About the Company
Popularly known as LabCorp, Laboratory Corporation of American Holdings functions as an independent clinical laboratory. Its headquarters are stationed in Burlington, North Carolina, and it operates with a network of 36 primary laboratories in the United States. This company has over 70,000 employees, and its clientele is based in over 100 countries globally.
It is acknowledged as one of the pioneers of genomic testing that uses polymerase chain reaction (PCR) technology. This company caters to many customers, including doctors, contract research organisations, hospitals, drug companies, government agencies, food and nutritional companies and independent clinical labs. It is accredited for processing diagnostic tests of more than 3 million patient specimens every week.
This company operates through two major segments, namely LabCorp Diagnostics and Covance Drug Development. The first segment offers more than 5000 tests, which accounts for around 60% of this company's annual revenue. On the other hand, Covance Drug Development is involved with extending end-to-end drug development, associated diagnostics development solutions and medical devices. Its pre-clinical laboratories are based in Indiana, Wisconsin, Michigan, and Virginia.
LabCorp extends multiple services like routine urinalyses, Pap smears and HIV tests. It also provides speciality testing for forensics, identity, genetics, clinical drug trials, disease monitoring, allergies, etc.
National Health Laboratories was first publicly traded on NASDAQ in 1988. However, in 1991, this company moved from NASDAQ to the New York Stock Exchange (NYSE) and began to trade under the ticker symbol NH. Subsequently, in 1993, it became a part of the S&P MidCap 400 list.
The National Health Laboratories Inc. was reorganised as a holding company, named, National Health Laboratories Holdings Inc. in 1994. However, the company's name was changed to its current one after its merger with Roche Biomedical Laboratories, Inc. in 1995. Following this, the Laboratory Corporation of America Holdings shares were traded on the stock exchange under the ticker symbol “LH”.
In 2019, this company acquired MNG Lab based in Georgia to improve its neurology and neurogenetics-related capabilities as the lab specialises in complex biochemical testing. LabCorp has made 24 acquisitions over the years; some of the most noteworthy ones include Chiltern International, Dianon Systems, Safe Food International, Tandem Labs, Genzyme Genetics, Pathology Associates Medical Laboratories, Sequenom, etc.;
|Organisation||Laboratory Corp of America Holdings|
|Industry||Diagnostics & Research|