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Medical Laboratories Research
Labcorp (LH), also known as Laboratory Corporation of America, is a life sciences company that provides laboratory services and analytics. It offers various testing services that help doctors diagnose diseases and develop treatment plans. Labcorp has two segments: Labcorp Diagnostics and Covance Drug Development.
Labcorp Diagnostics operates a network of laboratories across the United States that provide testing services for a wide range of health issues. It also offers services such as drug development, medical research and esoteric testing. Covance Drug Development, on the other hand hand, offers drug development services worldwide. It conducts early-stage and late-stage drug trials, toxicology and pharmacology services and central laboratory services. The company has a long history of growth through strategic acquisitions and investments.
The company was founded in 1971 as a subsidiary of National Health Laboratories. In 1981, Labcorp was formed as a separate company, and then in 1988, the company went public. In 2000, Labcorp acquired MEDTOX Sciences, Inc., a scientific and clinical development organization.
As of December 31, 2022, the company operates in six segments: Labcorp Diagnostics, Covance Drug Development, Integrated Oncology Network, Integrated Oncology, Life Sciences, and Early Development Research.
On December 31, 2022, Labcorp announced the acquisition of Personal Genome Diagnostics (PGDX), a leading liquid biopsy and companion diagnostic company. The acquisition enhances Labcorp's capabilities in clinical next-generation sequencing and strengthens its position in precision medicine.
As of December 31, 2022, Labcorp had 3,900 principal customers. The company had 45,655 employees, with 27,700 in Labcorp Diagnostics and 17,955 in Covance Drug Development.
The company has expanded through strategic acquisitions and investments, advancing in the areas of data-driven solutions, diagnostic products, and clinical trials services. Today, Labcorp is listed in the S&P 500 Index and is a leader in developing innovative healthcare solutions that effect meaningful change in healthcare practices.