LH 10-K & 10-Q changes, risk factors and insider trading
Labcorp Holdings Inc. · NYSE · Services-Medical Laboratories · CIK 920148 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Removed heading “The Company’s quarterly operating results may vary.”
Removed heading “The spin-off of Fortrea may not achieve the intended results.”
Removed heading “Any cybersecurity incidents affecting the information technology systems of third parties that provide services to the Company could have a material adverse effect on the Company's operations.”
Largest changes
“The Company continues to face cybersecurity threats, including ransomware attempts, data breaches, and phishing and social engineering attempts targeting its systems and its employees, and those of third-party vendors. Increasingly sophisticated methods, including the use of AI by threat actors, heighten these risks. …”see in full comparison
The Companysee in full comparisonreceives,collects, stores, transmits, and processescertainpersonal and financialinformationinformation,about its customers. In addition, the Company depends upon the secure transmission of confidential information over public networks, including information permitting cashless payments. The Company alsoand works with third-party service providersand vendors that provide technology systems and services that are usedin connection withthesuchreceipt, storage, transmission, anddata processingof customer personal and financial information.activities. A compromise of the Company’ssystems,orthoseaofvendor’sthe Company's third-party service providers and vendors,systems that results incustomer personalconfidential information beingobtainedacquired, accessed, oralteredchanged by unauthorized persons, orthe Company’s third party'sfailure tocomply withmeet securityrequirements,standards,includingsuchbutasnotthelimited toHIPAA securitystandardsregulationsfor payment cards (e.g.,and the Payment Card Industry Data SecurityStandard),Standard, couldadversely affectharm the Company’sreputation with its customers and others, as well as the Company’s results ofreputation, operations, financialconditioncondition, andliquidity.liquidity,Itandcould alsomay result inlitigationlitigation,againstfines,theorCompanyregulatoryand the imposition of fines and penalties.actions. For example,in connection withthe AMCA Incident (as defined below under “Cybersecurity” in Item 1C)theresultedCompany has incurred, and expects to continue to incur,in costs,and the Company is involved inpending and threatened litigation,as well as various governmentand regulatoryinquiries and processes.inquiries. For additional information about the AMCA Incident, see Note 15 Commitments and Contingencies to the Consolidated Financial Statements of Part III of the Annual Report.
“Current FDA regulation of the Company’s diagnostic offerings and the potential for future increased regulation of the Company’s LDTs could result in increased costs and administrative and legal actions for noncompliance, including warning letters, fines, penalties, suspensions, recalls, injunctions, and other civil and criminal sanctions, and could impair the development and commercialization of new tests, which could have a material adverse effect upon the Company.”see in full comparison
“The Company has previously experienced and expects to continue to experience attempts by unauthorized parties to compromise the Company’s cybersecurity controls, like the 2018 ransomware attack. The Company has also experienced and expects to continue to experience similar attempts by threat actors to penetrate the systems of third-party suppliers and vendors to whom the Company has provided data, like the 2019 AMCA data breach. …”see in full comparison
“The Company may also be required to comply with the data privacy and security laws of other countries in which it operates or with which it transfers and receives data. For example, the EU’s General Data Protection Regulation (GDPR) includes compliance obligations for subject companies and imposes penalties for noncompliance of up to the greater of €20 million or 4% of worldwide revenue for the most serious breaches of data protection obligations, and similar obligations exist under the UK GDPR. The Company has established processes and frameworks to manage compliance with the GDPR. …”see in full comparison
“In addition to the existing requirements under HIPAA, HHS issued an NPRM regarding revising the HIPAA Security Rule, which, if adopted, would impose increased requirements on regulated entities such as the Company. The Company has implemented policies and procedures designed to comply with the HIPAA privacy and security requirements as applicable. The privacy and security regulations establish a “floor” and do not supersede state laws that are more stringent. …”see in full comparison
Full comparison: every changed paragraph (134)
Investors should carefully consider all of the information set forth in this Annual Report, including the following risk factors, before deciding to invest in any of the Company’s securities. The risks below are not the only ones that the Company faces. Additional risks not presently known to the Company, or that it presently deems immaterial, may also negatively impact the Company. The Company’s business, consolidated financial condition, revenues, results of operations, profitability, reputationreputation, or cash flows could be materially impacted by any of these factors.
Risks Related to the Company’s Business and Operations Including Global Economic and Geopolitical Factors
General or macro-economic factors and significant fluctuations in economic conditions in the U.S. and globally may have a material adverse effect uponon the Company.
