Laboratory Corporation of America (LH) 8-K Regulation FD Disclosure

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

July 26, 2010

(Date of earliest event reported)

LABORATORY CORPORATION OF

AMERICA HOLDINGS

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-11353	13-3757370
(State or other jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

358 South Main Street,
Burlington, North Carolina	27215	336-229-1127
(Address of principal executive offices)	(Zip Code)	(Registrant’s telephone number including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

Summary information of the Company in connection with non-deal related meetings with RBC Capital Markets on July 27-29, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LABORATORY CORPORATION OF AMERICA HOLDINGS

Registrant

By:	/s/ F. SAMUEL EBERTS III
	F. Samuel Eberts III
	Chief Legal Officer and Secretary

July 26, 2010

July 27-29, 2010

RBC Capital Markets

NDR

2

This slide presentation contains forward-looking
statements which are subject to change based
on various important factors, including without
limitation, competitive actions in the marketplace
and adverse actions of governmental and other
third-party payors.

Actual results could differ materially from those
suggested by these forward-looking statements.
Further information on potential factors that
could affect the Company’s financial results is
included in the Company’s Form 10-K for the
year ended December 31, 2009, and
subsequent SEC filings.

Forward Looking Statement

Introduction

3

Leading National

Lab Provider

• Fastest growing national lab

• $55 billion market

• Clinical, Anatomic and Genomic Testing

• Serving clients in all 50 states and Canada

• Foremost clinical trials testing business

Introduction

4

Valuable Service

•Small component of total cost

influences large percentage

of clinical decisions

•Screening, early detection,

and monitoring reduce

downstream costs

•Companion diagnostics

improve drug efficacy and

reduce adverse drug effects

Attractive Market

5

Attractive Market

6

Growth Drivers

•Aging population

•Industry consolidation

•Advances in genomics

•Pharmacogenomics /

companion diagnostics

•Cost pressures

Source:CDC National Ambulatory Medical Care Survey and Company Estimates

Attractive Market

7

Opportunity to

Take Share

•Approximately 5,000

independent labs

•High cost competitors

Source: Washington G-2 Reports and company estimates

$55 Billion US Lab Market

55%

14%

9%

4%

19%

Hospital Affiliated

Quest

LabCorp

Physician Office

Other Independent

Attractive Market

Diversified Payor Mix

•No customer > 9% of revenue

•Limited government exposure

8

Attractive Market

Diversified Test Mix

•Esoteric 36% of revenue

•Goal of 40% in 3 - 5 years

•Higher priced business

9

Competitive Position

Scale and Scope

•National infrastructure

•Broad test offering

•Managed care contracts

•Economies of scale

10

Primary LabCorp Testing Locations*

Esoteric Lab Locations

(CET, CMBP, Dianon, Esoterix, Monogram Biosciences, NGI, OTS, US Labs, Viromed)

Patient Service Centers*

Competitive Position

11

Managed Care Relationships

•Exclusive national laboratory for UnitedHealthcare

•Sole national strategic partner for WellPoint

•Significant national plans recently renewed or

extended on a multi-year basis, including

WellPoint, Cigna and Humana

•Contracted with numerous local and

regional anchor plans

Scientific

Leadership

•Introduction of new tests

•Acquisitions and licensing

•Collaborations with leading

companies and academic

institutions

Competitive Position

12

Competitive Position

13

Standardized and

Efficient Processes

•Standardized lab and billing

IT systems

•Automation of pre-analytics

•Capacity rationalization

•Logistics optimization

2010 Priorities

14

Our Focus

•Profitable revenue growth

•IT and client connectivity

•Continue scientific

leadership

•Maintain price

•Control costs

2010 Priorities

15

Profitable Revenue Growth

•Target specialty physicians with

breadth of menu and services

•Educate payers and physicians on

value of LabCorp testing

•Leverage assets from Monogram

acquisition

•Continue to improve patient experience

2010 Priorities

16

IT and Client
Connectivity

•Enhance online services and

analytic tools

•LabCorp Inside the Box for

superior connectivity

•Improve Patient Experience

through:

•Automated PSC workflow

•Patient access via PHRs,

online appointments

•Enterprise services

including VoIP

• Continue “open platform” strategy

to maximize options for users

Continue Scientific

Leadership

•Increase esoteric testing

•Grow and enhance offerings in

personalized medicine:

•Expand outcome improvement

programs

•Develop and commercialize

companion diagnostics

2010 Priorities

17

Increase

Esoteric Testing

•Introduction of new tests

•Acquisitions and licensing

•Collaborations with academic

institutions

Continue Scientific Leadership

18

New Tests Include:

Collaborations Include:

BRAF Gene Mutation Detection

EGFR Mutation Analysis for Nonsmall-Cell Lung Cancer

Warfarin (P450 2C9 and VKORC1)

Clopidogrel CYP2C19 Genotyping

Duke University

National Jewish Health

Integrase - HIV Genotyping (GenoSure) and HIV Phenotyping (PhenoSense)

HERmark for Breast Cancer

Yale University

Enhanced Trofile

H1N1 - Flu Testing

Expand Outcomes

Improvement

•Litholink kidney stone

•CKD

•Continual development of

valuable programs

Continue Scientific Leadership

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Continue Scientific Leadership

20

Develop and
Commercialize

Companion Diagnostics

•Invest in clinical trials

•Relationships with biotech and

pharma companies

•Promote key tests

•K-RAS

•HLA-B* 5701

•BRAF Gene Mutation Detection

•EGFR Mutation Analysis

•CYP 450 2C19

•Monogram Biosciences

•Trofile

•PhenoSense, PhenoSense GT

•HERmark

“K-RAS testing should be routinely conducted in
all colorectal cancer patients immediately after
diagnosis to ensure the best treatment strategies
for the individual Patient”

- Dr. Eric Van Cutsem, presenter at the June 2008 American

Society of Clinical Oncology meeting

FDA recommends genetic screening prior to
treatment with Abacavir

ROCKVILLE, Md -- July 24, 2008 -- The US Food and Drug Administration (FDA) has issued
an alert regarding serious, and sometimes fatal, hypersensitivity reactions (HSRs) caused by
abacavir (Ziagen) therapy in patients with a particular human leukocyte antigen (HLA) allele,
HLA-B* 5701.

