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Our Five Pillars Of L aboratory Corporation of America 2011 Annual Report Our Five Pillars of ® Laboratory Corporation of America Holdings Success 358 South Main Street Burlington, NC 27215 336-584-5171 www.labcorp.com 2011 ANNUAL REPORT 120097_L01_CVR.indd 1 3/12/12 2:07 PM Laboratory Corporation OF America About LabCorp® Shareholder and Company Information Laboratory Corporation of America® Holdings, an S&P 500 company, is a pioneer in commercializing new diagnostic technologies and the first in its industry to embrace genomic testing. With annual revenues of $5.5 billion in 2011, over 31,000 employees worldwide, and more than 220,000 clients, LabCorp offers more than 4,000 tests Corporate Headquarters Transfer Agent Safe Harbor 358 South Main Street American Stock Transfer & Trust Company Forward-looking statements in this annual report ranging from routine blood analyses to reproductive genetics to companion diagnostics. Burlington, NC 27215 Shareholder Services are subject to change based on various important 336-584-5171 6201 Fifteenth Avenue factors, including without limitation, competitive LabCorp furthers its scientific expertise and innovative clinical testing technology Brooklyn, NY 11219 actions in the marketplace and adverse actions through its specialized labs and the LabCorp Specialty Testing Group: The Center for Information Sources 800-937-5449 of governmental and other third-party payers. Information about LabCorp is available from www.amstock.com Actual results could differ materially from those Molecular Biology and Pathology, National Genetics Institute, ViroMed Laboratories, Inc., the following Company sources: suggested by these forward-looking statements. The Center for Esoteric Testing, Litholink Corporation, Integrated Genetics, Integrated Independent Registered Further information on potential factors which Investor Relations Contact Public Accounting Firm could affect the Company’s financial results is Oncology, DIANON Systems, Inc., Monogram Biosciences, Inc., Colorado Coagulation, Stephen Anderson PricewaterhouseCoopers LLP included in the Company’s Form 10-K for the year and Endocrine Sciences. LabCorp conducts clinical trials testing through its Esoterix Vice President, Investor Relations 800 Green Valley Road, Suite 500 ended December 31, 2011 and subsequent filings. 336-436-5274 Greensboro, NC 27408 Clinical Trials Services. LabCorp clients include physicians, government agencies, Center for Molecular Biology and Pathology Common Stock managed care organizations, hospitals, clinical labs, and pharmaceutical companies. 800-533-0567 Annual Meeting The Common Stock trades on the New York Center for Occupational Testing The annual meeting of shareholders will be Stock Exchange (“NYSE”) under the symbol To learn more about our organization, visit our Web site at: www.labcorp.com. 800-833-3984 held at 9.00 a.m. EDT on May 1, 2012 at “LH”. The following table sets forth for the Center for Esoteric Testing The Paramount Theater, 128 East Front Street, calendar periods indicated the high and low 800-334-5161 Burlington, NC 27215. sales prices for the Common Stock reported Paternity/Identity on the NYSE Composite Tape. 800-742-3944 Form 10-K Leading National Lab Provider LabCorp Drug Development Laboratory Copies of Form 10-K as filed with the Securities 2011 2010 Services and Exchange Commission are available High Low High Low • Fastest-growing national lab 888-244-4102 without cost to shareholders by writing to: 1Q 92.98 86.19 77.09 69.49 Web Site Laboratory Corporation of America Holdings 2Q 100.94 92.09 83.00 73.12 • $55 billion market www.labcorp.com Investor Relations Department 3Q 99.76 76.91 78.94 71.58 358 South Main Street 4Q 88.15 74.57 89.48 75.75 • Clinical, anatomic and genomic testing Burlington, NC 27215 • Serving clients in all 50 states and Canada BOARD OF DIRECTORS EXECUTIVE MANAGEMENT • Foremost worldwide clinical trials testing business David P. King Robert E. Mittelstaedt, Jr. 1,4 Dave King, Chairman and Chief Executive Officer Chairman and Chief Executive Officer Dean and Professor, W.P. Carey School of Business, Arizona State University Jay Boyle, Executive Vice President, Kerrii B. Anderson 1,2 Chief Operating Officer 1,3 Former Chief Executive Officer and Arthur H. Rubenstein, MBBCh Brad Hayes, Executive Vice President, President of Wendy’s International, Inc. Professor of Medicine Chief Financial Officer University of Pennsylvania Jean-Luc Bélingard 2,3 Perelman School of Medicine Scott Walton, Executive Vice President, The Important Role Laboratory Testing Plays Chairman, bioMérieux S.A.; Esoteric Businesses retired Chairman and CEO, Ispen S.A. M. Keith Weikel, Ph.D. 2,3 Mark Brecher, M.D., Senior Vice President, Former Senior Executive Vice President and in the Health