LabCorp Files 10-K, Highlights Fortrea Debt & Segment Performance
Ticker: LH · Form: 10-K · Filed: 2024-02-26T00:00:00.000Z
Sentiment: neutral
Topics: earnings, debt, segments
TL;DR
**LabCorp's 10-K shows continued operations in diagnostics and drug development, with Fortrea debt due 2028.**
AI Summary
Laboratory Corp of America Holdings filed its 10-K on February 26, 2024, for the fiscal year ending December 31, 2023. The filing details financial information, including the Fortrea Revolver due in 2028 and the Fortrea Term Loan A maturing in 2028. The company operates in Diagnostics and Drug Development segments, serving biopharmaceutical and medical device companies.
Why It Matters
This filing provides a comprehensive look into LabCorp's financial health and operational segments, crucial for investors to understand its performance and future outlook.
Risk Assessment
Risk Level: medium — The presence of significant debt instruments like the Fortrea Revolver and Term Loan A, both maturing in 2028, introduces financial risk.
Key Players & Entities
- LABORATORY CORP OF AMERICA HOLDINGS (company) — Filer of the 10-K
- Fortrea Revolver (company) — Debt instrument due 2028
- Fortrea Term Loan A (company) — Debt instrument maturing 2028
- December 31, 2023 (date) — Conformed period of report end date
- February 26, 2024 (date) — Filed as of date
FAQ
What is the fiscal year end for LABORATORY CORP OF AMERICA HOLDINGS as per this filing?
The fiscal year end for LABORATORY CORP OF AMERICA HOLDINGS is December 31, 2023.
When was the 10-K filed?
The 10-K was filed on February 26, 2024.
What are the primary business segments mentioned in the filing?
The primary business segments mentioned are Diagnostics and Drug Development.
What is the maturity year for the Fortrea Revolver and Fortrea Term Loan A?
Both the Fortrea Revolver and Fortrea Term Loan A are due or maturing in 2028.
What is the Central Index Key (CIK) for LABORATORY CORP OF AMERICA HOLDINGS?
The Central Index Key (CIK) for LABORATORY CORP OF AMERICA HOLDINGS is 0000920148.
From the Filing
0000920148-24-000014.txt : 20240226 0000920148-24-000014.hdr.sgml : 20240226 20240226153503 ACCESSION NUMBER: 0000920148-24-000014 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 131 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240226 DATE AS OF CHANGE: 20240226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LABORATORY CORP OF AMERICA HOLDINGS CENTRAL INDEX KEY: 0000920148 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 133757370 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11353 FILM NUMBER: 24678255 BUSINESS ADDRESS: STREET 1: 358 S MAIN ST CITY: BURLINGTON STATE: NC ZIP: 27215 BUSINESS PHONE: 3362291127 MAIL ADDRESS: STREET 1: 358 S MAIN ST CITY: BURLINGTON STATE: NC ZIP: 27215 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL HEALTH LABORATORIES HOLDINGS INC DATE OF NAME CHANGE: 19940314 10-K 1 lh-20231231.htm 10-K lh-20231231 0000920148 12/31 December 31, 2023 2023 FY FALSE 365 116 32.7 30.8 83.9 88.2 http://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2023#OtherAssetsNoncurrent http://fasb.org/us-gaap/2023#OtherAssetsNoncurrent 0000920148 2023-01-01 2023-12-31 0000920148 2023-06-30 iso4217:USD 0000920148 2024-02-23 xbrli:shares 0000920148 2023-12-31 xbrli:pure 0000920148 lh:FortreaRevolverDue2028Member 2023-12-31 0000920148 lh:FortreaTermLoanAMaturing2028Member 2023-12-31 0000920148 2022-01-01 2022-12-31 0000920148 us-gaap:SegmentContinuingOperationsMember 2023-01-01 2023-12-31 0000920148 us-gaap:SegmentContinuingOperationsMember 2022-01-01 2022-12-31 iso4217:USD xbrli:shares 0000920148 lh:DiagnosticsMember 2023-01-01 2023-12-31 0000920148 lh:DrugDevelopmentMember lh:BiopharmaceuticalandmedicaldevicecompaniesMember 2023-01-01 2023-12-31 0000920148 lh:DiagnosticsMember lh:ClientMember srt:NorthAmericaMember 2023-01-01 2023-12-31 0000920148 lh:DiagnosticsMember lh:ClientMember srt:EuropeMember 2023-01-01 2023-12-31 0000920148 lh:DiagnosticsMember lh:OthercountriesMember 2023-01-01 2023-12-31 0000920148 lh:DiagnosticsMember lh:ClientMember 2023-01-01 2023-12-31 0000920148 lh:DiagnosticsMember lh:ClientMember srt:NorthAmericaMember 2022-01-01 2022-12-31 0000920148 lh:DiagnosticsMember lh:ClientMember srt:EuropeMember 2022-01-01 2022-12-31 0000920148 lh:DiagnosticsMember lh:OthercountriesMember 2022-01-01 2022-12-31 0000920148 lh:DiagnosticsMember lh:ClientMember 2022-01-01 2022-12-31 0000920148 lh:DiagnosticsMember lh:ClientMember srt:NorthAmericaMember 2021-01-01 2021-12-31 0000920148 lh:DiagnosticsMember lh:ClientMember srt:EuropeMember 2021-01-01 2021-12-31 0000920148 lh:DiagnosticsMember lh:OthercountriesMember 2021-01-01 2021-12-31 0000920148 lh:DiagnosticsMember lh:ClientMember 2021-01-01 2021-12-31 0000920148 lh:DiagnosticsMember srt:NorthAmericaMember us-gaap:SelfPayMember 2023-01-01 2023-12-31 0000920148 lh:DiagnosticsMember srt:EuropeMember us-gaap:SelfPayMember 2023-01-01 2023-12-31 0000920148 lh:DiagnosticsMember us-gaap:SelfPayMember 2023-01-01 2023-12-31 0000920148 lh:DiagnosticsMember srt:NorthAmericaMember us-gaap:SelfPayMember 2022-01-01 2022-12-31 0000920148 lh:DiagnosticsMember srt:EuropeMember us-gaap:SelfPayMember 2022-01-01 2022-12-31 0000920148 lh:DiagnosticsMember us-gaap:SelfPayMember 2022-01-01 2022-12-31 0000920148 lh:DiagnosticsMember srt:NorthAmericaMember us-gaap:SelfPayMember 2021-01-01 2021-12-31 0000920148 lh:DiagnosticsMember srt:EuropeMember us-gaap:SelfPayMember 2021-01-01 2021-12-31 0000920148 lh:DiagnosticsMember us-gaap:SelfPayMember 2021-01-01 2021-12-31 0000920148 lh:DiagnosticsMember lh:MedicareandMedicaidMember srt:NorthAmericaMember 2023-01-01 2023-12-31 0000920148 lh:DiagnosticsMember lh:MedicareandMedicaidMember srt:EuropeMember 2023-01-01 2023-12-31 0000920148 lh:DiagnosticsMember lh:MedicareandMedicaidMember l