Labcorp Holdings Inc. Files Q3 2024 10-Q Report

TL;DR

Labcorp's Q3 2024 10-Q is in. Financials are detailed.

AI Summary

Labcorp Holdings Inc. filed its 10-Q report for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing the company's financial performance and operations. Specific financial figures and operational highlights for the quarter and year-to-date are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial data for Labcorp, crucial for understanding the company's current health and future prospects in the healthcare sector.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The end date for the financial data presented in this 10-Q.)
• 2024-01-01 — Year-to-Date Start Date (The beginning of the period for which year-to-date financial information is reported.)
• 2023-09-30 — Prior Year Q3 End Date (For comparative financial analysis.)
• 2023-01-01 — Prior Year Year-to-Date Start Date (For comparative financial analysis.)

Key Players & Entities

• LABCORP HOLDINGS INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241029 (date) — Filing Date
• BURLINGTON (location) — Company Headquarters City
• NC (location) — Company Headquarters State

FAQ

Key Financial Figures

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

Filing Documents

• lh-20240930.htm (10-Q) — 1527KB
• ex221q32024.htm (EX-22.1) — 6KB
• ex311q32024.htm (EX-31.1) — 10KB
• ex312q32024.htm (EX-31.2) — 10KB
• ex32q32024.htm (EX-32.1) — 9KB
• 0000920148-24-000118.txt ( ) — 8392KB
• lh-20240930.xsd (EX-101.SCH) — 55KB
• lh-20240930_cal.xml (EX-101.CAL) — 63KB
• lh-20240930_def.xml (EX-101.DEF) — 421KB
• lh-20240930_lab.xml (EX-101.LAB) — 751KB
• lh-20240930_pre.xml (EX-101.PRE) — 592KB
• lh-20240930_htm.xml (XML) — 1051KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets 2 September 30, 2024 and December 31, 2023 Condensed Consolidated Statements of Operations 3 Three and Nine Months Ended September 30, 2024 and 2023 Condensed Consolidated Statements of Comprehensive Earnings 4 Three and Nine Months Ended September 30, 2024 and 2023 Condensed Consolidated Statements of Changes in Shareholders' Equity 5 Three and Nine Months Ended September 30, 2024 and 2023 Condensed Consolidated Statements of Cash Flows 6 Nine Months Ended September 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 23

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 36 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,517.3 $ 536.8 Accounts receivable, net 2,058.5 1,913.3 Unbilled services 166.3 185.4 Supplies inventory 483.1 474.6 Prepaid expenses and other 684.7 655.3 Total current assets 4,909.9 3,765.4 Property, plant and equipment, net 3,050.0 2,911.8 Goodwill, net 6,482.4 6,142.5 Intangible assets, net 3,540.7 3,342.0 Joint venture partnerships and equity method investments 16.9 26.9 Other assets, net 612.6 536.5 Total assets $ 18,612.5 $ 16,725.1 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 660.9 $ 827.5 Accrued expenses and other 757.5 804.0 Unearned revenue 403.1 421.7 Short-term operating lease liabilities 184.3 165.8 Short-term finance lease liabilities 6.3 6.4 Short-term borrowings and current portion of long-term debt 1,399.9 999.8 Total current liabilities 3,412.0 3,225.2 Long-term debt, less current portion 5,352.1 4,054.7 Operating lease liabilities 701.3 648.9 Financing lease liabilities 75.2 78.6 Deferred income taxes and other tax liabilities 358.3 417.9 Other liabilities 528.2 409.3 Total liabilities 10,427.1 8,834.6 Commitments and contingent liabilities Noncontrolling interest 15.2 15.5 Shareholders' equity: Common stock, $0.10 par value, 83.7 and 83.9 shares outstanding at September 30, 2024, and December 31, 2023, respectively 7.6 7.7 Additional paid-in capital — 38.4 Retained earnings 8,275.8 7,888.2 Accumulated other comprehensive loss ( 113.2 ) ( 59.3 ) Total shareholders' equity 8,170.2 7,875.0 Total liabilities and shareholders' equity $ 18,612.5 $ 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 CONSOLIDATE

View Full Filing

View this 10-Q filing on SEC EDGAR