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Laboratory Corporation Of America® Holdings Announces 2012 Third Quarter Results

Laboratory Corporation of America ® Holdings (LabCorp ®) (NYSE: LH) today announced results for the quarter ended September 30, 2012.

Third Quarter Results

Net earnings were $148.0 million and earnings per diluted share (EPS) were $1.53 in the third quarter of 2012. Non-GAAP earnings per diluted share, excluding amortization, restructuring and other special charges recorded in the third quarter of 2012 and 2011 (Adjusted EPS Excluding Amortization) were $1.76 and $1.61, respectively.

Operating income for the quarter was $245.1 million. Non-GAAP operating income excluding restructuring and other special charges recorded in the quarter (Adjusted Operating Income) was $258.9 million.

Revenues for the quarter were $1,419.4 million, an increase of 1.1% over the third quarter of 2011. Testing volume, measured by requisitions, increased 1.4% and revenue per requisition decreased 0.3%.

Operating cash flow for the quarter was $203.8 million. The balance of cash at the end of the quarter was $466.0 million, and there were no borrowings outstanding under the Company’s $1 billion revolving credit facility. During the quarter, the Company repurchased $127.8 million of stock, representing 1.4 million shares. As of September 30, 2012, $204.0 million of repurchase authorization remained under the Company’s previously approved share repurchase plan.

The Company recorded restructuring and other special charges of $4.8 million during the third quarter of 2012. In addition, during the quarter the Company recorded $9.0 million in fees and expenses relating to the acquisition of MEDTOX Scientific, Inc.

Year To Date Results

Net earnings were $462.9 million and earnings per diluted share were $4.72 in the first nine months of 2012. Adjusted EPS Excluding Amortization in the first nine months of 2012 and 2011 were $5.27 and $4.80, respectively.

Operating income was $808.2 million in the first nine months of 2012. Adjusted Operating Income was $822.7 million, compared to $806.8 million in 2011.

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