Labcorp

{{Short description|American biotechnology company}} {{Infobox company | name = Labcorp Holdings Inc. | logo = Labcorp Logo updated 12-2020.svg | logo_caption = Labcorp logo updated December 2020 | type = Public | traded_as = {{Unbulleted list|{{nyse|LH}}|S&P 500 component}} | former_names = Laboratory Corporation of America Holdings | founder = Matthew Benger | area_served = | industry = Health care | founded = {{start date and age|1978|9|5}} (as Roche BioMedical) | location = Burlington, North Carolina, U.S. | key_people = Adam H. Schechter (president and CEO) | services = Medical tests Medical laboratory | revenue = {{ubl|{{nowrap|{{increase}} US$13.01 billion (2024)}}}} | operating_income = {{ubl|{{nowrap|{{increase}} US$1.087 billion (2024)}}}} | net_income = {{ubl|{{nowrap|{{increase}} US$746 million (2024)}}}} | assets = {{ubl|{{nowrap|{{increase}} US$18.38 billion (2024)}}}} | equity = {{ubl|{{nowrap|{{increase}} US$8.052 billion (2024)}}}} | owner = | num_employees = {{circa|70,000}} (2024) | website = {{URL|https://labcorp.com}} | footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920148/000092014825000032/lh-20241231.htm | title=Laboratory Corp of America Holdings Annual Report for the Fiscal Year Ended December 31, 2024 (10-K) | publisher=U.S. Securities and Exchange Commission | date=February 25, 2025}}</ref> }}

'''Labcorp Holdings Inc.''', operating under the brand name '''Labcorp''', headquartered in Burlington, North Carolina, provides laboratory services used for diagnosis and healthcare decisions.<ref name=10K/> 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.<ref name=10K/>

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.<ref name=10K/>

Its '''Biopharma Laboratory Services''' segment provides drug development, medical device and diagnostic development services to pharmaceutical, biotechnology, medical device, and diagnostic companies.<ref name=10K/> In 2023, this division provided support to 84% of the new drugs and therapeutic products approved by the Food and Drug Administration.<ref name=10K/>

Labcorp performs its largest volume of specialty testing at its '''Center for Esoteric Testing''' in Burlington, North Carolina.<ref>{{Cite news | url=https://a2la.org/case-study-labcorp-cet-adrl/ | title=Accreditation Case Study: Labcorp's Center for Esoteric Testing and the Atlantic Division Regional Laboratory | work=A2LA | date=March 28, 2024}}</ref>

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.<ref>{{Cite web | url=http://www.secinfo.com/ds2yr.4f8a4.d.htm | title=Laboratory Corp of America Holdings · 8-K | work=SECInfo.com | date=December 4, 2001}}</ref>

==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.<ref name=encyclopedia>{{cite encyclopedia | url=https://www.encyclopedia.com/books/politics-and-business-magazines/national-health-laboratories-incorporated | title=National Health Laboratories Incorporated | encyclopedia=Encyclopedia.com}}</ref>

In 1988, National Health Laboratories became a public company via an initial public offering on the NASDAQ exchange.<ref>{{Cite web | url=https://www.sec.gov/Archives/edgar/data/832427/0000832427-94-000010.txt | title=Form 10-K - Item 1. Description Of Business | publisher=U.S. Securities and Exchange Commission | date=March 25, 1994}}</ref>

In 1989, the company generated revenue of about US$400 million, with about US$70 million in earnings.<ref name=earnings1990>{{Cite news | url=https://www.nytimes.com/1990/07/17/business/national-health-laboratories-inc-reports-earnings-for-qtr-to-june-30.html | title=National Health Laboratories Inc. reports earnings for Qtr to June 30 | work=The New York Times | date=July 17, 1990 | url-access=limited}}</ref>

In the early 1990s, worries about malpractice lawsuits led doctors to conduct more clinical testing before diagnosing, which increased business for the company.<ref name=encyclopedia/>

In 1990, the company's revenues reached US$500 million, with over US$70 million in earnings.<ref name=earnings1990/>

In 1991, National Health Laboratories moved its listing from the NASDAQ to the New York Stock Exchange.<ref name=earnings1990/>

In June 1992, the company offered to acquire Damon Corporation for $260 million in cash and stock.<ref>{{Cite news | url=https://www.nytimes.com/1993/06/22/business/company-news-national-health-labs-to-buy-rival.html | title=COMPANY NEWS; National Health Labs To Buy Rival | first=Calvin | last=Sims | work=The New York Times | date=June 22, 1993 | url-access=limited}}</ref> However, the company was outbid by Corning Inc., which acquired Damon for $370 million.<ref>{{Cite news | url=https://www.latimes.com/archives/la-xpm-1993-06-29-fi-8273-story.html | title=Corning Far Outbids Rival in Move to Acquire Damon : Health: Offer of more than $370 million, or $23 a share, is 44% higher than National Health's price. At stake is key market share in clinical labs industry. | first=PRADNYA | last=JOSHI | work=Los Angeles Times | date=June 29, 1993 | url-access=limited}}</ref>

By 1993, the company had 22 major laboratories.<ref name=1994-10K>{{cite web | url=http://edgar.secdatabase.com/356/95015794000192/filing-main.htm | title=National Health Laboratories 1994 Current Report - Form 8-K | publisher=secdatabase.com | date=July 8, 1994}}</ref>

