Labcorp is a global leader in laboratory services, operating through two main segments: Diagnostics Laboratories (Dx) and Biopharma Laboratory Services (BLS) . The company provides a wide range of laboratory testing services, including routine and specialty/esoteric testing, and is heavily involved in the development of new drugs, having worked on 90% of the new drugs approved by the FDA in 2023 . Labcorp's strategic focus includes expanding its specialty testing capabilities in areas such as oncology, women's health, autoimmunology, and neurology .
- Diagnostics Laboratories (Dx) - Offers routine and specialty/esoteric testing services, with nearly all revenues generated in the U.S. This segment is a major contributor to the company's revenue .
- Biopharma Laboratory Services (BLS) - Focuses on early development research laboratories and central laboratory services, with revenues nearly evenly split between the U.S. and other countries .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Adam H. Schechter ExecutiveBoard | President, CEO, and Chairman of the Board | Board Member at DaVita Inc.; Vice Chair of the Board of the American Clinical Laboratory Association; Board Member of Water.org; Member of the Corporate Advisory Council for the National Alliance for Hispanic Health | Extensive experience in pharmaceutical and healthcare industries; former President of Global Human Health at Merck & Co.; joined Labcorp as CEO in 2019 and became Chairman in 2020. | View Report → |
Amy B. Summy Executive | EVP and Chief Marketing Officer | Co-founder and Board Member of No More Kids with Cancer; Member of the Corporate Council and Brain Tumor Board of Visitors for The Children’s Hospital of Philadelphia | Former CMO at TE Connectivity and Partner at Ernst & Young; joined Labcorp in March 2020. | |
Julia Wang Executive | Executive Vice President and CFO | None reported | Former CFO of BeiGene; held leadership roles at Alexion Pharmaceuticals, Quest Diagnostics, and Johnson & Johnson; joined Labcorp as CFO in December 2024. | |
Peter J. Wilkinson Executive | Senior Vice President and Chief Accounting Officer | None reported | Former EVP and CFO of Syneos Health's clinical division; joined Labcorp in 2019 as SVP, Accounting, and became Chief Accounting Officer in April 2019. | |
Sandra D. van der Vaart Executive | EVP, Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary | None reported | Joined Labcorp in 2001; promoted to current role in February 2020; oversees legal, compliance, and corporate governance functions. | |
Garheng Kong, M.D., Ph.D. Board | Independent Director | Managing Partner at HealthQuest Capital; Board Member at Venus Concept Inc. and Xeris Biopharma Holdings; Member of Duke University School of Medicine Board of Visitors; Board Member at Be the Match | Healthcare investor and entrepreneur; joined Labcorp's board in 2013. | |
Richelle P. Parham Board | Independent Director | President of Global E-Commerce and Business Development at Universal Music Group; Strategic Advisor at Camden Partners; Executive Chairman of Shyn; Board Member at Best Buy; Trustee at Drexel University | Extensive experience in marketing and e-commerce; joined Labcorp's board in 2016 and chairs the Compensation and Human Capital Management Committee. |
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Given the substantial growth of Labcorp OnDemand but its current immaterial impact on revenue, when do you anticipate this platform reaching a scale significant enough to break out its financials, and what are the main obstacles to achieving that critical mass?
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With Walgreens planning to close numerous stores and considering you have about 400 patient service centers within their locations, how do you intend to mitigate the potential impact on patient access and volumes, and what strategies are in place to ensure continuity of services in affected areas?
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The acquisition of Invitae has resulted in a margin decline this quarter, with expectations of slight earnings accretion only in 2025; can you elaborate on the integration challenges you're facing and how confident are you in achieving the projected top-line growth and margin improvement?
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You've mentioned ongoing strain in the employer testing-related business with no significant positive outlook for 2025; what strategic actions are you taking to address this underperforming segment, and is divestiture being considered to improve overall business performance?
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Despite underlying improvements, adjusted operating margins in the Diagnostics segment were negatively impacted by Invitae, weather, and calendar days; how sustainable are your margin improvement initiatives, and what measures are you implementing to mitigate such external factors affecting your profitability?
