Laboratory Corp of America Holdings Files 2023 Annual Report

TL;DR

<b>Laboratory Corp of America Holdings filed its 2023 10-K report on February 26, 2024.</b>

AI Summary

LABORATORY CORP OF AMERICA HOLDINGS (LH) filed a Annual Report (10-K) with the SEC on February 26, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company name: LABORATORY CORP OF AMERICA HOLDINGS. Incorporated in Delaware. Principal business address: 358 S MAIN ST, BURLINGTON, NC 27215. Fiscal year end: December 31.

Why It Matters

For investors and stakeholders tracking LABORATORY CORP OF AMERICA HOLDINGS, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — LABORATORY CORP OF AMERICA HOLDINGS shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of information, including financial statements, risk factors, and management discussion, necessitating a thorough review to identify specific material risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the company's performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Conformed Period of Report (Fiscal year end)
• 20240226 — Filed as of Date (Date of filing)
• 131 — Public Document Count (Number of documents in the filing)
• 19940314 — Date of Name Change (Date of former company name change)

Key Players & Entities

• LABORATORY CORP OF AMERICA HOLDINGS (company) — Filer name
• 0000920148 (company) — Central Index Key
• DE (company) — State of Incorporation
• 358 S MAIN ST (company) — Business Address Street 1
• BURLINGTON (company) — Business Address City
• NC (company) — Business Address State
• 27215 (company) — Business Address ZIP
• NATIONAL HEALTH LABORATORIES HOLDINGS INC (company) — Former Company Name

FAQ

Industry Context

The company operates in the medical laboratories industry, providing diagnostic testing and related services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the risk factors section for potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis (MD&A) for insights into business strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from the previous filing (2022 10-K) would be needed for a direct comparison.

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 par value LH New York Stock Exchange

Filing Documents

• lh-20231231.htm (10-K) — 3129KB
• exhibit1015.htm (EX-10.15) — 8KB
• exhibit212023.htm (EX-21) — 39KB
• exhibit2312023.htm (EX-23.1) — 2KB
• exhibit2412023.htm (EX-24.1) — 4KB
• exhibit2422023.htm (EX-24.2) — 4KB
• exhibit2432023.htm (EX-24.3) — 5KB
• exhibit2442023.htm (EX-24.4) — 5KB
• exhibit2452023.htm (EX-24.5) — 4KB
• exhibit2462023.htm (EX-24.6) — 4KB
• exhibit2472023.htm (EX-24.7) — 5KB
• exhibit2482023.htm (EX-24.8) — 5KB
• exhibit2492023.htm (EX-24.9) — 5KB
• exhibit24102023.htm (EX-24.10) — 5KB
• exhibit24112023.htm (EX-24.11) — 5KB
• lh10-kex3112023.htm (EX-31.1) — 11KB
• lh10-kex3122023.htm (EX-31.2) — 11KB
• lh10-kex322023.htm (EX-32) — 9KB
• exhibit97.htm (EX-97) — 45KB
• image_0a.jpg (GRAPHIC) — 4KB
• image_1a.jpg (GRAPHIC) — 6KB
• lh-20231231_g1.jpg (GRAPHIC) — 36KB
• lh-20231231_g2.jpg (GRAPHIC) — 80KB
• lh-20231231_g3.jpg (GRAPHIC) — 131KB
• 0000920148-24-000014.txt (&nbsp;) — 18460KB
• lh-20231231.xsd (EX-101.SCH) — 87KB
• lh-20231231_cal.xml (EX-101.CAL) — 117KB
• lh-20231231_def.xml (EX-101.DEF) — 733KB
• lh-20231231_lab.xml (EX-101.LAB) — 1415KB
• lh-20231231_pre.xml (EX-101.PRE) — 1072KB
• lh-20231231_htm.xml (XML) — 3030KB

Risk Factors

Item 1A. Risk Factors 33

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 48 Item 1C. C ybersecurity 49

Properties

Item 2. Properties 51

Legal Proceedings

Item 3. Legal Proceedings 52

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 52 Part II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 53

Selected Financial Data

Item 6. Selected Financial Data 54

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 54

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 66

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 67

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 67

Controls and Procedures

Item 9A. Controls and Procedures 67

Other Information

Item 9B. Other Information 67

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 69

Executive Compensation

Item 11. Executive Compensation 69

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 69

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 69 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 70

Form 10-K Summary

Item 16. Form 10-K Summary 74 3 Index Summary of Material Risks Laboratory Corporation of America Holdings together with its subsidiaries (Labcorp or the Company) is subject to a variety of risks and uncertainties, including risks that could have a material adverse effect on its business, consolidated financial condition, revenues, results of operations, profitability, reputation, and cash flows. This summary should be read together with the more detailed description of the risks that the Company deems material described under "Risk Factors" in Item 1A of this Annual Report on Form 10-K (Annual Report) and should not be relied upon as an exhaustive summary of the material risks facing the Company's business. In addition to the following summary, investors should carefully consider all of the information set forth in this Annual Report before deciding to invest in any of the Company's securities. The risks below are not the only ones that the Company faces. Additional risks not presently known to the Company, or that it presently deems immaterial, may also negatively impact the Company. This Annual Report also includes forward-looking statements, immediately following this risk summary, that involve risks or uncertainties. The Company's results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks described below and elsewhere. Risks Related to the Company's Business Including Global Economic and Geopolitical Factors a. General or macro-economic factors in the United States (U.S.) and globally may have a material adverse effect upon the Company, and significant fluctuations in global economic conditions, including the effects or inflation, short- or long-term recession, or an increase in the costs of goods and services could negatively impact testing volumes, drug development services, cash collections, profitability, and the availability and cost of credit. b. Operations may

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS In this Annual Report, the Company makes, and from time to time may otherwise make in its public filings, press releases and discussions by Company management, forward-looking statements concerning the Company's operations, performance and financial condition, as well as its strategic objectives. Some of these forward-looking statements relate to future events and expectations and can be identified by the use of forward-looking words such as "believes", "expects", "may", "will", "should", "seeks", "approximately", "intends", "plans", "estimates", or "anticipates" or the negative of those words or other comparable terminology. Such forward-looking statements speak only as of the time they are made and are subject to various risks and uncertainties and the Company claims the protection afforded by the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those currently anticipated due to a number of factors in addition to those discussed elsewhere herein, including in the "Summary of Material Risks" above and in the "Risk Factors" section of this Annual Report, and in the Company's other public filings, press releases, and discussions with Company management, including: 1. changes in government and third-party payer regulations, reimbursement, or coverage policies or other future reforms in the U.S. healthcare system (or in the interpretation of current regulations), new insurance or payment systems, including state, regional or private insurance cooperatives (e.g., health insurance exchanges) affecting governmental and third-party coverage or reimbursement for commercial laboratory testing, including the impact of the U.S. Protecting Access to Medicare Act of 2014 (PAMA); 2. significant monetary damages, fines, penalties, assessments, refunds, repayments, damage to the Company's reputation, unanticipated compliance expenditures, and/or e

View Full Filing

View this 10-K filing on SEC EDGAR