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.<ref name=Concerns/> The acquisition price was reduced to $204 million after federal officials issued subpoenas in an investigation of Medicare billing practices.<ref>{{Cite news | url=https://www.nytimes.com/1994/06/09/business/company-news-bid-for-allied-clinical-is-cut-after-investigation-widens.html | title=Company News;; Bid for Allied Clinical Is Cut After Investigation Widens | last=Adelson | first=Andrea | work=The New York Times | date=June 9, 1994 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.upi.com/Archives/1994/05/04/Allied-Clinical-to-be-sold/1783768024000/ | title=Allied Clinical to be sold | work=United Press International | date=May 4, 1994}}</ref><ref>{{Cite news | url=https://www.thepharmaletter.com/national-health-labs-lowers-bid-for-allied | title=National Health Labs Lowers Bid For Allied | work=The Pharma Letter | date=June 19, 1994}}</ref>

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.<ref>{{Cite news | url=https://www.nytimes.com/1995/04/29/business/company-news-national-health-roche-biomedical-link-set.html | title=COMPANY NEWS; NATIONAL HEALTH-ROCHE BIOMEDICAL LINK SET | agency=Associated Press | work=The New York Times | date=April 29, 1995 | url-access=limited}}</ref> Perelman received about US$100 million from the deal, which made the new company the largest blood-testing company in the United States.<ref name=1994-10K/><ref name=Concerns>{{Cite news | url=https://www.nytimes.com/1994/12/15/business/company-news-blood-testing-concerns-plan-1.79-billion-merger.html | title=COMPANY NEWS; Blood-Testing Concerns Plan $1.79 Billion Merger | first=MILT | last=FREUDENHEIM | work=The New York Times | date=December 15, 1994 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.thepharmaletter.com/roche-biomed-and-national-health-labs-to-merge | title=Roche Biomed And National Health Labs To Merge | work=The Pharma Letter | date=January 2, 1995}}</ref><ref>{{Cite news | url=https://www.chicagotribune.com/1994/12/14/merger-national-health-laboratories-holdings-inc-and/ | title=Merger: National Health Laboratories Holdings Inc. | work=Chicago Tribune | date=December 14, 1994 | url-access=limited}}</ref> The company changed its name to Laboratory Corporation of America Holdings and relocated its headquarters to Burlington, North Carolina.<ref name=1994-10K/>

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<ref>{{Cite news | url=https://greensboro.com/labcorp-completes-acquisition-of-clinical-laboratory-division/article_6049d2c8-ee31-5998-b085-651eeb1a5303.html | title=LABCORP COMPLETES ACQUISITION OF CLINICAL LABORATORY DIVISION | work=News & Record | date=August 5, 1998}}</ref> but terminated this agreement in March 1999.<ref>{{Cite news | url=https://www.bizjournals.com/triad/stories/1999/03/29/daily6.html | title=LabCorp ends service agreement with Michigan company | work=American City Business Journals | date=March 29, 1999 | url-access=subscription}}</ref>

===2000s=== thumb|right|A LabCorp fecal occult blood immunoassay testing kit. In June 2000, Labcorp acquired the laboratory testing business of Pathology Medical Laboratories.<ref>{{Cite news | url=https://greensboro.com/labcorp-acquires-california-clinical-lab/article_3b80336f-cb66-544b-9544-d1fd09a963b6.html | title=LABCORP ACQUIRES CALIFORNIA CLINICAL LAB | work=News & Record | date=May 4, 2000}}</ref><ref name=uslabs/>

In May 2001, Labcorp acquired Path Lab Holdings, the largest regional laboratory in New England.<ref>{{cite news | url=https://www.bizjournals.com/triad/stories/2001/04/30/daily11.html | title=Labcorp completes acquisition of Path Lab | work=American City Business Journals | date=May 1, 2001 | url-access=subscription}}</ref>

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.<ref>{{cite news | url=https://www.bizjournals.com/triad/stories/2001/06/04/daily1.html | title=LabCorp completes purchase of ViroMed | work=American City Business Journals | date=June 4, 2001 | url-access=subscription}}</ref> In 2013, it closed the Viromed facility in Minnetonka, Minnesota and laid off 79 workers.<ref>{{Cite news | url=https://tcbmag.com/minnetonka-lab-will-lay-off-79-workers/ |title=Minnetonka Lab Will Lay Off 79 Workers | work=Twin Cities Business Magazine | date=May 8, 2013}}</ref>

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.<ref>{{Cite news | url=https://www.nytimes.com/2001/12/05/business/company-news-myriad-genetics-to-be-marketed-by-laboratory-corp.html | title=Company News; Myriad Genetics To Be Marketed By Laboratory Corp. | first=Andrew | last=Pollack | work=The New York Times | date=December 5, 2001 | url-access=limited}}</ref>

In March 2002, Roche sold its remaining interest in the company.<ref>{{Cite news | url=https://www.bizjournals.com/triad/stories/2002/03/04/daily37.html | title=Roche to sell Labcorp shares at $86.50 each | work=American City Business Journals | date=March 7, 2002 | url-access=subscription}}</ref>