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Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Baystate Medical Center | 2024 | Labcorp acquired the clinical and outreach businesses for $116.6 million in cash with allocated assets including $70.7 million in goodwill and intangible assets, enhancing its health system partnerships and clinical laboratory services. |
Providence Medical Foundation | 2024 | Acquired for $54.9 million in cash, this deal included $55.8 million in assets (with $25.9 million goodwill and $29.0 million in intangible assets) as part of Labcorp's strategy to expand its clinical and outreach networks. |
Westpac Labs, Inc. | 2024 | Acquired for $97.7 million in cash, with the purchase price allocated to approximately $45.1 million in goodwill and $50.8 million in identifiable intangible assets, this acquisition supports Labcorp’s expansion into clinical and outreach laboratory services. |
BioReference Health | 2024 | Acquired select assets for $237.5 million, including laboratory testing businesses focused on clinical diagnostics, reproductive and women’s health, which expands Labcorp's diagnostics footprint and specialty testing services. |
Invitae | 2024 | Acquired select assets for $239 million in cash plus non‐cash considerations during Invitae’s Chapter 11 process, enhancing Labcorp’s specialty testing capabilities in oncology and rare diseases, with the transaction closing on August 5, 2024. |
Ballad Health’s Outreach Lab Services | 2024 | Agreed to acquire select operating assets to expand laboratory and testing capabilities in rural communities across Tennessee, Virginia, North Carolina, and Kentucky, as part of Labcorp’s broader strategy to strengthen health system partnerships. |
Lab Works | 2024 | Labcorp signed an agreement to acquire select assets of Lab Works, an independent clinical laboratory in Alabama, although key details such as the purchase price were not disclosed. |
Multiple Businesses and Related Assets | 2023 | Acquired various clinical and outreach assets for approximately $516.7 million in cash, including deals with Jefferson Health, Enzo BioChem, Providence Health & Services – Oregon, and Tufts Medicine, to expand geographic reach and its diagnostic footprint. |
Personal Genome Diagnostics Inc. (PGDx) | 2022 | Acquired for $455.1 million in cash (plus contingent earnouts), this deal enhanced Labcorp’s liquid biopsy and genomic profiling capabilities to strengthen its oncology portfolio, leveraging PGDx’s cutting-edge technology and expertise. |
Select Outreach Laboratory Assets from Ascension | 2022 | Acquired hospital-based laboratory assets across 10 states for $400 million, expected to generate first-year annualized revenues of $550–$600 million and expand Labcorp’s clinical services and operational efficiencies. |
Prisma Health Outreach Laboratory Assets | 2022 | Entered into a strategic collaboration to acquire select outreach laboratory business assets from Prisma Health, aimed at enhancing diagnostic support in South Carolina; specific financial details were not disclosed. |
AtlantiCare Outreach Business Assets | 2022 | Acquired select clinical outreach assets from AtlantiCare to expand Labcorp's hospital partnerships in New Jersey, with no detailed financial terms provided, reinforcing its broader expansion strategy. |
RWJBarnabas Health Outreach Business Assets | 2022 | Completed the acquisition of select outreach assets from RWJBarnabas Health to further expand Labcorp’s hospital partnerships; while financial details were not disclosed, the integration is progressing well as part of Labcorp's long-term strategic investments. |
Recent press releases and 8-K filings for LH.
- During Q3 2025, Labcorp delivered $3.6 billion in revenue (up 9% YoY), improved enterprise margin by 100 bps, achieved 19% adjusted EPS growth, and generated $281 million of pre-free cash flow.
- The diagnostics segment grew 8.5% (6% organic) with margin expansion of 110 bps, supported by strong organic demand and Invitae accretion; the BLS segment revenue rose 8% (5% constant currency) with a 20 bps margin improvement and a quarterly book-to-bill of 0.9 (TTM 1.09).
- Labcorp signed agreements to acquire select assets of Empire City Laboratories and Laboratory Alliance of Central New York, and to manage Kraus Health inpatient labs (expected to close Q1 2026), and completed select oncology and clinical testing assets from Bio Reference Health.
- Updated full-year 2025 guidance assumes enterprise revenue growth of 7.4%–8%, diagnostics growth of 7.2%–7.8%, BLS growth of 5.7%–7.1%, adjusted EPS of $16.15–$16.50, and free cash flow of $1.165–$1.285 billion.
- Delivered $3.6 billion in Q3 revenue (+8.6% YoY), driven by 6.2% organic growth, 1.7% from acquisitions, and 0.7% FX translation.
- Achieved $4.18 adjusted EPS (+19% YoY); adjusted operating income of $513 million (14.4% margin, +100 bps); generated $281 million in free cash flow (+73%).
- Diagnostics labs: $2.8 billion revenue (+8.5% YoY) at 16.3% margin (+110 bps); BLS: $799 million revenue (+8.3% YoY) at 16.5% margin (+20 bps) and $8.6 billion backlog.
- Updated 2025 guidance: enterprise revenue growth of 7.4–8.0%, adjusted EPS $16.15–16.50, and free cash flow $1.165–1.285 billion.
- Advanced M&A strategy with agreements to acquire assets from Empire City Laboratories and Laboratory Alliance of Central New York and partnership with Kraus Health (closing Q1 2026); outreach business deal from Community Health Systems expected by year-end; completed oncology assets acquisition from Bio Reference Health.
- Reported Q3 2025 revenue of $3,563.5 M, up 8.5% YoY; adjusted EBITDA of $610.3 M, versus $538.9 M in Q3 2024.
- Delivered adjusted EPS of $4.18, up from $3.50 in Q3 2024, reflecting strong operational leverage.
- Diagnostics Laboratories revenue grew 8.5%, driven by 4.7% volume growth and 3.7% price/mix in Q3 2025.
