# Labcorp **Source:** https://geo.sig.ai/brands/labcorp **Vertical:** Healthcare Tech **Subcategory:** Enterprise **Tier:** Leader **Website:** labcorp.com **Last Updated:** 2026-04-14 ## Summary Burlington NC clinical laboratory services (NYSE: LH) ~$13.1B FY2024 revenue; Fortrea CRO spun off 2023, 2000+ PSC network, specialty oncology molecular testing competing with Quest Diagnostics. ## Company Overview Laboratory Corporation of America Holdings (Labcorp) is a Burlington, North Carolina-based clinical laboratory and life sciences company — publicly traded on the New York Stock Exchange (NYSE: LH) as an S&P 500 Health Care component — providing diagnostic laboratory testing services for physicians, hospitals, health systems, and patients across the United States and internationally, and providing drug development laboratory services (biopharmaceutical clinical trial laboratory support) through approximately 60,000 employees. In fiscal year 2024, Labcorp reported revenues of approximately $13.1 billion from the Diagnostics segment — following the June 2023 separation of its Drug Development segment as Fortrea Holdings (NASDAQ: FTRE), an independent public company providing CRO (contract research organization) services to pharmaceutical and biotech clients. CEO Adam Schechter has focused the post-Fortrea Labcorp on the pure-play diagnostics business: clinical testing across 6,000+ test menu items (routine blood work, specialty genetic testing, toxicology, and anatomic pathology) processed at Labcorp's 2,000+ patient service centers and sent to regional and specialty reference laboratories for results reporting to ordering physicians. The Labcorp consumer-direct testing initiative (at-home specimen collection kits for STI testing, COVID testing, and other direct-to-consumer tests ordered at labcorp.com without physician referral) expands beyond the traditional physician-ordered testing model to capture the growing consumer health testing market. Labcorp's specialty testing portfolio (oncology genomic profiling, rare disease genetic panels, prenatal cell-free DNA testing, advanced cardiac biomarker panels) generates higher revenue per requisition than routine chemistry and hematology panels — driving mix shift toward specialty and molecular testing revenue. Labcorp's clinical laboratory services model creates competitive advantages through the nationwide patient service center network and advanced specialty laboratory infrastructure: building a nationwide laboratory network requires 2,000+ patient service center locations for specimen collection, regional hub laboratories for routine testing turnaround (24-48 hour results for common blood work), and specialty reference laboratories for complex esoteric testing — a $2+ billion infrastructure investment that creates a natural duopoly with Quest Diagnostics as the only two laboratories capable of serving national health system laboratory outsourcing contracts. Hospital health systems contracting Labcorp to operate or manage their outreach laboratory (hospital-branded testing for outpatient and physician office patients in the surrounding community) generates high-volume recurring revenue from the health system's patient population without Labcorp incurring the capital cost of managing hospital inpatient testing infrastructure. Labcorp's integrated data platform (diagnostic results in Labcorp's secure portal accessible to patients and physicians, integrated with Epic and Cerner EHR systems) creates clinical workflow integration that makes switching laboratory providers disruptive. In 2025, Labcorp competes in clinical laboratory services against Quest Diagnostics (NYSE: DGX, $9.6B revenue, national laboratory duopoly partner and competitor), hospital reference laboratories (Cleveland Clinic, Mayo Clinic, Johns Hopkins laboratories accepting external referrals), and specialty molecular diagnostics companies (Genomic Health/Exact Sciences for oncology testing, Natera for genetic testing) for routine laboratory testing volume, health system laboratory outsourcing contracts, and oncology/specialty molecular testing market share. The laboratory consolidation trend (independent physician office labs sending testing to Labcorp and Quest as regulatory complexity and equipment costs favor central reference testing) continues to drive volume growth into the national lab duopoly. The oncology testing expansion (comprehensive genomic profiling, minimal residual disease testing, liquid biopsy for cancer surveillance) represents the highest-growth specialty testing category as FDA-cleared next-generation sequencing panels (Labcorp's Plasma Focus and FoundationOne integration) create new testing occasions across the cancer care continuum. The 2025 strategy focuses on health system laboratory services contracting growth, oncology molecular testing volume, and consumer-direct testing platform expansion. ## Frequently Asked Questions ### What does Labcorp do? Labcorp is a global leader in innovative laboratory services and life sciences solutions. The company provides comprehensive diagnostic testing for patients, physicians, and hospitals, performing over 700 million tests annually