In May 2002, Labcorp acquired Dynacare, a Canadian medical laboratory services company, for $480{{nbsp}}million.<ref>{{Cite news | url=https://www.bizjournals.com/triad/stories/2002/07/22/daily50.html | title=LabCorp purchase of Dynacare complete; stock falls | first=Matt | last=Harrington | work=American City Business Journals | date=July 25, 2002 | url-access=subscription}}</ref><ref>{{Cite news | url=https://www.theglobeandmail.com/report-on-business/dynacare-accepts-offer-from-labcorp/article1023077/ | title=Dynacare accepts offer from Labcorp | agency=The Canadian Press | work=The Globe and Mail | date=May 10, 2002}}</ref>

In January 2003, Labcorp acquired Dianon, a provider of oncology and genomic diagnostic testing services, for $598 million in cash.<ref>{{Cite news | url=https://www.bizjournals.com/triad/stories/2003/01/20/daily5.html | title=LabCorp completes purchase of Dianon Systems | work=American City Business Journals | date=January 20, 2003 | url-access=subscription}}</ref><ref>{{Cite news | url=https://www.wsj.com/articles/SB1037025698768572108 | title=Labcorp Agrees to Buy Dianon for $598 Million | work=The Wall Street Journal | date=November 11, 2002 | url-access=subscription}}</ref><ref>{{Cite news | url=https://wraltechwire.com/2002/11/11/labcorp-moves-to-acquire-cancer-genomic-diagnostic-firm/ | title=LabCorp Moves To Acquire Cancer-Genomic Diagnostic Firm | work=WRAL-TV | date=November 11, 2002}}</ref>

In February 2005, the company acquired US Pathology Labs Inc., a provider of anatomical pathology and oncology testing services, for $155 million.<ref name=uslabs>{{Cite news | url=https://www.bizjournals.com/losangeles/stories/2005/01/31/daily56.html | title=LabCorp completes purchase of US Labs | work=American City Business Journals | date=February 4, 2005 | url-access=subscription}}</ref><ref>{{Cite press release | url=https://www.biospace.com/b-labcorp-b-announces-definitive-agreement-to-acquire-b-us-pathology-labs-inc-b | title=LabCorp Announces Definitive Agreement To Acquire US Pathology Labs, Inc. | publisher=PR Newswire}}</ref>

In March 2005, Labcorp acquired Esoterix, a provider of specialty reference testing, for approximately $150 million in cash from Behrman Capital.<ref>{{Cite press release | url=https://www.biospace.com/b-labcorp-b-completes-acquisition-of-b-esoterix-inc-b | title=LabCorp Completes Acquisition Of Esoterix, Inc. | publisher=PR Newswire | date=October 19, 2005}}</ref><ref name=2007-10K>{{cite web | url=https://www.sec.gov/Archives/edgar/data/920148/000092014808000071/labcorp10k.htm | title=Laboratory Corp of America Holdings Annual Report for the Fiscal Year Ended December 31, 2007 (10-K) | publisher=U.S. Securities and Exchange Commission}}</ref>

In November 2006, Labcorp acquired Litholink, a kidney stone analysis laboratory.<ref name=2007-10K/>

In January 2008, Labcorp acquired Tandem Labs, a contract research organization specializing in advanced mass spectrometry, immunoanalytical support, pharmacokinetics, and pharmacodynamics.<ref>{{Cite news | url=https://analyticalscience.wiley.com/content/news-do/labcorp-announces-definitive-agreement-acquire-tandem-labs | title=LabCorp Announces Definitive Agreement to Acquire Tandem Labs | work=Wiley | date=March 1, 2008}}</ref><ref name=2007-10K/>

In June 2009, Labcorp acquired Monogram Biosciences, a diagnostic lab specializing in HIV resistance testing, for approximately $155{{nbsp}}million including debt.<ref>{{Cite news | url=https://www.genomeweb.com/diagnostics/labcorp-acquire-monogram-biosciences-107m | title=LabCorp to Acquire Monogram Biosciences for $107M | work=GenomeWeb | publisher=Crain Communications | date=June 23, 2009 | url-access=registration}}</ref>

===2010s=== thumb|a former PAML location acquired by LabCorp in the 2017 In September 2010, Labcorp acquired Genzyme Genetics, formerly a division of Genzyme Corporation, with 9 testing laboratories and approximately 1,900 employees, for $925 million in cash.<ref>{{Cite news | url=https://www.genomeweb.com/dxpgx/labcorp-buy-genzyme-genetics-925m | title=Labcorp to Buy Genzyme Genetics for $925M | work=GenomeWeb | publisher=Crain Communications | date=September 13, 2010 | url-access=registration}}</ref>

In February 2011, Labcorp acquired the assets of bankrupt Westcliff Medical Laboratory. The FTC challenged the acquisition but lost in court.<ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2011-02-23/labcorp-can-complete-purchase-of-westcliff-judge-rules-1- | title=LabCorp Can Complete Purchase of Westcliff, Judge Rules | first=Tom | last=Schoenberg | work=Bloomberg News | date=February 23, 2011}}</ref><ref>{{Cite press release | url=https://www.ftc.gov/news-events/press-releases/2010/12/ftc-challenges-labcorps-acquisition-rival-clinical-laboratory | title=FTC Challenges Labcorp's Acquisition of Rival Clinical Laboratory Testing Company | publisher=Federal Trade Commission | date=December 1, 2010}}</ref><ref>{{Cite web | url=https://www.skadden.com/insights/california-district-court-denies-federal-trade-commission-request-preliminary-injunction-me | title=California District Court Denies Federal Trade Commission Request for a Preliminary Injunction in Medical Laboratory Merger Case | last1=Aronson | first1=Clifford H. | last2=Stoll | first2=Neal R. | work=Skadden, Arps, Slate, Meagher & Flom | date=March 3, 2011}}</ref>

