Key Stats
Laboratory Corporation of America Holdings, known as Labcorp, operates as one of the largest independent clinical laboratory networks globally. The company provides diagnostic testing, drug development services, and clinical trial support to healthcare providers, pharmaceutical companies, and patients.
Headquartered in Burlington, North Carolina, Labcorp offers a comprehensive range of laboratory tests used for routine screening, disease diagnosis, and treatment monitoring. The company’s specialties include oncology testing, genetic diagnostics, infectious disease analysis, and personalized medicine solutions. Labcorp serves over 220,000 clients and processes more than 400,000 specimens daily.
Labcorp History
The origins of Labcorp trace back to two separate laboratory operations that eventually merged in 1995. Hoffmann-La Roche began laboratory operations in the United States in 1905 and expanded into clinical testing when it acquired Kings County Research Laboratory in 1969.
Around the same time, Thomas Edward Powell III and his twin brothers, Dr. James B. Powell and John Powell, founded Biomedical Laboratories in a hospital basement in Burlington, North Carolina. This small operation grew through acquisitions until Hoffmann-La Roche purchased it in 1982.
Labcorp Co-founders
The founding of modern Labcorp involved two separate laboratory organizations with distinct leadership teams that merged in 1995.
Co-founded Biomedical Laboratories in 1969 in Burlington, NC. The Powell family’s vision transformed a hospital basement lab into a regional clinical testing leader.
Twin brother of Thomas and co-founder. Led the newly merged Laboratory Corporation of America as its first CEO following the 1995 merger.
Twin brother of Thomas and co-founder. Helped establish Biomedical Laboratories and guided its growth through the 1970s and 1980s.
Labcorp Revenue
Labcorp generated $13.01 billion in revenue for fiscal year 2024, representing a 7% increase from the previous year. The company operates through two primary segments: Diagnostics Laboratories and Biopharma Laboratory Services.
Revenue growth has been driven by organic expansion, strategic acquisitions of regional laboratories, and increased demand for specialty testing services. The 2023 spin-off of Fortrea Holdings separated the clinical development business, allowing Labcorp to focus on its core diagnostics operations.
Labcorp Market Capitalization
Labcorp’s market capitalization stands at approximately $22 billion as of late 2024. The company trades on the New York Stock Exchange under the ticker symbol LH and has shown consistent growth over the past decade.
Market cap fluctuations reflect broader healthcare sector trends, acquisition activity, and investor sentiment regarding diagnostic services demand. The company’s valuation benefited significantly during 2020-2021 due to COVID-19 testing volumes.
Labcorp Acquisitions
Labcorp has pursued an aggressive acquisition strategy since its formation in 1995. The company has completed dozens of transactions to expand its testing capabilities, geographic reach, and specialty services portfolio.
In 2000, Labcorp acquired National Genetics Institute, gaining advanced hepatitis C testing technology. ViroMed followed in 2001, bringing molecular microbial testing expertise using real-time PCR platforms. The 2002 Dynacare acquisition extended operations into Canada and added locations across Washington, Tennessee, and Wisconsin.
Anatomic pathology became a strategic focus with the acquisitions of DIANON Systems in 2003 and US LABS in 2005. DIANON brought capabilities in uropathology, dermatopathology, and gastrointestinal pathology. US LABS added esoteric oncology testing across multiple methodologies.
The company strengthened its specialty testing through Esoterix in 2005, which included Colorado Coagulation, Endocrine Sciences, and Cytometry Associates. Litholink joined in 2006, providing outcomes management services for kidney stone prevention.
Clinical trials and personalized medicine capabilities expanded through Tandem Laboratories in 2008 and Monogram Biosciences in 2009. Genzyme Genetics followed in 2010, adding reproductive and oncology testing services. Orchid Cellmark came in 2011, establishing Labcorp as a leader in forensic DNA testing with operations in both the US and UK.
Recent acquisitions have focused on hospital laboratory partnerships and regional lab consolidation. In 2024, Labcorp completed transactions with Ballad Health, Lab Works, and BioReference Health to extend its network into underserved communities and strengthen specialty oncology services.
Labcorp Competitors
The clinical laboratory services industry features several major players competing for healthcare provider contracts and patient testing volume. Quest Diagnostics remains Labcorp’s primary competitor in the US market.
| Company | Headquarters | Primary Services |
|---|---|---|
| Quest Diagnostics | Secaucus, NJ | Clinical diagnostics, drug testing |
| IQVIA Holdings | Durham, NC | Clinical research, analytics |
| Thermo Fisher Scientific | Waltham, MA | Lab equipment, diagnostics |
| Sonic Healthcare | Sydney, Australia | Pathology, radiology services |
| Bio-Reference Laboratories | Elmwood Park, NJ | Clinical and genetic testing |
| ARUP Laboratories | Salt Lake City, UT | Reference laboratory services |
| Charles River Laboratories | Wilmington, MA | Preclinical, drug development |
| NeoGenomics | Fort Myers, FL | Cancer diagnostics |
| Myriad Genetics | Salt Lake City, UT | Genetic testing, oncology |
| SYNLAB International | Munich, Germany | European lab services network |
FAQs
When was Labcorp founded?
Labcorp formed in 1995 through the merger of National Health Laboratories and Roche Biomedical Laboratories. However, its roots trace back to 1969 when the Powell brothers established Biomedical Laboratories in Burlington, North Carolina.
Where is Labcorp headquartered?
Labcorp maintains its headquarters in Burlington, North Carolina, where the original Biomedical Laboratories was founded. The company operates laboratory facilities and patient service centers across the United States and internationally.
What services does Labcorp provide?
Labcorp offers clinical laboratory testing, drug development support, and specialty diagnostics. Services include routine blood work, genetic testing, oncology diagnostics, infectious disease analysis, and pharmaceutical clinical trial support.
How many tests does Labcorp perform annually?
Labcorp performs more than 700 million tests annually for patients worldwide. The company processes over 400,000 specimens daily through its network of laboratories and serves approximately 220,000 healthcare provider clients.
What is Labcorp’s stock ticker symbol?
Labcorp trades on the New York Stock Exchange under the ticker symbol LH. The company rebranded from Laboratory Corporation of America Holdings to Labcorp Holdings Inc. in 2024 while maintaining the same trading symbol.