Laboratory Corporation of America Holdings

Laboratory Corporation of America Holdings Overview

Company Headquarters: North Carolina, US

Founded: 1978

Workforce: ~70,000+

Company Working: Laboratory Corporation of America Holdings (LabCorp) operates worldwide as an independent clinical laboratory company. It operates through two segments, namely, LabCorp Diagnostics and Covance Drug Development. The company’s product & service portfolio comprises a wide range of clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C, prostate-specific antigen, tests for sexually transmitted diseases, hepatitis C tests, vitamin D, microbiology cultures & procedures, and alcohol & other substance-abuse tests. It also offers services to hospitals, physicians, and other healthcare providers and commercial clients to assist in diagnosing, monitoring, and treating diseases and medical conditions by examining substances in the blood, tissues, and other specimens.

Strategy

LabCorp’s multi-faceted consumer engagement strategy is advancing at a rapid pace, which further differentiates the company’s offerings from competitors and creates new opportunities for long-term profitable growth. The company also continues to invest and evaluate technologies that may enable additional methods for self-collection of specimens and is exploring the potential use of wearable devices for diagnostics and in clinical trials.

Company Snapshot

$9,553M

Revenue

70,000

Employees

1978

Founded

North Carolina, US

Headquarters

SWOT Analysis

Strengths

Strong brand name
Strong market penetration in the US, UK, and Canada
Highly-efficient distribution network
Strong dealer community
Highly skilled workforce
Strong brand portfolio
Strong brand recognition
Robust R&D capabilities
Enhanced training and leadership programs

Weaknesses

Ongoing lawsuits
Limited success outside core business
Concerns pertaining to level of indebtedness and adverse macroeconomic elements

Opportunities

Mergers & acquisitions
Increasing its presence in emerging markets
New customers through e-Commerce
Growing demand for new technologies for licensing and internal R&D
Scope to evaluate acquisition opportunities to leverage company’s core competencies

Threats

Changing government regulations
Rising cost of raw materials
Intense competition
Increasing number of phishing attacks and data breaches
Fluctuating demand of FSP services across emerging economies

Key Developments

Date	Approach	Development
January 2019	Agreement	LabCorp and GENFIT entered into a licensing agreement to expand access to NIS4, an innovative diagnostic assay for non-alcoholic steatohepatitis (NASH)
March 2020	Service Launch	LabCorp launched LabCorp 2019 Novel Coronavirus (COVID-19), the NAA test available for ordering by physicians or other authorized healthcare providers anywhere in the US. The test detects the presence of the underlying virus that causes COVID-19 and is for use with patients who meet current guidance for evaluation of infection with COVID-19
October 2019	Acquisition	LabCorp has completed its acquisition of the diagnostic clinical laboratory testing business of South Bend Medical Foundation (SBMF), considerably enhancing the scope of local services that LabCorp offers to hospitals, physicians, and patients across Indiana, Michigan, Ohio, and Illinois.
June 2019	Service Launch	LabCorp launched a new companion diagnostic test, therascreen PIK3CA PCR mutation analysis, which is available through LabCorp and its Integrated Oncology specialty laboratory. The test, developed by QIAGEN, a leader in Sample to Insight solutions for molecular testing, identifies whether a patient has the specific gene mutation that is a prerequisite for treatment with Piqray (aplelisib), a new therapy from Novartis for the treatment of postmenopausal women and all men with hormone receptor-positive.
June 2019	Collaboration	LabCorp and the Mount Sinai Health System established the Mount Sinai Digital and Artificial Intelligence (AI)-Enabled Pathology Center of Excellence through collaboration.
June 2018	Acquisition	LabCorp expanded drug development solutions with the acquisition of Sciformix. The addition of Sciformix's scientific and technology expertise, combined with its quality-driven processes, will support LabCorp’s work in transforming drug development through innovation and greater efficiency.
August 2019	Product Launch	Covance (LabCorp) launched its laboratory data management FSP for pharmaceutical and biotechnology customers. The service aims to assist companies in optimizing costs, streamlining operations, and improving reconciliation.

Product Offering

Laboratory Corporation of America Holdings
- NASH Tests
- Specialty Testing Services
- Functional Service Provider

Financial Performance

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