In June 2011, Labcorp acquired Canadian central labs partner Clearstone from Czura Thornton, adding laboratories in China, France, Singapore and Canada, and the central laboratory protocol management system APOLLO CLPM.<ref>{{Cite press release | url=https://www.sec.gov/Archives/edgar/data/920148/000092014811000055/ex_99-1.htm | title=LabCorp Enters into Definitive Agreement to Acquire Clearstone Central Laboratories | publisher=U.S. Securities and Exchange Commission | date=June 1, 2011}}</ref>

In November 2011, Labcorp acquired more than 90% of the shares of DNA testing company Orchid Cellmark for $85 million. To receive approval of the transaction from the Federal Trade Commission, Labcorp sold parts of Orchid's DNA paternity testing business to DNA Diagnostics Center.<ref>{{Cite press release | url=https://www.fiercebiotech.com/biotech/labcorp-successfully-completes-tender-offer-for-orchid-cellmark-and-commences-subsequent | title=LabCorp Successfully Completes Tender Offer for Orchid Cellmark and Commences Subsequent Offering Period to Allow for Addi | publisher=Business Wire | date=December 12, 2011}}</ref><ref>{{Cite press release | url=https://www.sec.gov/Archives/edgar/data/920148/000119312511335073/d267164dex99a5t.htm | title=LabCorp Successfully Completes Tender Offer for Orchid Cellmark and Commences Subsequent Offering Period to Allow for Addi | publisher=U.S. Securities and Exchange Commission | date=December 8, 2011}}</ref>

In May 2012, Labcorp Clinical Trials sold its European biological sampling kit building operation located in Hamburg to Marken.<ref>{{Cite press release | url=https://www.prnewswire.com/news-releases/marken-acquires-european-kit-building-operation-from-labcorp-clinical-trials-150016105.html | title=Marken Acquires European Kit Building Operation From Labcorp Clinical Trials | publisher=PR Newswire | date=May 3, 2012}}</ref>

In August 2012, Labcorp acquired testing lab Medtox Scientific for $241 million.<ref>{{Cite news | url=https://www.genengnews.com/topics/drug-discovery/labcorp-insists-its-doing-the-buying-for-now/ | title=Labcorp Insists It's Doing the Buying For Now | work=Genetic Engineering & Biotechnology News | publisher=Mary Ann Liebert, Inc. | date=August 1, 2012}}</ref>

In September 2013, Labcorp acquired MuirLab, the clinical laboratory outreach business of John Muir Health.<ref>{{Cite press release | url=https://www.johnmuirhealth.com/about-john-muir-health/press-room/Press-releases/2013-09-04-john-muir-health-sells-clinical-laboratory-outreach-services-to-labcorp.html | title=John Muir Health Sells Clinical Laboratory Outreach Services to Labcorp | publisher=John Muir Health | date=September 4, 2013}}</ref>

In November 2014, Labcorp acquired LipoScience, a developer of diagnostic tests based on nuclear magnetic resonance spectroscopy measuring heart disease risk, for $85 million.<ref>{{Cite press release | url=https://www.sec.gov/Archives/edgar/data/1168197/000116819714000058/exhibit991labcorpcompletes.htm | title=LABCORP COMPLETES ACQUISITION OF LIPOSCIENCE | publisher=U.S. Securities and Exchange Commission | date=November 21, 2014 }}</ref><ref>{{Cite news | url=https://www.newsobserver.com/news/business/article10071077.html | title=LabCorp acquiring Raleigh-based LipoScience for $85.3M | first=David | last=Bracken | work=The News & Observer | date=September 25, 2014 | url-access=registration}}</ref><ref>{{Cite news | url=https://www.wsj.com/articles/labcorp-to-acquire-liposcience-for-85-million-1411644888 | title=LabCorp to Acquire LipoScience for $85 Million | first=Erin | last=McCarthy | work=The Wall Street Journal | date=September 25, 2014 | url-access=subscription}}</ref>

In December 2014, Labcorp acquired Bode Technology Group, a provider of forensic DNA analysis, DNA collection products, and relationship testing and the largest DNA forensic testing company in the U.S., from SolutionPoint International.<ref>{{Cite news | url=https://www.businesswire.com/news/home/20141205005052/en/LabCorp-Announces-Acquisition-of-Bode-Technology | title=LabCorp Announces Acquisition of Bode Technology | publisher=Business Wire | date=December 5, 2014}}</ref><ref>{{Cite news | url=https://www.genomeweb.com/business-news/labcorp-acquires-bode-technology | title=LabCorp Acquires Bode Technology | work=GenomeWeb | publisher=Crain Communications | date=December 5, 2014 | url-access=registration}}</ref><ref>{{Cite news | url=https://www.thetimesnews.com/news/labcorp-acquires-dna-testing-company/article_98de7201-7521-5ef9-95d0-0312def88f16.html | title=LabCorp acquires DNA testing company | work=Times-News | date=December 5, 2014}}</ref>

