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Laboratory Corporation of America Holdings

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Laboratory Corporation of America Holdings - Healthcare showcase

Year Founded & Workforce

1978

70,000 Employees

Industry

Healthcare

Services

NASH TestsSpecialty Testing ServicesFunctional Service Provider
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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

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Key Developments

DateApproachDevelopment
January 2019AgreementLabCorp and GENFIT entered into a licensing agreement to expand access to NIS4, an innovative diagnostic assay for non-alcoholic steatohepatitis (NASH)
March 2020Service LaunchLabCorp 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 2019AcquisitionLabCorp 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 2019Service LaunchLabCorp 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 2019CollaborationLabCorp and the Mount Sinai Health System established the Mount Sinai Digital and Artificial Intelligence (AI)-Enabled Pathology Center of Excellence through collaboration.
June 2018AcquisitionLabCorp 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 2019Product LaunchCovance (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

Explore key financial metrics, segmented revenue, balance sheet health, and performance trends.

By Business Segment: Sales rose from USD 9,553 Mn in 2016 to USD 11,333 Mn in 2018.
Laboratory Corporation of America Holdings — By Business Segment
Series (USD Mn)201620172018
Sales9,55310,30811,333

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