LabCorp

Labcorp specializes in providing physicians with laboratory tests. They develop new tests that provide enhanced accuracy and additional clinical information. 

Their customers include physicians, their patients, hospitals, managed care plans, private employers, military and law enforcement agencies, and pharmaceutical and biotechnology companies.

1978: They started out as National Health Laboratories Incorporated.

1979: Biomedical sold stock to the public for the first time.

1982: Hoffman-La Roche acquired it for US$163.5 million and then merged it with all of its laboratories, and incorporated the merged company that year as Roche Biomedical Laboratories, Inc. in Burlington.

1983: Merger forms Roche Biomedical Laboratories (RBL) Hoffmann-La Roche merges all of its laboratory companies into one company, now called Roche Biomedical Laboratories (RBL).

1984: The United States Congress approved more stringent Medicare regulations, which forced testing laboratories to provide greater billing information.

1987: In February, Roche Biomedical joined Pragma Bio-Tech, Inc., a New Jersey-based company, to provide workplace drug and alcohol testing.

1988: National Health Laboratories went public as a company on the NASDAQ exchange.

1989: The company established a new division, the Roche Insurance Laboratory. The company generated revenue of about US$400 million, with about US$70 million in earnings.

1990: At the start of the decade, Roche Biomedical consolidated geographically, selling its western regional operations in August 1990. The revenues for the company climbed to a high of $500 million this year with earnings in the US of more than $70 million.

1991: However, the company became embroiled in Operation "Labscam" a nationwide crackdown on fraud in the healthcare system, initiated by the United States Attorney's Office in San Diego, California.

1992: The year that National Health Laboratories was required to make their first payment on the Labscam settlement.

1993: Revenues were up to US$761 million, with new peak earnings of nearly US$113 million.

1994: The merger between National Health and Roche Biomedical was announced.

1995: By year-end, the new company's total debt reached US$959 million.

1996: LabCorp was losing money, and its share price was in the dumps, losing three-fourths of its value in a year.

1998: In the summer, LabCorp made the acquisition of Universal Standard Healthcare with an equity position and it became their clinical laboratory testing provider for the long term.

1999: Quest Diagnostic Incorporated, LabCorp's largest rival, acquired SmithKline Beecham Clinical Laboratories, removing an aggressive price competitor.

2001: In December, Labcorp became the exclusive marketer for genomics and proteomics predictive cancer test products made by Myriad Genetics, Inc.

2002: Labcorp announced the acquisition of all outstanding shares of Canadian medical laboratory services company Dynacare Inc. for $480 million in cash and own shares.

2003: Labcorp acquired all of the outstanding shares of Dianon, a provider of anatomical pathology and oncology testing services, for $598 million in cash.

2005:  Labcorp announced the acquisition of all outstanding Shares of Esoterix, Inc., a leading provider of speciality reference testing, for approximately $150 million in cash from private equity firm Behrman Capital.

2006: In November, Labcorp acquired Litholink Corporation, a kidney stone analysis laboratory.

2007: Labcorp acquired Tandem Labs, a Contract research organization specializing in advanced mass spectrometry, immunoanalytical support, pharmacokinetics, and pharmacodynamics, headquartered in Salt Lake City, UT for an undisclosed amount.

2008: Tandem Laboratories purchased by LabCorp LabCorp expands its clinical trials, personalized medicine, and companion diagnostic capabilities by purchasing Tandem Laboratories.

2009: Labcorp acquired Monogram Biosciences, a diagnostic lab specializing in HIV resistance testing, headquartered in South San Francisco, CA, in a cash tender of $4.55 per share for approximately $155 million including debt.

2010: In May, Labcorp acquired the assets of its Santa Ana, California-based rival Westcliff Medical Laboratory which had just filed a Chapter 11 bankruptcy action in federal court.

2011: In November, Labcorp completed the acquisition of more than 90% of the shares of DNA testing company Orchid Cellmark for $85 million but had to sell parts of Orchid's paternity business to DNA Diagnostics Center.

2012: Labcorp completed the acquisition of rival testing lab Medtox Scientific for $241 million.

2013: In September, Labcorp acquired MuirLab, the clinical laboratory outreach business from John Muir Health.

2014: Labcorp announced it had entered into an agreement to acquire Covance Inc. for approximately $6.1 billion.

2015: Acquisition of Covance headlines a banner year In February, LabCorp completes its $6 billion purchase of Covance, Inc., creating the world’s leading healthcare diagnostics company.

2016: Labcorp acquired ClearPath Diagnostics, a provider of laboratory diagnostic services in the Northeastern United States, from private equity firm Shore Capital Partners for an undisclosed amount.

2019: LabCorp acquires MNG Laboratories- As well, LabCorp acquires MNG Laboratories, an internationally recognized clinical diagnostic leader that specializes in next-generation sequencing (NGS) and complex biochemical testing for neurology. Bode was described as the largest DNA forensic testing company in the USA.

2020: Labcorp received emergency use authorization from the FDA for a test for Severe acute respiratory syndrome coronavirus 2 to help mitigate the COVID-19 pandemic. The company – with revenue in excess of $14 billion– provided diagnostic, drug development and technology-enabled solutions for more than 160 million patient encounters per year.

2021: In November, the business announced it would acquire contract research organisation Toxikon.

“To improve health and improve lives, LabCorp delivers world-class diagnostic solutions, brings innovative medicines to patients faster and uses technology more to improve the delivery of care.”

“We are a global life sciences and healthcare company harnessing science for the human good.”