The Company’s operations are dependent upon ongoing demand for diagnostic testing and biopharma laboratory services by patients, physicians, hospitals, MCOs, pharmaceutical, biotechnology and medical device companies and others. Significant changes in global economic conditions, and an increase in the costs of goods and services, could negatively impact testing volumes, the demand for biopharma laboratory services, cash collections, profitability, and the availability and cost of credit.
PressuresThe Company’s business depends on sustained demand for diagnostic testing and biopharma laboratory services by patients, physicians, hospitals, MCOs, CROs, pharmaceutical, biotechnology, medical device companies, and others. Significant changes in global economic conditions, inflationary pressures, and credit market volatility could negatively affect testing volumes, the demand for biopharma laboratory services, cash collections, profitability, and access to financing. Pressure on and uncertainty surrounding the U.S. federal government’sgovernment budget,budget and potential changes in budgetarybudgeting priorities,priorities could adversely affect the funding for government programs that comprise a portion of the Company’s revenues.revenue. In addition, uncertainty in the credit markets and interest rate volatility could reduce the availability and increase the cost of credit and impact the Company’s ability to meet its financing needs in the future.
Operations may be disrupted and adversely impacted by events beyond the Company’s control, including natural disasters, adverse weather, geopolitical events, public health crises, acts of terrorism, disruption to supply chain,chain disruptions, and inaccessibility of natural resources.
Natural disasters,disasters such(e.g., as adversesevere weather, fires, earthquakes, power shortages and outages,earthquakes), geopolitical events,events such as(e.g., terrorism, war, and political instability, or other conflict,instability), public health crises and disease epidemics and pandemics,crises, criminal activities, disruptions toactivity, supply chains,chain inaccessibility of natural resources,disruptions, and other disruptions or events beyond the Company’s control could negatively affect the Company’s operations. AnyThese of these events may result in a temporary decline of testing volumes and other work in both segments. In addition, such eventsdisruptions may temporarily interruptreduce thetesting Company’svolumes, abilitydelay study progress, hinder specimen transport, limit access to transportlaboratories specimens,and efficiently commence, continue, or complete its work on studies, utilize information technologyIT systems, utilizeand certaininterrupt laboratories,supply and/ordeliveries. toThey receive material from its suppliers. Such events canmay also affect customer operationsoperations, andfurther therebydecreasing impactdemand. testing volume. Long-termProlonged disruptions in the infrastructure and operations caused by such eventsevents, (particularly involving locationsespecially in whichkey theoperational Company has operations),locations, could harm the Company’s operatingresults results.of operations.
An inability to attract, retain, and develop experienced and qualified personnel, including personnel in key managementroles personnel,and critical positions, and increased personnel costs, could adversely affect the Company’s business.
The loss of personnel in key managementroles personneland critical positions or the inability to attract, retain, and develop experienced and qualified employees, at the Company’s clinical laboratories, drug development, and diagnostic facilities, and increased costs related to such personnel and employees, could adversely affect the business. The success of the Company is dependent in part on the efforts of key members of its management team. Success in maintaining the Company’s leadership position in genomic and other advanced testing and diagnostic technologies will depend in part on the Company’s ability to attract and retain skilled research professionals. In addition, the success of the Company’s early discovery, clinical, and commercial laboratories also dependdepends on employing and retaining qualified and experienced professionals, including specialists, who perform laboratory research activities and testing services. The same is true for patient-facing staff with specialized training required to perform activities related to specimen collection or clinical research activities. In the future, if competition for the services of these professionals increases, the Company may not be able to continue to attract and retain individuals in its markets. Changes to personnel in key management,roles orand critical positions, and the ability to attract, develop, and retain qualified personnel, as a result of increased competition for talent, wage growth, or other market factors, could lead to strategic and operational challenges and uncertainties, distractions of management from other key initiatives, and inefficiencies and increased costs, any of which could adversely affect the Company’s business, financial condition, results of operations, and cash flows.
Continued changes in healthcare reimbursement models and products (e.g., health insurance exchanges), changes in government payment and reimbursement systems, or changes in payer mix, including an increase in third-party benefits management and value-based payment models, could have a material adverse effect on the Company’s revenues, profitabilityprofitability, and cash flow.
