Laboratory Corporation of America Holdings, commonly known as LabCorp, is one of the biggest clinical laboratory networks in the world. It is basically the leading global life sciences company that focuses on the deep integration of premium patient care. The company assures this through its high-end comprehensive clinical laboratory and end-to-end drug development services. Laboratory Corporation of America Holdings is an independent clinical laboratory company that operates in two segments namely, the LabCorp Diagnostics (LCD) and the Covance Drug Development.
Its mission as a company is to improve the health and general well-being of patients. Needless to say, LabCorp has been delivering world-class diagnostics, accelerating innovative medicines, and using up-to-date technology in improving lives. For so many years now, the company has served and is currently serving various types of customers such as physicians, healthcare providers, hospitals, health systems, managed care organizations, biopharmaceutical companies, government agencies, employers, patients, consumers, independent clinical laboratories, and contract research organization.
|HQ:||531 S Spring St, Burlington, NC 27215, United States|
|Traded as:||NYSE: LH|
|Founded:||September 5, 1978 (as Roche BioMedical)|
|CEO:||Adam H. Schechter|
Where is the LabCorp headquarters?
This American S&P 500 company is headquartered in Burlington, North Carolina. The largest volume of its specialty testing is also found in the said headquarter, specifically at its Center for Esoteric Testing. The complete address and contact details of LabCorp is found below:
Address: 358 South Main Street Burlington, NC 27215 United States
Contact Number: 336 229 1127
For patient inquiry, customers can visit this site:
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How do I get in touch with LabCorp?
To find he nearest laboratory, you can use the LabCorp laboratory locator in their website (www.labcorp.com/labs-and-appointments).
In making an appointment, make sure that you know each lab location’s own hours. Rechecking the location details is essential before planning to make an appointment or walking in. Customers also need to assure if the needed service (i.e. drug testing) is available during their appointment time.
What test does LabCorp do?
Basically, LabCorp is a company that provides diagnostic, drug development, and technology-based solutions for a total of more than 160 million patients annually. It processes a total of 3 million laboratory tests per week. It was the early pioneer of testing genomics via polymerase chain reaction (PCR) technology. It supports clinical trials in around 100 countries worldwide through its industry-leading central laboratory business which generates safe and efficient data to support drug approvals. This is also based in its Center for Molecular Biology and Pathology in the Research Triangle Park, North Carolina.
The company also performs other molecular diagnostic tests such as the following:
- Oncology testing
- Human Immunodeficiency Virus (HIV) genotyping and phenotyping
How many LabCorp locations are there?
Just within the United States network, there is a total of 36 primary laboratories. It also operates in three Canadian provinces and Puerto Rico.
It has been 50 years since LabCorp transformed from a local laboratory in a hospital basement to a leading company for life sciences globally. It has employed over 65, 000 people from all over the world. The said company had contributed an excess revenue of $11.5 billion in 2019.
What is LabCorp stock symbol?
Laboratory Corp. of America Holdings has a stock symbol of NYSE: LH. The said New York Stock Exchange is by far the largest stock exchange in the world with a market capitalization at US$30.1 trillion as of February 2018.
What companies does LabCorp own?
LabCorp also owns the National Genetics Institute, Inc. (NGI) in Los Angeles, California. It specializes in developing PCR testing methods. Another company handled by LabCorp is the ViroMed facility in Burlington, NC which performs real-time PCR microbial testing through the use of laboratory-graded assays.
How Much LabCorp franchise cost?
The franchising fee for LabCorp costs $15,000 to $40,000 with $35K as the operating capital. The total investment costs around $28,000 to $99,000.
Before it merged with the National Health Laboratory in 1995, LabCorp operated under the name Roche BioMedical. The founders or key executives of LabCorp are listed below:
|Mr. Adam H. Schechter||Pres, CEO & Chairman|
|Mr. Glenn A. Eisenberg||CFO & Exec. VP|
|Mr. Lance V. Berberian||Exec. VP and Chief Information & Technology Officer|
|Dr. Brian J. Caveney M.P.H., M.D., J.D., MPH||Exec. VP, Pres of Diagnostics & Chief Medical Officer|
|Mr. Mark S. Schroeder||Exec. VP and Pres of Diagnostics Laboratory Operations & Global Supply Chain|
List of LabCorp Product and services
LabCorp offers a broad range of product and services. To name them all, here is a list of the various clinical laboratory tests available:
- Blood chemistry analyses
- Blood cell counts
- Thyroid tests
- Pap tests
- Hemoglobin A1C and vitamin D products
- Prostate-specific antigens
- Tests for sexually-transmitted diseases
- Hepatitis C tests
- Microbiology cultures and procedures
- Alcohol and other substance-abuse tests
Health care services in the following medical areas are also offered:
- Women’s health
- Diagnostic genetics
- Cardiovascular and infectious disease
- Medical drug monitoring
- Esoteric testing and cancer diagnostics
List of test Menus
The list below shows the list of all tests performed by LabCorp:
Abdominal Fluid Cytology
- Abnormal PT / aPTT Reflexive Profile (Esoterix)
- p53 Tumor Suppressor Gene Protein, Immunohistochemical, Paraffin Block
- ABO Grouping and Rho(D) Typing
- B-Cell Gene Rearrangements Profile, IgH and IgK
- C-Reactive Protein (CRP), High Sensitivity (Cardiac Risk Assessment)
- Lactic Acid Dehydrogenase (LD), Body Fluid
- Lactose Tolerance Test
- Warfarin, Serum or Plasma
- White Blood Cells (WBC), Stool
20 Things You Didn’t Know About LabCorp
1. LabCorp is one of the largest clinical laboratory networks in the world
With its 36 laboratories in the US, it is able to serve many people. Network affiliates are also found outside their home country borders such as Canada and Puerto Rico.