Care Continuum: Chief Medical Officer N. Anthony Coles, M.D., MPH 3 Chief Operating Officer of HCR Manor Care, Inc. President and Chief Executive Officer of Lidia Fonseca, Senior Vice President, 1,4 Onyx Pharmaceuticals, Inc. R. Sanders Williams, M.D. Chief Information Officer President of The J. David Gladstone Institutes Wendy E. Lane 1,4 Sam Eberts, Senior Vice President, Chief Legal Officer Prevention Preliminary Risk Chairman of Lane Holdings, Inc., Diagnosis an investment firm Committees: Lisa Hoffman Starr, Senior Vice President, and Wellness Assessment 1 Audit Human Resources Monitoring Thomas P. Mac Mahon 3 2 Compensation Former Chairman and Chief Executive Officer of 3 Quality and Compliance Laboratory Corporation of America Holdings 4 Nominating and Corporate Governance Secondary Clinical Decision Monitoring and Assessment of Regarding Management of Corporate Governance, Code of Business Conduct and Ethics – The Company’s Corporate Governance Guidelines, the Charters of its Audit Committee, Prognosis Treatment Path Condition Compensation Committee, Quality and Compliance Committee, and Nominating and Corporate Governance Committee as well as the Company’s Code of Business Conduct and Ethics are available on the Company’s Web Site at www.labcorp.com. You can also obtain a hard copy of these documents, without charge, upon written request to Stephen Anderson, Laboratory Corporation of America Holdings, 358 South Main Street, Burlington, NC 27215. 49 120097_L01_CVR.indd 2 3/12/12 2:07 PM At LabCorp we fulfill the commitments we make to physicians, patients and shareholders. In 2011, even as the country faced challenging economic times, LabCorp achieved strong financial and operational results as we turned our plans into action and executed our strategic objectives. Dave King To Our Chairman and Chief Executive Officer Shareholders LabCorp delivered another strong performance in 2011, made Excluding Amortization by 6.5 percent, to $6.37. These results possible by disciplined execution of our five-pillar strategy to are especially noteworthy in a market environment in which total grow the business and increase shareholder value. These five net U.S. jobs and managed care enrollment, two key metrics strategic pillars are: for our industry, remained stagnant. Our stock price reached $100 per share before concerns about the U.S. deficit and the • Deploy capital first to acquisitions that enhance our footprint European financial system dampened the market in the last five and test menu, then to repurchase shares, months of the year. • Enhance our IT capabilities to improve the physician and patient experience, We are proud of these accomplishments. This performance • Continue to improve efficiency to remain the most efficient extended a strong growth record that has been sustained and highest-value provider of laboratory services, through several years of economic distress. In fact, for the period 2001 through 2011, LabCorp’s compound annual • Continue scientific innovation to offer new tests at reasonable growth rates for Revenue, Adjusted Earnings Per Share and appropriate pricing, and Excluding Amortization and Free Cash Flow Per Share are 9.7, • Participate in the development of alternative delivery models 15.5 and 16.8 percent, respectively1. to improve patient outcomes and reduce the cost of care. We continue to fulfill our core mission –to offer the highest- Despite a macroeconomic environment that remained challenging, quality laboratory testing and most compelling value to our we achieved our operational and financial goals across a broad range customers – through successful execution of this well defined, of measures. Each of our five pillars contributed to our success. five-pillar strategy. Let me review our 2011 progress on each pillar of our strategy. Results In A Nutshell We generated solid increases in test volumes, revenues and 1 Adjusted Earnings Per Share Excluding Amortization is calculated by excluding the earnings in 2011, achieving growth both organically and through effects of the impact of restructuring and other special charges, loss on divestiture of assets and amortization expense from GAAP diluted earnings per share. Free cash strategic acquisitions. In 2011, LabCorp increased revenue flow represents cash flows from operations less capital expenditures. Free Cash Flow Per Share represents free cash flow divided by weighted average diluted shares 10.8 percent, to $5.5 billion, and Adjusted Earnings Per Share outstanding. For a reconciliation of non-GAAP financial measures, please refer to slides 9-11 of the Company’s 8K filed on February 10th, 2012. 1 120097_L01_NARR.indd 1 3/9/12 2:54 PM Pillar One Deploy capital first to acquisitions that Integration That Produces Results enhance our footprint
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