The Company’s diagnostic testing services are primarily billed to third parties, including MCOs, employer plans, and other health insurance providers. A shift toward a higher mix of government and MCO payers may adversely effect revenues due to lower reimbursement rates. Ongoing efforts by payers to reduce reimbursement, tighten payment policies, and control utilization are expected to continue. If the Company cannot offset these reductions through cost efficiencies, increased volume or new services, its revenues, profitability, and cash flows may be materially impacted. PAMA has already reduced Medicare reimbursement rates for many tests, and further reductions are expected, although rate reductions are frozen for 2026 and capped at 15% per year for 2027-2029. Delays and changes in coding, billing, and payer policies have historically impacted revenue and margins, and similar disruptions may continue. Increasing patient cost-sharing and evolving value-based care models also pose collection challenges and may affect the Company’s ability to attract and retain MCOs.
Dx testing services are billed to MCOs, Medicare, Medicaid, physicians and physician groups, hospitals, patients, and employer groups. Most testing services are billed to a party other than the physician or other authorized person who ordered the test. Increases in the percentage of services billed to government and MCOs could have an adverse effect on the Company’s revenues.
The Company expects the efforts to impose reduced reimbursement, more stringent payment policies, and utilization and cost controls by government and other payers to continue. If Dx cannot offset additional reductions in the payments it receives for its services by reducing costs, increasing test volume, and/or introducing new services and procedures, it could have a material adverse effect on the Company’s revenues, profitability, and cash flows. In 2014, Congress passed PAMA, requiring Medicare to change the way payment rates are calculated for tests paid under the CLFS, and to base the payment on the weighted median of rates paid by private payers. Pursuant to PAMA, reimbursement rates for many clinical laboratory tests provided under Medicare were reduced from 2018 through 2020. Enforcement of PAMA was suspended each year from 2021 through 2025, but a long-term resolution through legislation has not yet been achieved, and the next round of PAMA reductions are currently on track to be implemented in 2026. Unless implementation of PAMA is further delayed or changed, additional reductions in reimbursements of $100.0 million are expected for 2026 from all payers affected by the CLFS.
The Company’s ability to attract and retain MCOs is critical given the impact of healthcare reform, changes in coverage and evolving value-based care and risk-based reimbursement delivery models (e.g., accountable care organizations (ACOs) and Independent Physician Associations (IPAs)).
A portion of the managed care fee-for-service revenues is collectible from patients in the form of deductibles, coinsurance and copayments. As patient cost-sharing continues to increase, the Company’s collections may be adversely impacted.
In addition, Medicare and Medicaid and private insurers have increased their efforts to control the cost, utilization and delivery of healthcare services, including commercial laboratory services. Measures to regulate healthcare delivery in general, and clinical laboratories in particular, have resulted in reduced prices, added costs and decreased test utilization for the commercial laboratory industry by increasing complexity and adding new regulatory and administrative requirements.
The Company has periodically experienced delays in the pricing and implementation of coding and billing changes among various payers, including Medicaid, Medicare and commercial carriers. Payer policy changes in coverage, along with coding and billing changes, have had a negative impact over time on revenue, revenue per requisition, and margins and cash flows. In 2024, limited coding and billing changes were implemented. While limited changes are expected to be implemented in 2025, the Company typically expects some delays in pricing and reimbursement as new codes are introduced.
The Company expects the efforts to impose reduced reimbursement, more stringent payment policies, and utilization and cost controls by government and other payers to continue. If Dx cannot offset additional reductions in the payments it receives for its services by reducing costs, increasing test volume, and/or introducing new services and procedures, it could have a material adverse effect on the Company’s revenues, profitability and cash flows.
BLS assistssupports pharmaceutical, biotechnology, and medical device companies in navigating the regulatory approval and post-approval compliance requirements process. Changes in government regulations, suchwhether aseasing aor relaxationtightening requirements and changes in regulatorygovernment requirementsoperations, orincluding thestaff introductionreductions ofand simplifiedreorganization approval procedures or an increase in regulatory requirements that BLS may have difficulty satisfying or that may make its services less competitive,efforts, could eliminate or substantially reduce the demand for itsBLS’s services.services Also,or ifmake governmentthem less competitive. Additionally, efforts to containcontrol drug and medical product and device costs impact profits from such items,costs, or ifchanges healthin insurersinsurer werereimbursement practices, may lead customers to changereduce theirR&D practicesspending, withwhich respectcould toadversely reimbursement for those items, some ofaffect BLS’s customers may spend less, or reduce their growth in spending on R&D.business.
