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Trusted Knowledge Partner TRUSTED KNOWLEDGE PARTNER 2013 Annual Report Laboratory Corporation of America® Holdings, an S&P 500 company, is a pioneer in commercializing new diagnostic technologies and the fi rst in its industry to embrace genomic testing. With annual revenues of $5.8 billion in 2013, over 34,000 employees worldwide and more than 220,000 clients, LabCorp off ers more than 4,000 tests ranging from routine blood analyses to reproductive genetics to companion diagnostics. LabCorp furthers its scientifi c expertise and innovative clinical testing technology through its LabCorp Specialty Testing Group. LabCorp clients include physicians, government agencies, managed care organizations, hospitals, clinical labs and pharmaceutical companies. To learn more about our organization, visit our website at: www.labcorp.com. Adjusted Earnings Per Share Revenue Excluding Amortization [dollars in millions] [dollars] % 5.2% f 7.2 R of AGR o CAG ear C 5-Year 5-Y $6.95 $5.67 $5.81 $6.82 $5.54 $6.37 $5.00 $5.98 $4.70 $5.24 13 13 11 12 11 12 09 10 09 10 We will be a trusted knowledge partner to stakeholders, leading to growth in our business 1 OUR FIVE and continued creation of shareholder value. STRATEGIC We will achieve this mission by continuing to execute our fi ve PILLARS pillar strategy. Enhance IT capabilities2 to 3 improve physician and patient experience Scientifi4 c innovation 5 at appropriate pricing 1Deploy capital to investments that enhance our business and return capital to shareholders 2 Continue to improve effi ciency3 to off er the most compelling value in laboratory services 4 5 Develop knowledge services As I refl ect on the operating environment for LabCorp in 2013 and beyond, I might sum up my thoughts by paraphrasing the writer and scientist Isaac Asimov: continuing, inevitable change is the dominant factor in healthcare today. No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be. TO OUR SHAREHOLDERS The world as it will be in healthcare will involve a relentless drive to improve quality, reduce costs, provide care in the lowest acuity site and reward good outcomes. Through disciplined focus on our mission – to be a trusted knowledge partner for our stakeholders – we have positioned LabCorp to succeed in this continually changing environ- ment. In fiscal 2013 we made great progress toward fulfilling that mission through execution of our five-pillar strategy. David P. King, Chairman and Chief Executive Offi cer 1 First Pillar: Share repurchase, our vehicle for returning capital to shareholders, increased in fi scal 2013 to approxi- Deploy capital to investments that enhance our mately $1 billion, representing 10.4 million LabCorp business and return capital to shareholders. shares. In early 2013, we announced our goal to reach The 2012 acquisition of MEDTOX Scientifi c was an a target leverage ratio of 2.5 times debt-to-EBITDA important addition to our capabilities in toxicology over time, and our 2013 repurchase activity brought and pain management testing, and in 2013 solid us near this objective. Over the last decade, LabCorp growth in these businesses contributed to strong has repurchased nearly 77 million shares of stock at volume trends for the year. MEDTOX is the latest of an average price of approximately $71, and we have several successful acquisition integrations, including strategically deployed our free cash fl ow between Genzyme Genetics1, Clearstone Central Laboratories, acquisitions and share repurchase over this time. We Orchid Cellmark and Monogram Biosciences. We expect to continue to deploy capital in a balanced remain focused on identifying promising acquisition manner between these two objectives. opportunities and expect that acquisitions will remain an attractive way to expand our test menu and geographic footprint for the next several years. Second Pillar: Enhance IT capabilities to improve We now do business in more than 40 countries, physician and patient experience. and we evaluate expansion opportunities with an IT competencies are key to delivering knowledge increasingly global perspective. The acquisition of to our customers, so they remain an important Orchid Cellmark brought LabCorp a strong presence priority for LabCorp. LabCorp Beacon® is an end- in forensic testing in the UK, and the addition of to-end platform that provides the framework for Clearstone Central Laboratories extended our foot- a number of innovative IT products. print in the clinical trials central laboratory market to key Asian geographies – China, Japan and For example, LabCorp Beacon®: Analytics helps Singapore. We will continue to seek international clients better manage practice and population opportunities that require modest capital investment, health data. Supplemented with insights