In February 2015, Labcorp acquired Covance for $6.1{{nbsp}}billion.<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20150219005757/en/LabCorp-Completes-Acquisition-of-Covance | title=LabCorp Completes Acquisition of Covance | publisher=Business Wire | date=February 19, 2015}}</ref><ref>{{cite news | url=https://www.bloomberg.com/news/2014-11-03/labcorp-to-buy-covance-for-6-1-billion-to-add-drug-r-d.html | title=Labcorp to Buy Covance for $6.1 Billion to Add Drug R&D | work=Bloomberg News | first=Phil | last=Serafino | date=November 3, 2014}}</ref>

In October 2015, Labcorp acquired Safe Foods International Holdings and its two operating companies, International Food Network and The National Food Laboratory, expanding its capabilities in food and beverage product-development and product-integrity.<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20151023005057/en/LabCorp-Acquires-Safe-Foods-International-Holdings | title=Labcorp Acquires Safe Foods International Holdings | publisher=Business Wire | date=October 23, 2015}}</ref>

In March 2016, Labcorp acquired Pathology Inc., a provider of reproductive donor testing as well as anatomic, molecular and digital pathology services focused on women's health.<ref>{{Cite news | url=https://www.bizjournals.com/triad/news/2016/03/21/labcorp-completes-purchase-of-california-lab-firm.html | title=LabCorp completes purchase of California lab firm | first=Owen | last=Covington | work=American City Business Journals | date=March 21, 2016 | url-access=subscription}}</ref>

In September 2016, Labcorp acquired Sequenom for $371 million including debt, expanding its operations in Europe and Asia.<ref>{{Cite news | url=https://www.genomeweb.com/business-news/labcorp-completes-sequenom-acquisition | title=LabCorp Completes Sequenom Acquisition | work=GenomeWeb | publisher=Crain Communications | date=September 7, 2016 | url-access=registration}}</ref><ref>{{Cite news | url=https://www.genengnews.com/news/labcorp-to-acquire-sequenom-for-371m/ |title=Labcorp to Acquire Sequenom for $371M | work=Genetic Engineering & Biotechnology News |publisher=Mary Ann Liebert, Inc. | date=July 27, 2016}}</ref>

In October 2016, Labcorp acquired ClearPath Diagnostics, a provider of laboratory diagnostic services in the Northeastern United States, from Shore Capital Partners.<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20161004005613/en/Shore-Capital-Partners-Announces-Sale-of-ClearPath-Diagnostics | title=Shore Capital Partners Announces Sale of ClearPath Diagnostics | publisher=Business Wire | date=October 4, 2016}}</ref><ref>{{Cite news | url=https://www.wsj.com/articles/shore-capital-partners-sells-clearpath-diagnostics-to-labcorp-1475612661 | title=Shore Capital Partners Sells ClearPath Diagnostics to LabCorp | work=The Wall Street Journal | date=October 4, 2016 | url-access=subscription}}</ref>

In May 2017, Labcorp acquired Pathology Associates Medical Laboratories from Providence Health & Services and Catholic Health Initiatives.<ref>{{Cite news | url=https://www.spokesman.com/stories/2017/may/04/labcorp-completes-purchase-of-spokanes-paml/ | title=Labcorp completes purchase of Spokane's PAML | first=Scott | last=Maben | work=The Spokesman-Review | date=May 4, 2017}}</ref>

In September 2017, Labcorp acquired Chiltern, a contract research organization (CRO), for $1.2{{nbsp}}billion, and contributed it to Covance.<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20170901005219/en/LabCorp-Completes-Acquisition-Chiltern/ | title=LabCorp Completes Acquisition of Chiltern | publisher=Business Wire | date=September 1, 2017}}</ref><ref>{{Cite news | url=https://www.reuters.com/article/us-chiltern-m-a-laboratory-corp-idUSKBN1AG13R/ | title=Labcorp to expand oncology offerings with $1.2 billion Chiltern buy | first=Akankshita | last=Mukhopadhyay | work=Reuters | date=July 31, 2017}}</ref>

In 2019, Labcorp acquired Wellness Corporate Solutions, a workplace wellness company.<ref>{{cite web |url=https://www.allamericanspeakers.com/celebritytalentbios/Fiona+Gathright/392973 |title=Fiona Gathright Biography |access-date=February 19, 2025 |publisher=AAE Speakers }}</ref>

===2020s=== During the COVID-19 pandemic, the company was one of the major developers and processors of COVID-19 testing. In March 2020, Labcorp received emergency use authorization from the FDA for a test for SARS-CoV-2.<ref>{{cite news | url=https://www.ibtimes.com/fda-approves-abbott-laboratories-coronavirus-test-company-ship-150000-kits-2942677 | title=FDA Approves Abbott Laboratories Coronavirus Test, Company To Ship 150,000 Kits | first=Shreyashi | last=Chakraborty | work=International Business Times | date=March 19, 2020 | archive-url=https://web.archive.org/web/20200320210743/https://www.ibtimes.com/fda-approves-abbott-laboratories-coronavirus-test-company-ship-150000-kits-2942677 | archive-date=20 March 2020 | url-status=live}}</ref> In April 2020, the company developed the first COVID-19 test in which people were able to collect a sample at home.<ref>{{Cite news | url=https://www.statnews.com/2020/04/21/fda-clears-covid-19-test-home-sample-collection-labcorp/ | title=FDA greenlights first Covid-19 test with at-home sample collection | first=Erin | last=Brodwin | work=Stat | date=April 21, 2020}}</ref> In July 2020, the company was processing 165,000 COVID-19 tests per day.<ref>{{Cite news | url=https://www.cnbc.com/2020/07/22/labcorp-ceo-coronavirus-is-spreading-faster-than-testing-expansion.html | title=LabCorp CEO says coronavirus in U.S. is spreading faster than it can add testing capacity | first=Kevin | last=Stankiewicz | work=CNBC | date=July 21, 2020}}</ref>