2. LabCorp as the genomic testing pioneer
This company has served not just the United States but also the entire world. It has given significant contributions in the field of genomic testing. It is the first one to establish an innovative technology called polymerase chain reaction or PCR. Its Center for Molecular Biology and Pathology in Research is situated in Triangle Park, North Carolina.
3. LabCorp could help in curing the current health epidemics
Aside from polymerase chain reaction, the company also performs other molecular diagnostics. Samples of the common life-threatening diseases are processed through genotyping and phenotyping. In this way, scientists and researchers will have more knowledge about the pathophysiology of the diseases, how these diseases thrive up until today, and how to finally arrest their growth. One important testing done in LabCorp is the HIV testing, where the human immunodeficiency virus is being detected as it causes HIV-AIDS. Oncology, study of cancer, is also ventured by the company. Research development can enhance drug production which is vital for our survival as a species.
4. LabCorp has a different name when it was founded
Initially, LabCorp was well-known as the National Health Laboratories Incorporated. It was first a national laboratory that tests blood and pathology samples. The company itself was originally owned by the Revlon Health Care Group. This served as its parent company.
5. LabCorp being publicized and earning profit
The company went public on the NASDAQ exchange in 1988. Its parent company, Revlon Health Care Group, only retain 24% of its common shares. Revenues has climbed up to $500 million by 1990 with earning that has reached more than $70 million. This happened when cash dividends are being paid out by its shareholders. The company continues to perform well in the market and has reached an increase in revenue of up to $90 million.
6. LabCorp has a different name prior to 1995
LabCorp was well-known as Roche BioMedical. This happened when the said company merged with the National Health Laboratory in 1995.
7. LabCorp owns a genetics laboratory
Aside from other molecular diagnostics, the company also own a genetic testing facility and laboratory. It is named as the National Genetics Institute, Inc., situated in Los Angeles, California. It is this facility that develops PCR testing methods. Another facility is established for the study of viruses. It is called the ViroMed facility which conducts PCR microbial testing in real-time with assays that are developed in the laboratory. This facility is found in Burlington, North Carolina.
8. LabCorps owns eight aircrafts
The said eight aircrafts are used to make runs from one facility to another. It usually delivers at night without making any failure at all. Tests and products are delivered from Burlington, North Carolina to the East Coast.
9. LabCorp was investigated for fraud
In 1991, the company experienced a crackdown on the health care system fraud and was titled as “Labscam.” Files against LabCorp was due to the accusation that their company submitted false claims for payment from government health care agencies together with Medicaid and Medicare. According to the filed case, these tests were never ordered by physicians. The prosecution was charged against its previous name which is National Health Laboratories.
10. National Health Laboratories paid millions for the fraud case.
After entering a settlement agreement, the company was tasked to pay for around $111 million in 1992 and $173 million in 1993.
11. The LabCorp fraud case earned more fines than profits
In 1992, the reported profits for the year were just $40 million even though the revenues were $720 million.
12. A candy distributor owned a art of the National Health Laboratories
Revlon Holding’s group, a company that also distributed licorice extract and chocolate, owned 24% of the company when it had gone through major reorganization in 1994.
13. LabCorp has a history of interesting acquisitions
After it merged with Roche Biomedical Laboratories, Inc. in 1995, it acquired Litholink Corporation in 2006. They also acquired Tandem Labs in 2007 and Monogram Biosciences in 2009. Other acquisitions are the following: Genzyme Genetics in 2011, MedTOX in 2012, Covance Inc in 2015, Sequenom in 2016, and Clear Path Diagnostics in 2016 along with Chiltern.
14. LabCorp faced more financial problems in 1994
There was a drop of more than two-thirds in revenue with a total amount of $30 million. This low stock trade stayed from the previous year to up to half a year.
15. LabCorp had a marginal loss
After it actually had loss in funds for about few million dollars, the difficulty went downhill. The stock price dropped for 6 months.
16. LabCorp failed an agreement with Universal Standard Healthcare
The dissolution of the agreement between the two companies is still a mystery and no records can show why it did not work out. This agreement was terminated after just a year.
17. LabCorp experienced substantial growth in 2000
Many acquisitions were done during this year and the revenue has reached $1.9 billion. Because of this, the company was able to employ more than 18,000 workers.
18. LabCorp earned a revenue of $4.1 billion in 2007
This is due to the fact that LabCorp had a massive expansion in three Canadian provinces.
19. LabCorp offers HIV and DNA testing services
The company has covered almost all of the field of science, ranging from paternity testing, DNA researches to HIV testing.
20. LabCorp immerses in the food industry
Even food manufacturers were not overlooked by the company. This interest has exanded last October 2015 where they acquired Safe Foods International Holdings, LLC.
Now that the world is facing a pandemic, the company capitalized on so many testing opportunities. Currently, the stay-at-home orders and routine medical procedures are canceled and this has caused a decline of about 50-55% in the company’s revenue. However, LabCorp expects its testing capacity to blow up of up to 300, 000 COVID-19 tests per day in the coming months.