Genetic tests for HLA-B*5701 are already available, and all patients should be screened for the
HLA-B*5701 allele before starting or restarting treatment with abacavir or abacavir-containing
medications.

“FDA has approved the expanded use of Selzentry…
to include adult patients with CCR5-tropic HIV-1
virus who are starting treatment for the first time.”

- ViiV Healthcare Press Release, November 20th, 2009

2010 Priorities

Maintain Price

•Managed care stability; offsets

1.9% Medicare rate decrease

•Focus on high-value tests

•Promote outcome improvement

21

Control Costs

•Continue focus on collections

and bad debt reduction

•Optimize supply chain

•Use efficiency gains to

improve patient experience

2010 Priorities

22

$3,085

$3,328

$3,591

$4,068

$4,513

$4,695

$2.45

$2.80

$3.30

$4.18

$4.60

$4.89

2004

2005

2006

2007

2008

2009

Revenue ($mil)

EPS

Excellent Performance

23

Revenue and

EPS Growth

•9% Revenue CAGR

•15% EPS CAGR

(1) Excluding the $0.09 per diluted share impact in 2005 of restructuring and other special

charges, and a non-recurring investment loss; excluding the $0.06 per diluted share

impact in 2006 of restructuring and other special charges; excluding the $0.25 per

diluted share impact in 2007 of restructuring and other special charges; excluding the

(2) EPS, as presented, represents adjusted, non-GAAP financial measures.Diluted EPS,

as reported in the Company’s Annual Report were:$2.45 in 2004; $2.71 in 2005;

$3.24 in 2006; $3.93 in 2007; $4.16 in 2008; and $4.98 in 2009.

$0.44 per diluted share impact in 2008 of restructuring and other special charges; excluding

the ($0.09) per diluted share impact in 2009 of restructuring and other special charges.

Revenue and EPS Growth: 2004 - 2009 (1) (2)

Excellent Performance

24

Leading Returns

• Leading returns

• Leading EBIT margin

18.2%

20.5%

21.8%

27.6%

27.5%

25.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2004

2005

2006

2007

2008

2009

LabCorp ROE 2004

-

2009

Excellent Performance

25

Cash Flow

•11% FCF CAGR

•$2.0 B+ share repurchase

over last three years

Note: $ in Millions

Second Quarter and YTD 2010 Results

26

	Three Months Ended Jun 30,				Six Months Ended Jun 30,
	2010	2009	+/(-)		2010	2009	+/(-)
Revenue (1)	$1,238.4	$1,188.8	4.2%		$ 2,432.0	$ 2,344.5	3.7%
Adjusted Operating Income	$270.5	$254.9	6.1%		$514.0	$495.4	3.8%
Adjusted Operating Income Margin	21.8%	21.4%	40	bp	21.1%	21.1%	-	bp
Adjusted EPS (1)	$1.46	$1.30	12.3%		$2.76	$2.51	10.0%
Operating Cash Flow	$216.2	$182.4	18.5%		$448.2	$391.3	14.5%
Less: Capital Expenditures	$(34.5)	$(23.7)	45.6%		$(59.0)	$(54.4)	8.5%
Free Cash Flow	$181.7	$158.7	14.5%		$389.2	$336.9	15.5%
(1) During the first quarter inclement weather reduced revenue by an estimated $23 million and EPS by approximately eight cents

Reconciliation of Non-GAAP Financial Measures

27

Reconciliation of non-GAAP Financial Measures
(In millions, except per share data)
		Three Months Ended June 30,		Six Months Ended June 30,
		2010	2009	2010	2009
Adjusted Operating Income
	Operating income	$270.5	$244.7	$504.7	$485.2
	Restructuring and other special charges	$-	$10.2	$9.3	$10.2
	Adjusted operating income	$270.5	$254.9	$514.0	$495.4
Adjusted EPS
	Diluted earnings per common share	$1.46	$1.24	$2.70	$2.46
	Impact of restructuring and other special charges (1) (2)	$-	$0.06	$0.06	$0.05
	Adjusted EPS	$1.46	$1.30	$2.76	$2.51
(1) After tax impact of restructuring and other special charges for the three months and six months ended June 30, 2010 ($-million divided by
105.4 million shares and $5.7 million divided by 105.9 million shares, respectively)
(2) After tax impact of restructuring and other special charges for the three months and six months ended June 30, 2009 ($6.0 million divided by
109.5 and 109.4 million shares, respectively)

Supplemental Financial Information

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Laboratory Corporation of America
Other Financial Information
FY 2009 and Q1/Q2 2010
($ in millions)
	Q1 09	Q2 09	Q3 09	Q4 09	Q1 10	Q2 10
		��
Bad debt as a percentage of sales	5.30%	5.30%	5.30%	5.30%	5.05%	4.80%
Days sales outstanding	52	50	48	44	46	45
A/R coverage (Allow. for Doubtful Accts. / A/R)	19.5%	20.6%	21.9%	23.2%	21.7%	20.7%

Key Points

•Critical position in health care delivery system

•Attractive market

•Strong competitive position - well positioned to gain share

•Leadership in personalized medicine

•Excellent cash flow

•Strong balance sheet

Conclusion

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