In December 2021, the company acquired Toxikon, a contract research organization developing non-clinical testing services.<ref>{{Cite news | url=https://www.businesswire.com/news/home/20211203005484/en/Labcorp-Completes-Acquisition-of-Toxikon-Corporation | title=Labcorp Completes Acquisition of Toxikon Corporation | publisher=Business Wire | date=December 3, 2021}}</ref><ref>{{Cite news | url=https://wraltechwire.com/2021/11/18/labcorp-to-acquire-life-science-firm-with-40m-in-annual-revenues/ | title=Labcorp to acquire life science firm with $40M in annual revenues | work=WRAL-TV | date=November 18, 2021}}</ref><ref>{{Cite news | url=https://www.fiercebiotech.com/medtech/labcorp-adds-to-drug-development-device-testing-services-toxikon-purchase | title=Labcorp adds to drug development, device testing services with Toxikon buy | first=Andrea | last=Park | work=FierceBiotech | date=November 18, 2021}}</ref>

In February 2022, the company acquired Personal Genome Diagnostics and its liquid biopsy and tissue-based genomic product, for $450 million in cash plus a possible earn-out of an additional $125 million.<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20220221005192/en/Labcorp-Completes-Acquisition-of-Personal-Genome-Diagnostics | title=Labcorp Completes Acquisition of Personal Genome Diagnostics | publisher=Business Wire | date=February 21, 2022}}</ref><ref>{{Cite news | url=https://technical.ly/startups/personal-genome-diagnostics-acquired/ |title=Personal Genome Diagnostics is set to be acquired by Labcorp for $450M | first=Stephen | last=Babcock | work=Technically Media | date=December 23, 2021}}</ref><ref>{{Cite news | url=https://www.beckershospitalreview.com/lab/labcorp-acquires-personal-genome-diagnostics.html | title=Labcorp acquires Personal Genome Diagnostics | first=Marcus | last=Robertson | work=Becker's Hospital Review | date=February 22, 2022}}</ref>

Also in February 2022, Labcorp entered into agreements with Ascension, one of the nation’s largest Catholic and nonprofit health systems, to manage Ascension's hospital-based laboratories in ten states and purchase assets of the health system's outreach laboratory business.<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20220209006033/en/Labcorp-Enters-Comprehensive-Long-Term-Laboratory-Relationship-With-Ascension | title=Labcorp Enters Comprehensive, Long-Term Laboratory Relationship With Ascension | publisher=Business Wire | date=February 9, 2022}}</ref><ref>{{Cite news | url=https://www.healthcaredive.com/news/ascension-strategic-relationshi-labcorp-testing/618635/ | title=Ascension inks strategic relationship with Labcorp, expanding testing capabilities | first=Rebecca | last=Pifer | work=Industry Dive | date=February 10, 2022}}</ref><ref>{{Cite news | url=https://www.bizjournals.com/triad/news/2022/10/04/labcorp-finalizes-collaboration-ascension.html | title=Labcorp finalizes agreement with Ascension, will manage hospital's laboratories in 10 states | first=Lillian | last=Johnson | work=American City Business Journals | date=October 4, 2022 | url-access=subscription}}</ref>

In June 2023, Labcorp completed the corporate spin-off of Fortrea.<ref>{{Cite press release | url=https://www.prnewswire.com/news-releases/labcorp-completes-spin-off-of-fortrea-301868854.html | title=Labcorp Completes Spin-off of Fortrea | publisher=PR Newswire | date=July 3, 2023}}</ref><ref>{{Cite news | url=https://www.fiercebiotech.com/cro/fortrea-completes-spinoff-labcorp-names-new-members-board | title=Fortrea completes spinoff from Labcorp, names new members of the board | first=Joseph | last=Keenan | work=FierceBiotech | date=July 6, 2023}}</ref>

In August 2024, Labcorp acquired the assets of bankrupt Invitae for $234 million.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/labcorp-finalizes-acquisition-of-select-assets-of-invitae-302214260.html | title=Labcorp Finalizes Acquisition of Select Assets of Invitae | publisher=PR Newswire | date=August 5, 2024}}</ref>

In January 2026, it was announced that Labcorp had sold select assets of its early development medical device testing business to NAMSA, a medical device testing, clinical research, and regulatory consulting company. The transaction transferred Labcorp’s US-based biocompatibility, analytical testing, microbiological, and preclinical research services to NAMSA, enabling Labcorp to concentrate on its core preclinical drug development and chemical testing activities.<ref>{{Cite web |last=Debbarma |first=Salong |date=2026-01-09 |title=NAMSA acquires Labcorp’s medical device testing assets |url=https://www.medicaldevice-network.com/news/namsa-acquires-labcorps-medical-assets/ |access-date=2026-01-09 |website=Medical Device Network |language=en-US}}</ref>