As further described in Item 1 and Item 1A of Part I of this Annual Report, both Dx and BLS operate in highly competitive industries.industries and selection of a commercial laboratory or a drug development partner is based on a number of competitive factors. The commercial laboratory business is intensely competitive in terms of price, service, specialty offerings, and the type and number of commercial laboratories. Dx and BLS compete against a wide range of businesses, as well as in-house departments of pharmaceutical, biotechnology, medical device, and diagnostic companies, andand, to a lesser extent, selected academic research centers, universities, and teaching hospitals. In addition, BLS’s services periodicallyare experiencesubject periods ofto increased price competition that may have an adverse effect on the segment’s profitability and consolidated revenues and net earnings. Dx’s or BLS’s inability to compete effectively with other businesses as it relates to certain competitive factors, including the factors mentioned above, could have an adverse effect on the Company’s revenues and profitability.
ToThe maintainCompany’s andgrowth growdepends itson business, the Company needs to obtain and retainattracting new customers and business partners.partners Inwhile addition,retaining aexisting reductionrelationships. A decline in teststest orderedorders or specimensspecimen submitted by existing customers, a decrease in demand for the Company’s servicesvolume from existing customers, or the loss of existing contracts,contracts without offsetting growth in its customer base, could impact the Company’s ability to successfully grow its business and could have a material adverse effect on the Company’s revenues and profitability. The Company competes primarily on the basis of reputation, efficient and timely performance, and leadership in science, technologytechnology, and innovation. The Company’s failure to successfully compete in any of these areas could result in the loss of existing customers, an inability to gain new customers, and reduced or stagnant growth of the Company’s business.
Discontinuation or recalls of products used in the performance of testing, failureFailure to develop or acquire licenses for new or improved testing technologies, or the Company’s customers using new technologies to replace offerings currently provided by the Company could adversely affect its business.
From time to time, manufacturers discontinue or recall reagents, test kits, or instruments used by the Company to perform laboratory testing. Such discontinuations or recalls could adversely affect the Company’s costs, testing volume and revenue.
The commercial laboratory industry is subject to changing technology and the introduction of new and improved test offerings. The Company’s success in maintaining a leadership position in genomic and other advanced testing technologies will depend, in part, on its ability to develop, acquireacquire, or license new and improved technologies on favorable terms and to obtain appropriate coverage and reimbursement for these technologies. The Company may not be able to negotiate acceptable licensing arrangements, and it cannot be certain that such arrangements will yield commercially successful diagnostic tests. If the Company is unable to license these testing methods at competitive rates, its R&D costs may increase as a result. In addition, if the Company is unable to license new or improved technologies to expand its esoteric testing operations, its testing methods may become outdated and testing volume and revenue may be materially and adversely affected.
In addition, advances in technology may lead to the development of more technologies, such as point-of-care testing equipment, that can be operated by healthcare providers in their offices or by patients themselves without requiring the services of commercial laboratories. Development of such technology and its use by the Company’s customers could reduce the demand for its laboratory testing services and the utilization of certain tests offered by the Company and negatively impact its revenues. Similarly, application of artificial intelligenceAI to testing could reduce demand for the Company’s services, or competitors could adopt use of these technologies and derive benefits from them sooner than the Company.Company, which could adversely affect the Company’s business.
Changes or disruption in services, supplies, or transportation provided by third parties have impactedimpacted, and could continuein tothe impactfuture ormaterially adversely affectimpact, the Company’s operations and business.
Despite having proprietary transport capabilities, the Company remains dependent on third parties for critical supplies and services, including transportation, laboratory materials, and specialized animal populations. Disruptions in supply chains or access to transport—due to factors such as geopolitical instability, public health crises, natural disasters, or vendor noncompliance—have impacted, and could in the future materially impact, the Company’s operations. Furthermore, from time to time, manufacturers discontinue or recall reagents, test kits, or instruments used by the Company to perform laboratory testing. Such discontinuations or recalls could adversely impact the Company’s costs, testing volume and revenue.
The Company depends on third parties to provide supplies and services critical to the Company’s business. Although the Company has a significant proprietary network of ground and air transport capabilities, certain of the Company’s businesses are heavily reliant on third-party ground and air travel for transport of clinical trial and diagnostic testing supplies and specimens, research products, and people. A significant disruption to these travel systems, or the Company’s access to them, could have a material adverse effect on the Company’s business. The Company is also reliant on an extensive network of third-party suppliers and vendors of certain services and products, including for certain animal populations. Disruptions to the continued supply, or increases in costs, of these services, products, or animal populations may arise from export/import restrictions or embargoes, political or economic instability, pressure from animal rights activists, adverse weather, natural disasters, public health crises, transportation disruptions, cybersecurity incidents, or other causes, as well as from termination of relationships with suppliers or vendors for their failure to follow the Company’s performance standards and requirements. Disruption of supply and services has impacted and could continue to impact or have a material adverse effect on the Company’s business.
