Laboratory Corp. of America Holdings Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Laboratory Corp. of America Holdings has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

LABORATORY CORP OF AMERICA HOLDINGS (LH) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Filed a 10-Q report for the period ending March 31, 2024. Company name is LABORATORY CORP OF AMERICA HOLDINGS. Incorporated in Delaware with fiscal year end on December 31. Business and mailing address is 358 S MAIN ST, BURLINGTON, NC 27215. Previous company name was NATIONAL HEALTH LABORATORIES HOLDINGS INC, with a name change date of 1994-03-14.

Why It Matters

For investors and stakeholders tracking LABORATORY CORP OF AMERICA HOLDINGS, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — LABORATORY CORP OF AMERICA HOLDINGS shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance drivers and outlook.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 1994-03-14 — Name Change Date (DATE OF NAME CHANGE)

Key Players & Entities

• LABORATORY CORP OF AMERICA HOLDINGS (company) — COMPANY CONFORMED NAME
• NATIONAL HEALTH LABORATORIES HOLDINGS INC (company) — FORMER COMPANY
• BURLINGTON (company) — CITY
• NC (company) — STATE
• DE (company) — STATE OF INCORPORATION

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, specifically Form 10-Q, which requires quarterly reporting of financial performance.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review management's discussion and analysis for insights into business performance and future outlook.
3. Compare key financial metrics to previous periods and industry benchmarks.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update of the year.

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 par value LH New York Stock Exchange
• $13.5 — Laboratory Benefit Solutions, Inc. for $13.5 and recorded a gain of $4.9. 10 INDE
• $4.9 — , Inc. for $13.5 and recorded a gain of $4.9. 10 INDEX LABORATORY CORPORATION OF

Filing Documents

• lh-20240331.htm (10-Q) — 1093KB
• exhibit101amendedandrestat.htm (EX-10.1) — 133KB
• ex311q12024.htm (EX-31.1) — 10KB
• ex312q12024.htm (EX-31.2) — 10KB
• ex32q12024.htm (EX-32.1) — 9KB
• 0000920148-24-000032.txt (&nbsp;) — 6954KB
• lh-20240331.xsd (EX-101.SCH) — 48KB
• lh-20240331_cal.xml (EX-101.CAL) — 60KB
• lh-20240331_def.xml (EX-101.DEF) — 361KB
• lh-20240331_lab.xml (EX-101.LAB) — 659KB
• lh-20240331_pre.xml (EX-101.PRE) — 528KB
• lh-20240331_htm.xml (XML) — 777KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets 2 March 31, 2024 and December 31, 2023 Condensed Consolidated Statements of Operations 3 Three Months Ended March 31, 2024 and 2023 Condensed Consolidated Statements of Comprehensive Earnings 4 Three Months Ended March 31, 2024 and 2023 Condensed Consolidated Statements of Changes in Shareholders' Equity 5 Three Months Ended March 31, 2024 and 2023 Condensed Consolidated Statements of Cash Flows 6 Three Months Ended March 31, 2024 and 2023 Notes to Unaudited Condensed Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 31 1 INDEX

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 99.3 $ 536.8 Accounts receivable, net 2,083.7 1,913.3 Unbilled services 120.4 185.4 Supplies inventory 475.0 474.6 Prepaid expenses and other 678.1 655.3 Total current assets 3,456.5 3,765.4 Property, plant and equipment, net 2,897.8 2,911.8 Goodwill, net 6,218.9 6,142.5 Intangible assets, net 3,394.1 3,342.0 Joint venture partnerships and equity method investments 17.7 26.9 Other assets, net 546.0 536.5 Total assets $ 16,531.0 $ 16,725.1 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 695.5 $ 827.5 Accrued expenses and other 649.3 804.0 Unearned revenue 377.5 421.7 Short-term operating lease liabilities 171.3 165.8 Short-term finance lease liabilities 6.4 6.4 Short-term borrowings and current portion of long-term debt 2,041.5 999.8 Total current liabilities 3,941.5 3,225.2 Long-term debt, less current portion 3,047.6 4,054.7 Operating lease liabilities 624.6 648.9 Financing lease liabilities 77.1 78.6 Deferred income taxes and other tax liabilities 397.2 417.9 Other liabilities 468.2 409.3 Total liabilities 8,556.2 8,834.6 Commitments and contingent liabilities Noncontrolling interest 15.2 15.5 Shareholders' equity: Common stock, $0.10 par value, 84.3 and 83.9 shares outstanding at March 31, 2024, and December 31, 2023, respectively 7.7 7.7 Additional paid-in capital 82.0 38.4 Retained earnings 8,055.3 7,888.2 Accumulated other comprehensive loss ( 185.4 ) ( 59.3 ) Total shareholders' equity 7,959.6 7,875.0 Total liabilities and shareholders' equity $ 16,531.0 $ 16,725.1 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 INDEX LABORATORY CORPORATION OF AMERICA HOLDINGS AND SU

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