Labcorp Holdings Inc. · NYSE:LH
Labcorp — Q2 2025 Earnings Presentation
16 slides from Labcorp's earnings presentation, Jul 24, 2025
Slide 1: Second Quarter 2025 Supplemental Financial Information
Second Quarter 2025 Supplemental Financial Information July 24, 2025
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements, including, but not limited to, statements with respect to (i) the estimated 2025 guidance and related assumptions, (ii) the impact of various factors on operating and financial results, i
Slide 3: Use of Adjusted Measures
Use of Adjusted Measures The company has provided in this presentation and accompanying tables “adjusted” financial information that has not been prepared in accordance with GAAP, including adjusted net income, adjusted EBITDA, adjusted EPS (or adjusted net income per share), adjusted operating inco
Slide 4: Select Financial Metrics
Select Financial Metrics (Dollars in Millions) 2Q24 3Q24 4Q24 1Q25 2Q25 Depreciation $94.6 $97.9 $100.2 $91.6 $96.2 Amortization of intangibles and other assets $62.2 $63.7 $70.4 $69.6 $68.3 Total Adjusted EBITDA (1) $574.6 $538.9 $523.4 $560.6 $627.8 Total Debt to Last Twelve Months Adjusted EBITDA
Slide 5: Second Quarter 2025 Foreign Exchange Impact to Revenues
Second Quarter 2025 Foreign Exchange Impact to Revenues (1) (Dollars in Millions) Year over Year Dollars % Growth Enterprise Revenues, Constant Currency $3,507 8.9% Foreign Exchange Impact 20 0.6% Revenues, as Reported $3,527 9.5% Diagnostics Laboratories Revenues, Constant Currency $2,751 8.9% Fore
Slide 6: Year to Date Foreign Exchange Impact to Revenues
Year to Date Foreign Exchange Impact to Revenues (1) (Dollars in Millions) Year over Year Dollars % Growth Enterprise Revenues, Constant Currency $6,867 7.3% Foreign Exchange Impact $6 0.1% Revenues, as Reported $6,872 7.4% Diagnostics Laboratories Revenues, Constant Currency $5,387 7.6% Foreign Exc
Slide 7: Second Quarter 2025 Revenue Distribution
Second Quarter 2025 Revenue Distribution Segment Distribution Biopharma Laboratory Diagnostics Laboratories Services 77.8% 22.2% Geographic Distribution (1) Rest of World 16.9% USA 83.1% (1) Revenues recognized in several currencies; the largest foreign currency accounts for less than 10% of total r
Slide 8: Additional Quarterly Business Segment Information
Additional Quarterly Business Segment Information (Dollars in Millions) 2023(1) 2024(1) 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Diagnostics Laboratories Revenue Routine vs. Esoteric Mix: Routine (2) 62.5% 61.8% 61.3% 61.5% 61.8% 61.2% 60.3% 59.9% 60.3% 59.5% Esoteric 37.5% 38.2% 38.7% 38.5% 38.2% 38.8% 3
Slide 9: Diagnostics Laboratories Price / Mix & Days
Diagnostics Laboratories Price / Mix & Days Revenue breakdown by Volume and Price / Mix Year over Year % Change Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Revenue (1) 6.2% 2.6% 4.1% 7.9% 8.9% 10.2% 6.0% 8.9% Volume (in requisitions) (2) 2.3% 2.4% 3.4% 5.7% 5.1% 6.8% 3.0% 4.9% Pr
Slide 10: Biopharma Laboratory Services: Select Financial Metrics
Biopharma Laboratory Services: Select Financial Metrics (1) Trailing Twelve Month (TTM) Results Net Orders Net Book-to-Bill TTM Ending June 30, 2025 $3.34 billion 1.11x TTM Ending March 31, 2025 $3.15 billion 1.07x TTM Ending December 31, 2024 $2.91 billion 1.00x TTM Ending September 30, 2024 $2.90
Slide 11: Outlook for 2025 as of July 24, 2025
Outlook for 2025 as of July 24, 2025 (Dollars in billions, except per share data) Full Year Results Updated 2025 Guidance Updated 2025 Guidance (in Dollars) (in Dollars) (% Versus 2024 Results) 2024 Low High Low High Revenue Labcorp Enterprise (1)(2) $13.01 $13.98 $14.13 7.5% 8.6% Diagnostics Labora
Slide 12: Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA
Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA (In Millions) 2Q24 3Q24 4Q24 1Q25 2Q25 Operating Income $ 294.8 $ 254.1 $ 216.5 $ 326.0 $ 394.5 Add: Restructuring and other charges 11.6 18.0 11.4 6.4 4.1 Goodwill and other asset impairments — — 2.8 — — Other special charges (1) 111.3
Slide 13: Reconciliation of Non-GAAP Income Statement
Reconciliation of Non-GAAP Income Statement (In Millions, Except Per Share Data) GAAP Non-GAAP Three Months Ended June 30, Three Months Ended June 30, 2025 2024 2025 2024 Revenues $ 3,527.3 $ 3,220.9 $ 3,527.3 $ 3,220.9 Cost of revenues 2,481.1 2,294.5 2,461.9 2,263.4 Gross profit 1,046.2 926.4 1,06
Slide 14: Reconciliation of Non-GAAP Income Statement
Reconciliation of Non-GAAP Income Statement (In Millions, Except Per Share Data) GAAP Non-GAAP Six Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ 6,872.4 $ 6,397.5 $ 6,872.4 $ 6,397.5 Cost of revenues 4,878.2 4,573.8 4,833.3 4,521.0 Gross profit 1,994.2 1,823.7 2,039.
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures(1) (Dollars and Shares In Millions, Except Per Share Data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Adjusted Operating Income Operating income $ 394.5 $ 294.8 $ 720.5 $ 616.1 Amortization of intangibles and other assets (
Slide 16: Reconciliation of Non-GAAP Financial Measures – Footnotes
Reconciliation of Non-GAAP Financial Measures – Footnotes (a) Amortization of intangible assets acquired as part of business acquisitions. (b) Restructuring and other charges represent amounts incurred in connection with the elimination of redundant positions and facilities and contract termination