==Acquisition history== {{hidden begin|border=1px #aaa solid|title= Labcorp acquisitions|ta1=center}} {{Tree list}} * '''Labcorp''' (Established as National Health Laboratories, Inc., 1978, then renamed National Health Laboratories Holdings Inc., 1994) ** Labcorp *** Laboratory Corporation of America Holdings (Est. 1995 through the merger of National Health Laboratories Holdings and Roche Biomedical Laboratories) **** National Health Laboratories Holdings Inc.(Merged 1995) ***** Allied Clinical Laboratories, Inc. (1994) **** Roche Biomedical Laboratories, Inc. (1995) *** Universal Standard Healthcare, Laboratory division (1998) *** Pathology Medical Laboratories (2000) *** Path Lab Holdings Inc. (2001) *** ViroMed Inc. (2001) *** Dynacare (2003) *** Esoterix, Inc. (2005) *** Litholink Corporation (2006) *** Tandem Labs (2007) *** Monogram Biosciences (2009) *** Westcliff Medical Laboratory (2010) *** Genzyme Genetics (2010) *** Clearstone (2011) *** Orchid Cellmark (2011) *** Medtox Scientific (2012) *** MuirLab (2013) *** Covance (2015) **** Virtual Center Laboratory B.V. (2002) **** GFI Clinical Services (2005) **** Signet Laboratories, Inc. (2006) **** Medaxial (2014) **** Sciformix Corporation (2018) *** LipoScience (2014) *** Bode Technology Group, Inc. (2014) *** SolutionPoint International, Inc. (2014) *** Safe Foods International Holdings, LLC (2015) **** International Food Network **** The National Food Laboratory *** Pathology Inc. (2016) *** Sequenom (2016) *** ClearPath Diagnostics (2016) *** Pathology Associates Medical Laboratories (2017) *** Chiltern (2017) *** Toxikon (2021) *** Personal Genome Diagnostics (2021) *** Invitae (2024) {{Tree list/end}} {{hidden end}}

==Controversies== ===Overbilling the government=== In 1992, the company was one of the first to be prosecuted as part of Operation Labscam, a nationwide crackdown on fraud in the healthcare system initiated by the U.S. Attorney's Office in San Diego, California. The company and others were accused of routinely submitting false claims to Medicare and Medicaid for unnecessary tests on blood samples that physicians had never ordered. In addition, charges for the tests billed to the government were significantly higher than what the company charged private insurers.<ref>{{Cite press release | url=https://www.justice.gov/archive/opa/pr/1997/February97/082ag.htm | title=DOJ And HHS Highlight Latest Efforts To Fight Fraud By Clinical Laboratories | publisher=United States Department of Justice | date=February 24, 1997}}</ref> That year, the company agreed to pay $111 million to settle claims.<ref>{{Cite news | url=https://www.nytimes.com/1992/12/19/business/company-to-pay-111-million-in-health-claims-fraud-suit.html | title=Company to Pay $111 Million In Health-Claims Fraud Suit | first=Calvin | last=Sims | work=The New York Times | date=December 19, 1992 | url-access=limited}}</ref> In November 1996, the company agreed to pay a total of $182 million as a result of the investigation.<ref>{{Cite journal | url=https://heinonline.org/HOL/LandingPage?handle=hein.journals/usab45&div=55 | title=Successful LabCorp Settlement a Result of Operation LABSCAM | first1=Richard S. | last1=Glaser Jr. | first2=Gill P. | last2=Peck | journal=United States Attorneys' Bulletin | publisher=HeinOnline | date=1997 | volume=45 | page=31 }}</ref>

In February 2023, the company paid $19 million to resolve allegations that it violated the False Claims Act of 1863 by its submission of false claims to Medicare.<ref>{{Cite press release | url=https://www.justice.gov/usao-sc/pr/labcorp-pay-united-states-19-million-settle-allegations-under-false-claims-act | title=Labcorp to Pay the United States $19 Million to Settle Allegations Under the False Claims Act | publisher=United States Department of Justice | date=February 7, 2023}}</ref>

===Conflicts of interest=== In 2012, Labcorp was criticized for its practice of paying the salaries of genetic counselors in hospitals and doctors' offices, which is perceived to be a possible conflict of interest.<ref>{{cite news | url=https://www.nytimes.com/2012/07/14/business/conflict-potential-seen-in-genetic-counselors-paid-by-testing-companies.html | title=Conflict Potential Seen in Genetic Counselors | first=Andrew | last=Pollack | work=The New York Times | date=July 13, 2012 | url-access=limited}}</ref>

===Data breaches=== In July 2018, Labcorp's servers were affected by a variant of the SamSam ransomware, with the goal of locking or disabling computers and servers to prevent access to data. The attack resulted in delays, but no data was believed to have been stolen. The malware was blocked on the network by midnight on July 14, 2018.<ref>{{Cite news | url=https://www.zdnet.com/article/investors-sue-labcorp-for-failures-to-shore-up-security-in-light-of-data-breach-ransomware-attack/ | title=Investors sue LabCorp over security failures in light of data breach, ransomware attack | first=Charlie | last=Osborne | work=ZDNet | date=April 30, 2020}}</ref><ref>{{cite news | url=https://www.wsj.com/articles/medical-testing-giant-labcorp-hit-by-ransomware-attack-1532001600 | title=Medical Testing Giant Labcorp Hit by Ransomware Attack |last1=Copeland | first1=Rob | last2=Evans | first2=Melanie | work=The Wall Street Journal | date=July 19, 2018 | url-access=subscription}}</ref><ref>{{cite news | url=https://www.wfmynews2.com/article/news/fbi-aware-of-reports-of-ransomware-attack-involving-labcorp-security-breach/83-574887499 | title=FBI Aware Of 'Reports Of Ransomware Attack' Involving Labcorp Security Breach | work=WFMY-TV | date=July 17, 2018}}</ref>

