Reach and Market Position
Labcorp’s extensive global footprint and strategic acquisitions, such as its integration of genetic testing leader Invitae and select assets of BioReference Health, have solidified its position as a trusted partner in healthcare. The company’s collaborations with biopharmaceutical firms and health systems enable it to address emerging healthcare challenges effectively. Labcorp’s diagnostics and drug development capabilities are complemented by its robust digital health platforms, such as Ovia Health, which supports women’s health and family care through personalized digital solutions.
Competitive Landscape and Differentiation
As one of the largest independent clinical laboratories in the United States, Labcorp holds a significant share of the diagnostics market. Its ability to combine diagnostics with drug development services provides a unique value proposition, setting it apart from competitors. The company’s focus on innovation, operational efficiency, and strategic partnerships allows it to maintain a competitive edge in a rapidly evolving industry.
Commitment to Healthcare Excellence
Labcorp’s mission to improve health and improve lives is evident in its dedication to advancing science and delivering reliable, actionable insights. By performing over 700 million tests annually and supporting the development of groundbreaking therapies, Labcorp continues to be a cornerstone of modern healthcare, empowering physicians, hospitals, and patients with the tools they need for better outcomes.
Labcorp (NYSE: LH) announced its planned spin-off of the Clinical Development business, which will become an independent company named Fortrea. This new Contract Research Organization (CRO) will focus on drug and medical device development, featuring a workforce of over 19,000. The spin-off aims to be completed by mid-2023, pending board and regulatory approvals. This move is expected to foster innovation, improve patient outcomes, and create sustainable growth for both Labcorp and Fortrea. Fortrea's operations will include comprehensive clinical trial management from Phase I through IV, with a focus on agility and innovation.
Labcorp (NYSE: LH) will announce its financial results for Q4 and FY2022 on February 16, 2023, prior to market opening. A conference call is scheduled for 9 a.m. ET to discuss the results, which will also be available on the Labcorp Investor Relations website. Participants can register for access, with an option to join the call live or via replay until February 2, 2024. Labcorp is a global leader in life sciences, offering crucial data to healthcare professionals and reported $16 billion in revenue for FY2021, with more than 75,000 employees serving clients in over 100 countries.
Labcorp (NYSE: LH) announced a cash dividend of $0.72 per share, payable on March 13, 2023, to shareholders of record by February 23, 2023. This dividend reflects the company's commitment to returning value to its shareholders. Labcorp, a leading global life sciences company, reported a revenue of $16 billion in FY2021, showcasing its robust financial performance and operational scale. The announcement aims to reinforce investor confidence amidst a competitive landscape in the healthcare sector.
Labcorp (NYSE: LH) announced the appointment of Tom Pike as CEO of its Clinical Development business unit, effective January 9, 2023. Pike brings over 30 years of experience, with a focus on driving growth in the healthcare sector. He will lead the spin-off into an independent company, expected in mid-2023. Under his direction, Labcorp aims to leverage its extensive health data to enhance innovation in clinical trials. The current CEO, Paul Kirchgraber, will transition to a different role within Labcorp.
Labcorp (NYSE: LH), a prominent global life sciences company, announced participation in a fireside chat at the 41st Annual J.P. Morgan Healthcare Conference on January 10 at 4:30 p.m. (PT). Investors can access a live audio webcast via the Investor Relations website, which will also archive the session for later replay.
Labcorp, which reported $16 billion in revenue for FY2021, aims to provide essential information for healthcare decisions, serving clients in over 100 countries with a workforce exceeding 75,000 employees.
Kiyatec Inc. has successfully closed its Series C funding round, raising US$18 million led by new investor Bruker (BRKR) and supported by LabCorp (LH) and others. The funds will enhance the adoption of Kiyatec's clinical testing and preclinical pharma services, vital for improving cancer treatment outcomes. Kiyatec's 3D-Predict™ Glioma test has shown significant clinical correlations, allowing better therapy selection for glioblastoma patients. The company aims to grow its revenue through innovative testing and drug development partnerships.
Labcorp has launched operations at a new, larger anatomic pathology and histology laboratory in Los Angeles, aimed at enhancing its global testing capabilities. This facility, part of Labcorp's growth strategy, will feature advanced technologies including digital pathology and multiplex immunohistochemistry. The laboratory is designed for flexibility and future expansion, supporting clinical trials in areas like oncology and liver disease. Labcorp's global expansion also includes recent lab expansions in Singapore, Switzerland, and Japan.
Labcorp has partnered with Oracle Cerner to enhance lab operations across a leading nonprofit Catholic health system, managing hospital laboratories in 10 states. Labcorp acquired select outreach laboratory business assets, aiming to optimize workflows and improve efficiency through Cerner's advanced laboratory information system. This collaboration is expected to facilitate better patient care and faster diagnostic decisions, with lab test results influencing up to 80% of diagnostic decisions.
Labcorp (NYSE: LH), a global life sciences leader, announced that its executive management team will participate in a fireside chat at the Credit Suisse 31st Annual Healthcare Conference on November 8 at 1:25 p.m. PT. A live webcast of the event will be accessible through the Labcorp Investor Relations website and will be archived for future viewing.
Labcorp reported revenues of $16 billion in FY2021, employing over 75,000 professionals across more than 100 countries. For more information, visit www.labcorp.com.
Labcorp (NYSE: LH) reported third-quarter 2022 revenue of $3.61 billion, down 11.2% year-over-year, with diluted EPS at $3.90, a decline from $6.05 in Q3 2021. Adjusted EPS was $4.68 versus $6.82 last year. The company continues to face headwinds from reduced COVID-19 testing, which fell 11.8%. Operating income decreased to $469.4 million, 13% of revenue. Labcorp is progressing on a clinical development spin-off and established a long-term relationship with Ascension, enhancing its diagnostic capabilities. Updated guidance suggests revenue may decline further, particularly in COVID-19 testing.
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