Part of the Company’s strategy involves deploying capital in investments that enhance the Company’s business, which includes pursuing strategic acquisitions to strengthen the Company’s scientific capabilities and enhance therapeutic expertise, enhance esoteric testing and global drug development capabilities, and increase presence in key geographic areas. Since January 1, 2020,2021, the Company has invested net cash of approximately $3.4$3.8 billion in strategic business acquisitions. However, the Company cannot assure that it will be able to identify acquisition targets that are attractive to the Company or that are of a large enough size to have a meaningful impact on the Company’s operatingresults results.of operations. Furthermore, the successful closing and integration of a strategic acquisition entails numerous risks, including, among others:
The Company is a party to a limited number of collective bargaining agreements with various labor unions and is subject to employment and labor laws and unionization activity in the U.S. Similar employment and labor obligations exist across other countries in which it conducts business, including appropriate engagement with works councils in Europe. Disputes with regard to the terms of labor agreements or obligations for consultation, potential inability to negotiate acceptable contracts with these unions, unionization activity, or a failure to comply with labor or employment laws could result in, among other things, labor unrest, strikes, work stoppages, slowdowns by the affected workers, fines and penalties. If any of these events were to occur, or other employees were to become unionized, the Company could experience a significant disruption of its operations or higher ongoing labor costs, either of which could have a material adverse effect upon the Company’s business. Additionally, future labor agreements, or renegotiation of labor agreements or provisionsrenegotiations of labor agreements, or changes in labor or employment laws, could compromise its service reliability and significantly increase its costs, which could have a material adverse effect uponon the Company’s business. Also, the Company may incur substantial additional costs and become subject to litigation and enforcement actions if the Company fails to comply with legal requirements affecting its workforce and labor practices, including laws and regulations related to wage and hour practices, Office of Federal Contract Compliance Programs compliance, and unlawful workplace harassment and discrimination.
ManyConsolidation of healthcare companies and providers, including pharmaceutical, biotechnologybiotechnology, and medical device companies, health systems, and physician practices arethrough consolidatinghorizontal throughand vertical mergers, acquisitions, jointand ventures,partnerships, is increasing competition and othergiving types of transactions and collaborations. In addition to these more traditional horizontal mergers that involve entities that previously competed against each other, the healthcare industry is experiencing an increase in vertical mergers, which involve entities that previously did not offer competing goods or services. As the healthcare industry consolidates, competition to provide goods and services may become more intense, and vertical mergers may give thosesome combined companies greater control over more aspects of healthcare, including increased bargaining power. This competition and increased customer bargaining power may adversely affect the pricepricing and volume of the Company’s services.
In addition, as thehealth broadersystems healthcare industry trend of consolidation continues, including the acquisition ofacquire physician practicespractices, bymaintaining health systems,strong relationships with hospital-based health systems and integrated delivery networks are becomingis increasingly important.important Dxto hasthe aCompany’s well-established base of relationships with those systems and networks, including collaborative agreements.business. Dx’s inability to retain its existing relationships with those physicians as they become part of healthcare systems and networks and/or to create new relationships could impact its ability to successfully grow and maintain its business, which could adversely affect the Company’s business.
Many of the Company’s facilitiesfacilities, or the operations conducted therein could be difficult to replace in a short period of time. Any event that causes a disruption of the operation of these facilities might impact the Company’s ability to provide services to customers and, therefore, could have a material adverse effect on the Company’s financial condition, results of operations, and cash flows.
The Company has quality control systems and processes to support the performance and delivery of its services. A failure to establish, update, or perform in accordance with those systems or processes could adversely affect the Company’s business operations, resultingresult in the loss of customers, loss or suspension of licensure or certifications, or imposition of sanctions or other penalties, damageamong toother things, which could adversely affect the Company’s reputation,business orand other adverse effects.reputation.
The Company enters into fixed-price and capped fee-for-service contracts, bearing financial risk if costs exceed estimates or pricing is insufficient. Such underpricing or significant cost overruns could have an adverse effect on the Company’s business, results of operations, financial condition, and cash flows. Many BLS contracts may be terminated or reduced in scope, including for reasons such as safety issues, undesired product results, insufficient clinical trial or investigator enrollment, customer decisions to halt development, or failure to perform contractual obligations. Loss, reduction, or delay of large or multiple contracts could materially adversely affect BLS’s business, results of operations, financial condition, and cash flows.