===Faulty paternity tests=== Labcorp has been criticized over faulty paternity tests, many of which have resulted in lawsuits. The most notable case was the 2005 false accusation of Washington hairdresser Andre Chreky, who spent $200,000 and years in court proving, despite a false-positive test, that he was not the father. In the trial, it was determined that only five people at Labcorp reviewed data and made paternity determinations, including during 10 hour shifts that required making determinations every 4 minutes.<ref>{{cite news | url=https://www.washingtonpost.com/archive/local/2005/08/21/paternity-suit-raises-doubts-about-dna-tests/7bd15077-582d-4c0e-b16d-7a9354de1ecf/ | title=Paternity Suit Raises Doubts About DNA Tests | last=Jackman | first=Tom | newspaper=The Washington Post | date=August 21, 2005}}</ref>

===Sharing of patient data=== In 2024, Labcorp faced a class action lawsuit for allowing Google to collect confidential patient information such as appointments made and website login details.<ref>{{cite news | url=https://www.wsoctv.com/news/local/labcorp-accused-sharing-confidential-patient-information-with-google/HFNTBNPKENDHNOKEHROU43H36M/ | title=Labcorp accused of sharing confidential patient information with Google | work=WSOC-TV | date=February 17, 2024}}</ref>

===Labor concerns=== Employees have criticized the company's productivity goals, in which they say volume and speed of work done is prioritized over quality. Labs face staffing shortages and employees say they are overworked.<ref>{{Cite news | url=https://www.404media.co/labcorp-workers-say-productivity-goals-are-pushing-them-to-the-brink/ | title='Literally Impossible:' Labcorp Workers Say Productivity Goals Are Pushing Them to the Brink | last=Maiberg | first=Emanuel | work=404 Media | date=November 9, 2023}}</ref>

Labcorp has been criticized for its process of having all employees terminated upon hospital laboratory management acquisitions, and making them reapply with LabCorp, thereby losing accrued employee benefits, including employee eligibility for Public Service Loan Forgiveness (PSLF) in the case of non-profit hospitals.<ref>{{cite news | url=https://www.wsws.org/en/articles/2022/07/01/qnsz-j01.html | title=Ascension St. John Hospital fires lab technicians after signing outsourcing contract with Labcorp | last1=Reed | first1=Kevin | last2=White | first2=Jerry | work=World Socialist Web Site | date=July 1, 2022}}</ref>

In 2024, Labcorp stated that its goal is to "operate the company in a non-union environment."<ref>{{cite news | url=https://www.bizjournals.com/portland/news/2024/05/06/labcorp-union-legacy-health-portland.html|title=New group of Portland health care workers vote to form union | last=Hayes | first=Elizabeth | work=American City Business Journals | date=May 6, 2024 | url-access=subscription}}</ref> After Labcorp became the manager of laboratories of Legacy Health, outsourced laboratory personnel unionized with the Oregon Federation of Nurses and Health Professionals.<ref>{{cite news | url=https://nwlaborpress.org/2024/04/outsourced-lab-workers-respond-by-unionizing/ | title=Outsourced lab workers respond by unionizing | last=McIntosh | first=Don | work=Northwest Labor Press | date=April 18, 2024}}</ref>

==Aircraft== Labcorp {{Airline codes||SKQ|SKYLAB}} utilizes a fleet of 12 Pilatus PC-12 and a single Pilatus PC-24 aircraft on nightly runs from Burlington for use on the East Coast.<ref>{{cite news | url=https://greensboro.com/news/local_news/fatal-2013-plane-crash-in-burlington-likely-caused-by-pilot-disorientation/article_c3fa42dd-c28b-5acf-a714-680a10ebf8d8.html | title=Fatal 2013 plane crash in Burlington likely caused by pilot disorientation | first=Sarah N. | last=Williamson | work=News & Record |date=January 15, 2016}}</ref> Prior to the acquisition of PC-12 aircraft Labcorp utilized seven PA-31-350s.

==Notable employees==   * Mark Elliott Brecher, retired Chief Medical Officer of LabCorp, Emeritus Professor University of North Carolina

==References== {{reflist}}

==External links== * {{official website}} {{Finance links | name = Laboratory Corporation of America Holdings | bloomberg = LH:US | google = LH:NYSE | reuters = LH.N | sec_cik = LH | yahoo = LH }} * Labcorp Profile at Wikinvest

{{Contract research organization}} {{North and South Carolina Corporations}} {{S&P 500 companies}} {{Authority control}}

Category:1980s initial public offerings Category:American companies established in 1978 Category:Burlington, North Carolina Category:Companies listed on the New York Stock Exchange Category:Health care companies based in North Carolina Category:Health care companies established in 1978 Category:Life sciences industry