Labcorp Holdings Inc. Files Q2 2024 10-Q

TL;DR

Labcorp's Q2 2024 10-Q is in. Check financials vs. last year.

AI Summary

Labcorp Holdings Inc. filed its 10-Q for the period ending June 30, 2024. The filing includes financial data for the second quarter of 2024, comparing it to the same period in 2023. Key financial figures and balance sheet information are presented, reflecting the company's ongoing operations and financial position.

Why It Matters

This filing provides investors and analysts with the latest financial performance and position of Labcorp, crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

• 34.1 — Q2 2024 Revenue (Second quarter revenue figure)
• 32.7 — Q2 2023 Revenue (Second quarter revenue figure for comparison)

Key Players & Entities

• LABCORP HOLDINGS INC. (company) — Filer
• 0000920148-24-000099 (filing_id) — Accession Number
• 20240630 (date) — Period of Report
• 20240802 (date) — Filed as of Date
• 358 S MAIN ST (address) — Business Address
• BURLINGTON (city) — Business Address City
• NC (state) — Business Address State
• 27215 (zip_code) — Business Address Zip
• 3362291127 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• lh-20240630.htm (10-Q) — 1438KB
• ex221q22024.htm (EX-22.1) — 5KB
• ex311q22024.htm (EX-31.1) — 10KB
• ex312q22024.htm (EX-31.2) — 10KB
• ex32q22024.htm (EX-32.1) — 9KB
• 0000920148-24-000099.txt ( ) — 7828KB
• lh-20240630.xsd (EX-101.SCH) — 49KB
• lh-20240630_cal.xml (EX-101.CAL) — 61KB
• lh-20240630_def.xml (EX-101.DEF) — 368KB
• lh-20240630_lab.xml (EX-101.LAB) — 687KB
• lh-20240630_pre.xml (EX-101.PRE) — 541KB
• lh-20240630_htm.xml (XML) — 1011KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets 2 June 30, 2024 and December 31, 2023 Condensed Consolidated Statements of Operations 3 Three and Six Months Ended June 30, 2024 and 2023 Condensed Consolidated Statements of Comprehensive Earnings 4 Three and Six Months Ended June 30, 2024 and 2023 Condensed Consolidated Statements of Changes in Shareholders' Equity 5 Three and Six Months Ended June 30, 2024 and 2023 Condensed Consolidated Statements of Cash Flows 6 Six Months Ended June 30, 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 22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 35 1 INDEX

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 265.1 $ 536.8 Accounts receivable, net 2,088.9 1,913.3 Unbilled services 157.5 185.4 Supplies inventory 441.8 474.6 Prepaid expenses and other 618.0 655.3 Total current assets 3,571.3 3,765.4 Property, plant and equipment, net 2,932.5 2,911.8 Goodwill, net 6,220.2 6,142.5 Intangible assets, net 3,332.0 3,342.0 Joint venture partnerships and equity method investments 17.5 26.9 Other assets, net 638.8 536.5 Total assets $ 16,712.3 $ 16,725.1 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 760.6 $ 827.5 Accrued expenses and other 707.5 804.0 Unearned revenue 388.3 421.7 Short-term operating lease liabilities 182.1 165.8 Short-term finance lease liabilities 6.7 6.4 Short-term borrowings and current portion of long-term debt 2,019.5 999.8 Total current liabilities 4,064.7 3,225.2 Long-term debt, less current portion 3,047.3 4,054.7 Operating lease liabilities 642.6 648.9 Financing lease liabilities 76.9 78.6 Deferred income taxes and other tax liabilities 376.1 417.9 Other liabilities 483.9 409.3 Total liabilities 8,691.5 8,834.6 Commitments and contingent liabilities Noncontrolling interest 15.0 15.5 Shareholders' equity: Common stock, $0.10 par value, 83.8 and 83.9 shares outstanding at June 30, 2024, and December 31, 2023, respectively 7.7 7.7 Additional paid-in capital 12.5 38.4 Retained earnings 8,177.6 7,888.2 Accumulated other comprehensive loss ( 192.0 ) ( 59.3 ) Total shareholders' equity 8,005.8 7,875.0 Total liabilities and shareholders' equity $ 16,712.3 $ 16,725.1 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 INDEX LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMEN

View Full Filing

View this 10-Q filing on SEC EDGAR