The Company has many contracts that are structured as fixed-price for fixed-contracted services or fee-for-service with a cap. The Company bears the financial risk if these contracts are underpriced or if contract costs exceed estimates. Such underpricing or significant cost overruns could have an adverse effect on the Company’s business, results of operations, financial condition, and cash flows.
Many of BLS’s contracts may be terminated or reduced in scope either immediately or upon notice. Cancellations may occur for a variety of reasons, including:
•failure of products to satisfy safety requirements;
•unexpected or undesired results of the products;
•insufficient clinical trial subject enrollment;
•insufficient investigator recruitment;
•a customer’s decision to terminate the development of a product or to end a particular study; and
•BLS’s failure to perform its duties properly under the contract.
Although BLS’s contracts typically entitle the Company to receive all fees earned up to the time of termination, and often also the costs of winding down the terminated projects, the loss, reduction in scope or delay of large or multiple contracts could materially adversely affect BLS.
A significant increase in the Company’s days sales outstanding could have an adverse effect on the Company’s business, including its cash flow, by increasing its bad debt or decreasing its cash flow.
Billing for laboratory services is a complex process.process Laboratoriesdue billto manyvarying billing requirements across different payers, including doctors,physicians, patients, health plans, Medicare, Medicaid, and employer groups, all of which have different billing requirements.Medicaid. A material increase in Dx’s days sales outstanding level, which could be causeddriven by multiple reasons due to thebilling complexity ofor billing for laboratory services,otherwise, could have an adverse effect on the Company’s business, including potentially increasing itsthe Company’s bad debt rate and decreasing itsreducing cash flows. AlthoughWhile BLS doesfaces not face the same level of complexity in itsless billing processes, it could also experiencecomplexity, delays in billing or collection, and a material increase in BLS’s days sales outstandingcollections could similarly have an adverse effect on the Company’s business, including potentially decreasing its cash flows.
BLS’s revenues depend on R&D spending by companies in the pharmaceutical, biotechnology and medical device industries.
BLS’s revenues are closely tied to R&D spending by pharmaceutical, biotechnology, and medical device companies, which may depend on access to capital and reimbursement from payers. Economic conditions, industry trends, or funding constraints could lead to reduced or delayed R&D activity or outsourcing, materially impacting BLS’s business and financial performance.
BLS’s revenues depend greatly on the expenditures made by the pharmaceutical, biotechnology and medical device industries in R&D. In some instances, these companies are reliant on their ability to raise capital in order to fund their R&D projects. These companies may be reliant on reimbursement for their products from government programs and commercial payers. Accordingly, economic factors and industry trends affecting BLS’s customers in these industries may also affect BLS. If these companies were to reduce the number of R&D projects they conduct or outsource, whether through the inability to raise capital, reductions in reimbursement from governmental programs or commercial payers, industry trends, economic conditions or otherwise, BLS could be materially adversely affected.
The Company hasoperates business and operations outside the U.S.,internationally and BLS derives a significant portion of its revenues from internationalnon-U.S. operations. Since the Company’s Consolidated Financial Statements are denominated in U.S. dollars,USD, fluctuations in exchange rates from period to period will have an impact on reported results. In addition, BLS may incur costs in one currency related to its services or products for which it is paid in a different currency. As a result, factors associated with international operations, including changes in foreign currency exchange rates,rates may impact reported financial results, especially when costs and revenues are denominated in different currencies. These factors could significantly affect BLS’s results of operations, financial conditioncondition, and cash flows.flows, which could have an adverse effect on the Company’s business.
The Company’s uses of financial instruments to limit its exposure to interest rate and currency exchange fluctuations could expose it to risks and financial losses that may adversely affect the Company’s financial condition, liquidityliquidity, and results of operations.
To limit the Company’s exposure to interest rate fluctuations and currency exchange fluctuations, it has entered into, and in the futureCompany may enterenters into for these or other purposes, financial swaps,swaps orand hedging arrangements, with various financial counterparties. In addition to any risksrisk related to the counterparties, there can be no assurancesassurance that the Company’sthis hedging activitystrategy will be effective in insulating itthe Company from the risksrisk associated with the underlying transactions, that the Company would not have been better off without entering into these hedges,transactions or that the Company will not have to pay additional amounts upon settlement.
The Company’s level of indebtedness and debt service requirements could adversely affect the Company’s liquidity, results of operationsoperations, and business.