derived present attractive growth profi les and allow us to from our extensive patient database, LabCorp leverage our core competencies. Beacon: Analytics helps physicians unify the 1 We now provide reproductive genetic testing services under the name Integrated Genetics and oncology genetic testing services under the 2 name Integrated Oncology. multiple components of population health family members can be tested for the known management, providing primary care physicians mutations using the BRCAssure BRCA1 or BRCAssure complete access to their patients’ healthcare BRCA2 Targeted Analysis tests. Through this pictures, rules for monitoring gaps in care and expansion in our test menu, we continue to show reporting that addresses more than 600 quality our commitment to Women’s Health testing and measures. LabCorp Beacon: Analytics is part of personalized medicine. the comprehensive LabCorp Beacon platform that helps providers reduce costs, improve What we believe diff erentiates LabCorp's BRCA outcomes and enhance patient satisfaction. off ering from our competitors’ is our comprehensive suite of services to assist doctors and patients in Third Pillar: ordering the test, assessing insurance coverage and Continue to improve effi ciency to off er the understanding the results. Our Care Coordination most compelling value in laboratory services. preauthorization service assists patients who request To maintain our position as the most effi cient the test in understanding their insurance coverage provider, we regularly evaluate our processes, and fi nancial responsibility. Our 123 board-certifi ed platforms, technologies, robotics, LEAN strategies genetic counselors – which we believe is the and rationalization programs. The successful world’s largest complement of these highly skilled deployment of our Propel™ robot at our Powell professionals – help doctors and patients analyze, Center for Esoteric Testing in Burlington, North assess and interpret the test results. This is a concrete Carolina, is an example of how we use technology example of how we are implementing our mission and innovation to improve performance. Propel to be a trusted knowledge partner to multiple now splits and sorts most of the testing volume healthcare stakeholders. in our Atlantic division, automating specimen processing, increasing throughput and accuracy, In addition to our commitment to Women’s Health, and reducing turnaround time. we continue to enhance our test menu in other important areas, particularly cancer diagnostics. In 2013, we opened a state-of-the art, Our next-generation sequencing (NGS) multi-gene 147,000-square-foot facility in Phoenix, Arizona, oncology panel, IntelliGENSM, provides an assess- to consolidate a number of our facilities located ment of targetable mutations within a panel profi le in the Western United States. We continue to of 50 cancer genes known to be involved in the evaluate all opportunities to improve effi ciency development, progression and treatment of through disciplined management and control cancers – including lung, colon and liver tumors. of expenses. With our NGS capabilities, LabCorp continues to lead the industry in developing highly sensitive and Fourth Pillar: cost-eff ective ways of providing diagnostically Scientifi c innovation at appropriate pricing. signifi cant information. We continue to be on the cutting edge of scientifi c innovation: in 2013 alone, we introduced 152 Fifth Pillar: new tests and enhanced our menu across several Develop knowledge services. testing disciplines. As demonstrated above, our mission to be a knowledge partner to all healthcare stakeholders I want to highlight BRCAssureSM, a suite of tests cuts across each pillar of our strategy. Within the that identify patients with BRCA mutations who fi fth pillar specifi cally, BeaconLBS® addresses a are at increased risk for breast, ovarian and other growing need for guidance in ordering tests and cancers. The majority of individuals with hereditary optimization of laboratory utilization. A wholly breast and ovarian cancer syndrome, as well as a owned LabCorp subsidiary, BeaconLBS brings signifi cant percentage of those diagnosed with together the central roles of the laboratory, the breast cancers, exhibit mutations of the BRCA1 healthcare provider and the health plan to deliver and BRCA2 genes, and LabCorp’s BRCA test menu high-quality, effi cient and aff ordable laboratory includes a comprehensive panel of BRCA1/2 services for improved patient care. Its decision complete gene sequence analysis and deletion/ support capabilities are designed to help physicians duplication testing. Once a mutation is identifi ed, select the appropriate test, test application and 3 laboratory provider based on the payer’s policies
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