Laboratory Corporation of America Holdings (LH) Q1 2023 Earnings Call Transcript

Laboratory Corporation of America Holdings (NYSE:LH) Q1 2023 Earnings Conference Call April 25, 2023 9:00 AM ET

Company Participants

Chas Cook – Head-Investor Relations

Adam Schechter – Chairman and Chief Executive Officer

Glenn Eisenberg – Executive Vice President and Chief Financial Officer

Conference Call Participants

Ann Hynes – Mizuho Group

Jack Meehan – Nephron Research

Kevin Caliendo – UBS

Brian Tanquilut – Jefferies

Patrick Donnelly – Citi

Derek DeBruin – Bank of America

Tim Daley – Wells Fargo

Eric Coldwell – Baird

Erin Wright – Morgan Stanley

Operator

Hello, and thank you for standing by. Welcome to Labcorp’s Q1 2023 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to Chas Cook. Sir, you may begin.

Chas Cook

Thank you, operator. Good morning, and welcome to Labcorp’s first quarter 2023 conference call. As detailed in today’s press release, there will be a replay of this conference call available via telephone and Internet.

With me today are Adam Schechter, Chairman and Chief Executive Officer; and Glenn Eisenberg, Executive Vice President and Chief Financial Officer. This morning, in the Investor Relations section of our website at www.labcorp.com, we posted both our press release and an Investor Relations presentation with additional information on our business and operations, which include a reconciliation of the non-GAAP financial measures to the GAAP financial measures discussed during today’s call.

Additionally, we are making forward-looking statements. These forward-looking statements include, but are not limited to, statements with respect to the estimated 2023 guidance and the related assumptions, the proposed spinoff of the clinical development business, the impact of various factors on the company’s businesses, operating and financial results, cash flows and/or financial condition, including the COVID-19 pandemic and general economic and market conditions, future business strategies, expected savings and synergies, including from the LaunchPad initiative, acquisitions and other transactions and opportunities for future growth.

Each of the forward-looking statements are subject to change based on a use factors, many of which are beyond our control. More information is included in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and in the company’s other filings with the SEC. We have no obligation to provide any updates to these forward-looking statements even if our expectations change.

Now I’ll turn the call over to Adam Schechter.

Adam Schechter