At December 31, 2024,2025, the indebtedness on the Company’s outstanding senior notes totaled approximately $6.2$5.2 billion in aggregate principal, of which $1.0$500.0 billionmillion is payable within the next 12 months. The Company is also a party to credit agreements relating to a $1.0 billion revolving credit facility. Under the revolving credit facility, the Company isfacility subject to negative financial covenants limiting subsidiary indebtedness and certain other covenants typical for investment-grade-rated borrowers, and the Company is required to maintain a leverage ratio within certain limits.
The Company’s level of indebtedness and debt service requirements could adversely affect its business. In particular, itsuch indebtedness could increase the Company’s vulnerability to sustained, adverse macroeconomicmacro-economic weakness,downturns, limit its ability to obtain further financing or refinance existing debt at maturity,flexibility, and limit its ability to pursue certain operational and strategic opportunities, including large acquisitions. Higher interest rates and changes in debt ratings could increase borrowing costs and reduce access to capital. Additional debt or credit arrangements may further restrict operations and liquidity. The Company may incur additional long-term debt, which could further increase its obligations and business restrictions. Additionally, major debt rating agencies regularly assess the Company’s cost of funds could increase due to the impact of increases in prevailing interest rates on its variable rate debtdebt, and shouldthere is no assurance that the Company refinancewill be able to maintain its existing debt atratings maturityand ora obtainfailure furtherto financing.do so could raise funding costs and limit access to capital.
The Company may also enter into additional transactions or credit facilities, including other long-term debt, which may increase its indebtedness and result in additional restrictions upon the business. In addition, major debt rating agencies regularly evaluate the Company’s debt based on a number of factors. There can be no assurance that the Company will be able to maintain its existing debt ratings, and failure to do so could adversely affect the Company’s cost of funds, liquidity and access to capital markets.
The Company’s quarterly operating results may vary.
The Company’s operatingquarterly results of operations may vary significantly from quarter to quarter andmaking areit influencedharder byto factorspredict overfuture which the Company has little control, such as:results.
The Company’s results of operations may vary significantly from quarter to quarter and are influenced by factors over which the Company has little control, such as:
•changes in the global economyeconomy, including the imposition of tariffs;
Management's Discussion & Analysis (MD&A)
Removed heading “Separation of Fortrea Holdings Inc.”
Largest changes
For the year ended December 31,see in full comparison2024,2025, the Company recorded net restructuring charges of$46.0.$127.2, including $105.5 of charges associated with the restructuring of ED. The charges were comprised of$43.0$101.3 in long-lived asset impairment and other non-cash charges, $27.2 in severance and other personnel costs,and $5.9$17.9 in facility-relatedcostscosts,primarilyandassociated$13.9withingeneralcontractintegrationterminationactivities.costs. The charges were adjusted by the reversal of previously establishedliabilityliabilities of$2.5 in unused severance and $0.4 in unused facility-related costs.$33.1.
“The impairment charges for the year ended December 31, 2024, were primarily due to the decommissioning of an information system and a robotic asset. The impairment charges for the year ended December 31, 2023, were primarily comprised of $333.6 of goodwill impairment for the ED reporting unit, which is part of the BLS segment.”see in full comparison
“The decrease in effective tax rate as compared with the prior year is primarily attributable to the unfavorable impact of the prior year goodwill impairment of the ED reporting unit, while no goodwill impairment was recognized during the year ended December 31, 2024.”see in full comparison
“On August 23, 2024, the Company and a bankruptcy-remote special purpose vehicle entered into a $300.0 three-year accounts receivable securitization facility with PNC Bank, National Association (PNC) as administrative agent (AR Facility). The AR Facility provides for purchases of accounts receivable by PNC in an amount of up to $300.0 through August of 2027 and may increase to up to $700.0, subject to the satisfaction of certain conditions.”see in full comparison
“On July 4, 2025, the U.S. government enacted the OBBBA, which includes provisions addressing regulations and federal funding affecting healthcare. These provisions include, but are not limited to, changes to Medicaid and the ACA, and could lead to revised regulatory requirements and reduced federal funding. As a result of these changes, the Company could experience a decline in utilization of its diagnostics testing services due to a reduction in overall insurance coverage, which may cause the Company’s revenue to decrease. …”see in full comparison
Full comparison: every changed paragraph (70)
For the year ended December 31, 2024,2025, the Company’s revenues were $13,008.9,$13,951.7, an increase of 7.0%7.2% from $12,161.6$13,008.9 for the corresponding period in 2023.2024. The 7.0%7.2% increase in revenues for the year ended December 31, 2024,2025, as compared to the corresponding period in 2023,2024, was primarily due to organic revenue of 3.9%,4.4%, acquisitions, net of divestitures of 2.8%,2.5%, and favorable foreign currency translation of 0.2%. The 3.9% increase in organic revenue was due to a 4.9% increase in the Company’s organic Base Business (Base Business includes the Company’s business operations except for COVID-19 Testing), partially offset by a 1.0% decrease in COVID-19 Testing.0.4%.
