Short answer
Labcorp (LH) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $13.0B (+7.0% year over year) and net income of $746M.
- Top risk flagged: Litigation risk from 2019 AMCA data breach involving patient info, triggering ongoing regulatory inquiries and legal threats
FY2024 key financial metrics · XBRL
- Revenue
- $13.0B
- +7.0% YoY
- Net income
- $746M
- +78.5% YoY
- Operating margin
- 8.4%
- +2.4 pp YoY
- Gross margin
- 27.9%
- +0.2 pp YoY
- EPS (diluted)
- $8.84
- +85.3% YoY
- ROE
- 9.3%
- +4.0 pp YoY
- Operating cash flow
- $1.6B
- +19.4% YoY
Source: XBRL data from the Labcorp (LH) FY2024 10-K on SEC EDGAR. USD.
Labcorp FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global comprehensive laboratory services providing diagnostic and drug development insights to healthcare and pharmaceutical clients across ~100 countries
- New holding company structure implemented May 17, 2024, establishing Labcorp Holdings Inc. as successor issuer with no independent operations
- Spin-off of Fortrea Holdings Inc. completed June 30, 2023, separating Clinical Development and Commercialization Services, refocusing remaining drug development operations into Biopharma Laboratory Services segment
- Revenue growth to $13.0B in 2024 from $12.2B in 2023, with Labcorp Diagnostics contributing 78% and Biopharma Laboratory Services 22% of revenues in 2024
- Cash and cash equivalents surged to $1.52B at year-end 2024 from $537M in 2023, reflecting significant liquidity improvement
Management Discussion & Analysis
- Revenue $13,008.9M, up 7.0% YoY from $12,161.6M; Dx segment $10,144.3M up 7.7%, BLS $2,922.6M up 5.3%
- Operating margin Dx 15.8% vs 16.9% (-1.1%), BLS 15.7% vs 14.3% (+1.4%)
- Best segment BLS operating income $458.9M up 15.8%, worst Dx $1,606.3M up 0.9% with margin decline
- Cash flow from operations $1,585.8M up $383.5M; Capex $489.9M (3.8% of revenue); Dividends $243.1M; Share repurchases $250.1M
- 2025 Capex guidance similar to 2024 for growth, facility expansion, LaunchPad, acquisition integration; Risks include economic changes, customer delays, increased costs impacting goodwill valuation
Risk Factors
- Litigation risk from 2019 AMCA data breach involving patient info, triggering ongoing regulatory inquiries and legal threats
- Cybersecurity vulnerability with ransomware incident in 2018 disrupting Dx IT systems and company-wide operations temporarily
- Dependence on CITO and CIRO leadership with 15+ and 30+ years IT experience for cybersecurity risk management and incident response
- No named competitor or market disruption risk identified in provided text
Generated from the filing text; verify against the original. How to read a 10-K
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