across more than 5,000 different test types. Labcorp also provides central laboratory services to pharmaceutical and biotech companies for drug development and clinical trials, supporting more than 75% of new drugs approved by the FDA in 2024. ### Who are Labcorp's customers? Labcorp serves diverse customers including individual patients, physicians, hospitals, health systems, pharmaceutical companies, biotechnology firms, and researchers. The company operates in approximately 100 countries with nearly 70,000 employees serving clients worldwide. Customers range from consumers using Labcorp OnDemand services to major pharmaceutical companies developing life-saving therapies. ### When was Labcorp founded? Labcorp was originally founded in 1969 as Biomedical Laboratories by the Powell brothers (Thomas Edward Powell III, Dr. James B. Powell, and John Powell) in Burlington, North Carolina. The modern Labcorp was formed in 1995 through the merger of National Health Laboratories and Roche Biomedical Laboratories, creating one of the world's largest clinical laboratory providers. ### Where is Labcorp headquartered? Labcorp is headquartered in Burlington, North Carolina, where it has maintained its headquarters since the company's founding in 1969. The company operates laboratories and patient service centers throughout the United States and in approximately 100 countries worldwide. ### What was Labcorp's revenue in 2024? Labcorp reported full year 2024 revenue of $13.01 billion, representing a 6.97% increase from 2023 revenue of $12.16 billion. For 2025, the company projects revenues between $13.88 billion and $14.05 billion, indicating a midpoint growth of 7.4%. The company's cash balance at year-end 2024 was $1.52 billion with total debt of $6.33 billion. ### What makes Labcorp different from competitors? Labcorp differentiates itself through its dual-business model combining diagnostics and biopharma services, enabling unique insights from patient testing to drug development. The company's scale (700+ million tests annually), comprehensive test menu (5,000+ tests), global reach (100 countries), and strong pharmaceutical partnerships (supporting 75%+ of FDA approvals) create competitive advantages. Labcorp's innovations in at-home testing, liquid biopsies, and AI-driven biomarker discovery further distinguish it in the market. ### Who are Labcorp's main competitors? Labcorp's main competitors include Quest Diagnostics in clinical laboratory services, IQVIA and Syneos Health in pharmaceutical development services, and regional laboratory providers. In specialized testing, competitors include specialty diagnostic companies like Exact Sciences (oncology), Myriad Genetics (genetic testing), and BioReference Laboratories (now partially owned by Labcorp). ### How can I contact Labcorp? Patients can contact Labcorp Patient Billing at 800-845-6167 or visit the Help Center at labcorp.com/contact-us for frequently asked questions. Healthcare providers can access Labcorp Link™ for results and support. For careers, visit labcorpcareers.com. For employer services, call Labcorp Corporate Solutions at 800-343-8974. ### Is Labcorp hiring? Yes, Labcorp regularly hires across its 70,000+ employee workforce. All open positions are listed at www.labcorpcareers.com. The company offers competitive benefits including comprehensive medical/dental/vision plans, life insurance, flexible schedules, remote work options, fitness reimbursement, free weight-loss programs, personal health coaching, and professional development opportunities. The application process typically takes 10-20 minutes. ### What are Labcorp's recent innovations? Recent Labcorp innovations include Labcorp Plasma Complete (2025 liquid biopsy for cancer), blood-based Alzheimer's biomarkers pTau217 and GFAP (2024), Labcorp Global Trial Connect for accelerating clinical trials (2024), expanded Labcorp OnDemand consumer tests, and Equipment Intelligence using AI for laboratory process optimization. During COVID-19, Labcorp pioneered the first at-home collection test and scaled to 165,000 tests daily. ### What major acquisitions did Labcorp make in 2024? In 2024, Labcorp completed 10 strategic acquisitions totaling approximately $839 million. Major deals included select assets from Invitae (genetic testing for oncology and rare diseases), BioReference Health's laboratory testing business ($237.5 million), Community Health Systems outreach laboratory services ($194 million), Lab Works molecular testing in Birmingham, Alabama, and Ballad Health outreach laboratories in the Appalachian region. ### What is Labcorp's role in drug development? Labcorp provides central laboratory services essential for pharmaceutical clinical trials, including specimen collection, testing, data management, and regulatory support. In 2024, Labcorp supported more than 75% of new drugs and therapeutic products approved by the FDA. The company's Biopharma Laboratory Services segment connects patient diagnostic insights with drug development, accelerating the path from research to approved treatments. ## Tags b2b, healthtech, manufacturing, saas, public --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*