Labcorp Holdings 8-K Report, Regulation FD Disclosure (Jun 4, 2024)

Labcorp Holdings Inc. furnished a Form 8-K under Item 7.01 (Regulation FD Disclosure) to provide the presentation that members of its executive management team delivered at the 44th Annual William Blair Growth Stock Conference on June 4, 2024.

The filing contains no new financial results. The presentation, furnished as Exhibit 99.1, restates the company's April 25, 2024 outlook, its 2026 targets set at its September 2023 Investor Day, and its capital allocation record. The deck positions Labcorp as the largest laboratory service provider in the world, with two segments, Diagnostic Laboratories and Biopharma Laboratory Services.

It cites over 100 countries where it supports patients, more than 6,500 unique tests, and more than 600 million tests performed annually. For 2024, enterprise revenue guidance is $12.2 billion^a in 2023 base with 4.8% to 6.4% growth, adjusted EPS of $14.45 to $15.35 (versus $13.56 in 2023), and free cash flow from continuing operations of $1.00 billion to $1.15 billion (versus $0.89 billion in 2023). Guidance excludes the Invitae transaction, which the company expects to close in Q3 2024.

For 2023 to 2026, the company targets $14 billion^b-plus revenue by 2026, 5% to 8% revenue growth, 100 to 150 basis points of margin expansion, and 8.5% to 11.5% total adjusted EPS growth. The presentation also highlights the pending acquisition of select Invitae assets, which it expects to generate $275 million to $300 million of revenue in year one and to be EPS dilutive by 2% to 3% in year one and accretive by year two. The filing also notes the recently completed spin-off of the Clinical Development and Commercialization Services business, now Fortrea Holdings Inc.