Labcorp Holdings Inc., operating under the brand name Labcorp, headquartered in Burlington, North Carolina, provides laboratory services used for diagnosis and healthcare decisions. It operates one of the largest clinical laboratory networks in the world and has operations in over 100 countries; although its operations are primarily in the U.S. Its Diagnostics Laboratories segment operates 2,000 patient service centers with more than 6,000 in-office phlebotomists in the United States. In addition to healthcare testing such as oncology testing, human immunodeficiency virus (HIV) genotyping and phenotyping, it provides testing for: employment, DNA testing to determine parentage and to determine immigration eligibility, environmental issues, wellness, toxicology, pain management, and medical drug monitoring. It also provides 50 tests that patients can complete at home. It processes over 160 million tests per year. Approximately 10% of this segment’s revenue are from the U.S. Medicare health insurance program. Its Biopharma Laboratory Services segment provides drug development, medical device and diagnostic development services to pharmaceutical, biotechnology, medical device, and diagnostic companies. In 2023, this division provided support to 84% of the new drugs and therapeutic products approved by the Food and Drug Administration. Labcorp performs its largest volume of specialty testing at its Center for Esoteric Testing in Burlington, North Carolina. Labcorp was an early pioneer of genomic testing using polymerase chain reaction (PCR) technology at its Center for Molecular Biology and Pathology in Research Triangle Park, North Carolina, where it also performs other molecular diagnostics. Labcorp operates the National Genetics Institute, Inc. (NGI), in Los Angeles, California, which develops PCR testing methods.
History
1971-2000 In 1971, Revlon acquired DCL BioMedical, a clinical laboratory business founded in 1968. In 1974, it changed its name to National Health Laboratories Incorporated. By 1977, it operated clinical testing laboratories in 13 cities and maintained auxiliary service centers and satellite laboratories in 15 other cities. In 1978, it acquired American Biomedical Corporation, giving it operations in the Southwestern United States and data processing technology. In 1985, Revlon was acquired by Ronald Perelman. Revlon divested its other businesses and a major stake in the company was acquired by MacAndrews & Forbes. In 1988, National Health Laboratories became a public company via an initial public offering on the NASDAQ exchange. In 1989, the company generated revenue of about US$400 million, with about US$70 million in earnings. In the early 1990s, worries about malpractice lawsuits led doctors to conduct more clinical testing before diagnosing, which increased business for the company. In 1990, the company's revenues reached US$500 million, with over US$70 million in earnings. In 1991, National Health Laboratories moved its listing from the NASDAQ to the New York Stock Exchange. In June 1992, the company offered to acquire Damon Corporation for $260 million in cash and stock. However, the company was outbid by Corning Inc., which acquired Damon for $370 million. By 1993, the company had 22 major laboratories. On March 8, 1994, National Health Laboratories Inc. reorganized as a holding company, National Health Laboratories Holdings Inc. In 1994, National Health Laboratories acquired Allied Clinical Laboratories. The acquisition price was reduced to $204 million after federal officials issued subpoenas in an investigation of Medicare billing practices. In April 1995, Hoffmann-La Roche, a division of Roche, contributed Roche Biomedical Laboratories, Inc. and US$186.7 million in cash to National Health Laboratories Holdings, in exchange for 49.9% of the combined company. Perelman received about US$100 million from the deal, which made the new company the largest blood-testing company in the United States. The company changed its name to Laboratory Corporation of America Holdings and relocated its headquarters to Burlington, North Carolina. In July 1998, Labcorp acquired the Michigan-based laboratory division of Universal Standard Healthcare (UHCI) and made an equity investment in the company. Labcorp also became UHCI's clinical laboratory long-term testing provider but terminated this agreement in March 1999.
2000s
In June 2000, Labcorp acquired the laboratory testing business of Pathology Medical Laboratories. In May 2001, Labcorp acquired Path Lab Holdings, the largest regional laboratory in New England. In June 2001, it acquired ViroMed, which specialized on clinical diagnostic testing in virology, molecular biology, serology, microbiology, mycology and mycobacteriology, as well as in tissue and eye bank testing. In 2013, it closed the Viromed facility in Minnetonka, Minnesota and laid off 79 workers. In December 2001, Labcorp became the exclusive marketer for genomics and proteomics tests for breast cancer, colon cancer, melanoma, and hypertension made by Myriad Genetics. In March 2002, Roche sold its remaining interest in the company. In May 2002, Labcorp acquired Dynacare, a Canadian medical laboratory services company, for $480 million. In January 2003, Labcorp acquired Dianon, a provider of oncology and genomic diagnostic testing services, for $598 million in cash. In February 2005, the company acquired US Pathology Labs Inc., a provider of anatomical pathology and oncology testing services, for $155 million. In March 2005, Labcorp acquired Esoterix, a provider of specialty reference testing, for approximately $150 million in cash from Behrman Capital. In November 2006, Labcorp acquired Litholink, a kidney stone analysis laboratory. In January 2008, Labcorp acquired Tandem Labs, a contract research organization specializing in advanced mass spectrometry, immunoanalytical support, pharmacokinetics, and pharmacodynamics. In June 2009, Labcorp acquired Monogram Biosciences, a diagnostic lab specializing in HIV resistance testing, for approximately $155 million including debt.
2010s
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