- Biopharma Laboratory Services posted Q3 net orders of $710.8 M (book-to-bill 0.89×) and TTM net orders of $3.34 B as of September 30, 2025.
- Updated 2025 guidance: revenue $13.97–$14.05 B (+7.4–8.0%), adjusted EPS $16.15–$16.50 (+10.8–13.2%), and free cash flow $1.17–$1.29 B (+6.3–17.3%).
- Revenue of $3.6 B (+8.6% y/y), driven by 6.2% organic growth, 1.7% acquisitions, and 0.7% foreign exchange.
- Adjusted EPS of $4.18 (+19% y/y); adjusted operating income of $513 M (14.4% margin vs. 13.4% prior year).
- Diagnostics revenue of $2.8 B (+8.5% y/y) with a 16.3% margin (+110 bps); BLS revenue of $799 M (+8.3% y/y) with a 16.5% margin (+10 bps).
- Full-year 2025 guidance updated to revenue growth of 7.4%–8.0%, EPS of $16.15–$16.50 (12% midpoint growth), and free cash flow of $1.165–$1.285 B.
- M&A activity includes agreements to acquire assets of Empire City Laboratories and Laboratory Alliance of CNY, a lab management deal with Kraus Health, and completion of BioReference oncology assets acquisition.
- Q3 net income of $261.1 million and adjusted EPS of $4.18, beating expectations; revenue up 8.6% to $3.56 billion.
- Raised 2025 adjusted EPS guidance to $16.15–$16.50, while lowering revenue growth forecast to 7.4%–8.0%.
- Diagnostics Laboratories revenue rose 8.5% to $2.77 billion; Biopharma Laboratory Services grew 8.3% to $799.1 million; adjusted operating margin improved to 14.4% (vs. 13.4%).
- Free cash flow surged to $280.5 million from $161.5 million year-ago.
- Completed key M&A activities and partnerships, including oncology assets acquisitions and a 2026 launch of Roche’s Alzheimer’s blood test in primary care.
- Labcorp reported Q3 revenue of $3.56 B (up 8.6% y-o-y), diluted EPS of $3.12 and adjusted EPS of $4.18.
- Updated 2025 guidance to 7.4–8.0% enterprise revenue growth, $16.15–16.50 adjusted EPS and $1.17–1.29 B free cash flow.
- Declared a $0.72 per-share quarterly dividend and repurchased $25 M of common stock in the quarter.
- Advanced strategic M&A by signing agreements to acquire assets of Empire City Laboratories and Laboratory Alliance of Central New York and completing acquisition of oncology testing assets from BioReference Health.
- Labcorp reported Q3 2025 revenue of $3.56 billion, up 8.6% YoY; diluted EPS of $3.12 and adjusted EPS of $4.18.
- Updated FY 2025 guidance to 7.4%–8.0% enterprise revenue growth, $16.15–$16.50 adjusted EPS, and $1.17 billion–$1.29 billion free cash flow.
- Executed strategic M&A, signing agreements to acquire assets of Empire City Laboratories and Laboratory Alliance of Central New York, advancing the Community Health Systems outreach acquisition, and completing oncology asset acquisitions from BioReference Health.
- Declared a quarterly dividend of $0.72 per share and repurchased $25 million of common stock in Q3.
- Integration of Labcorp’s patient scheduling and lab ordering systems with Providence’s Praia Health-powered digital platform streamlines booking, payment, and record access for patients.
- Collaboration drove 8× increase in scheduled appointments, 52% rise in digital lab bookings, 37% of canceled appointments rebooked within 30 days, 52% uplift in bill pay engagement, and 23% of appointments self-managed to reduce no-shows.
- The partners plan to expand into genomics, chronic care management, at-home lab collection, and clinical trial recruitment.
- Labcorp (NYSE: LH) completed the acquisition of select assets of BioReference Health from OPKO Health, enhancing its oncology testing services.
- The deal covers oncology and related clinical testing businesses in the US for a total consideration of up to $225 million (including $192.5 M paid at closing and up to $32.5 M earnout).
- Continuing operations of BioReference Health retain its core clinical testing in NY/NJ and the 4Kscore® Test franchise, which generated ~$300 million in revenue in 2024.
- The acquisition broadens Labcorp’s oncology portfolio, while OPKO will use proceeds to fund its expanded share repurchase authorization.
- Labcorp releases the first FDA-cleared blood-based in-vitro diagnostic test for Alzheimer’s disease, the Lumipulse® pTau-217/Beta Amyloid 42 Ratio, now available nationwide through its network.
- The test delivers a 92% positive predictive value and a 97% negative predictive value, comparable to CSF and PET methods but via a simple blood draw.
- Intended for adults aged 50+ presenting with signs of cognitive decline and to be used alongside other clinical information, not as a standalone diagnostic.
- Available at over 2,200 Labcorp Patient Service Centers, replacing a similar test launched in April 2025.