The Company defines organic growth as the increase in revenue excluding the year over year impact of acquisitions, divestitures, and currency. Acquisition and divestiture impact is considered for a twelve-month12-month period following the close of each transaction.
On June 30, 2023, the Company completed the Spin-off. The TSA dated June 29, 2023 between Fortrea and LCAH expired on June 30, 2025, and all services provided under the TSA terminated on or before the expiration date.
On July 4, 2025, the U.S. government enacted the OBBBA, which includes provisions addressing regulations and federal funding affecting healthcare. These provisions include, but are not limited to, changes to Medicaid and the ACA, and could lead to revised regulatory requirements and reduced federal funding. As a result of these changes, the Company could experience a decline in utilization of its diagnostics testing services due to a reduction in overall insurance coverage, which may cause the Company’s revenue to decrease. However, the Company currently believes any such reduction would not likely have a material impact on its results of operations in future periods. The potential impacts described above represent the Company’s assessment at this time, and the Company will continue to evaluate the impact of the OBBBA on its business and operations, if any, as the legislation’s provisions continue to become effective through 2028.
Separation of Fortrea Holdings Inc.
On June 30, 2023, Labcorp completed the previously announced separation (Spin-off) of its former Clinical Development and Commercialization Services (CDCS) business into Fortrea.
All historical operating results of Fortrea are presented as Earnings from discontinued operations, net of tax, in the Company’s Consolidated Statements of Operations. The spin-off is expected to be treated as tax-free for the Company and its shareholders for U.S. federal income tax purposes.
As a result of the separation of Fortrea, the Company recast segment results to exclude the historical results of the CDCS business for all periods presented. The remaining operations of the previously reported Drug Development segment have been renamed the Biopharma Laboratory Services (BLS) segment.
The following tables present the financial measures that management considers to be the most significant indicators of the Company’s performance. For the discussion of 20232024 results and comparison with 20222023 results refer to “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.2024.
Dx revenues for the year ended December 31, 2024, were $10,144.3, an increase of 7.7% compared to revenues of $9,415.1 in the corresponding period in 2023. The increase was due to organic revenue of 4.1% and acquisitions, net of divestitures of 3.7%. The 4.1% increase in organic revenue was due to a 5.4% contribution from organic Base Business, partially offset by a 1.3% decrease in COVID-19 Testing. Total Base Business growth compared to the Base Business in the prior year was 9.2%.
Total volume, measured by requisitions, increased by 5.3% as acquisitions, net of divestitures, volume contributed growth of 2.7%, and organic volume increased by 2.6%. Organic volume was impacted by a 3.3% increase in the Base Business, partially offset by a 0.8% decrease in COVID-19 Testing. Price/mix increased by 2.5% due to organic Base Business growth of 2.1% and acquisitions, net of divestitures, of 1.0%, partially offset by a decrease in COVID-19 Testing of 0.5%.
BLSDx revenues for the year ended December 31, 2024,2025, were $2,922.6,$10,876.5, an increase of 5.3%7.2% overcompared to revenues of $2,774.2$10,144.3 in the corresponding period in 2023.2024. The increase in revenues was primarily due to organic growthrevenue of 4.3%4.1% and favorableacquisitions, net of divestitures of 3.2%, partially offset by unfavorable foreign currency translation of 1.1%.0.1%.
Dx total volume, measured by requisitions, increased by 3.7%, as organic volume increased by 2.2% and acquisition volume, net of divestitures, contributed 1.5%. Price/mix increased by 3.5% due to organic growth of 1.9% and acquisitions, net of divestitures, of 1.7%, partially offset by unfavorable foreign currency translation of 0.1%.
BLS revenues for the year ended December 31, 2025, were $3,098.2, an increase of 6.0% over revenues of $2,922.6 in the corresponding period in 2024. The increase in revenues was primarily due to organic growth of 4.0% and favorable foreign currency translation of 2.0%.
Cost of revenues increased 6.7%5.9% for the year ended December 31, 2024,2025, as compared with corresponding period in 2023,2024, and decreased as a percentage of revenues to 72.1%71.2% for the year ended December 31, 2024,2025, as compared to 72.3%72.1% for the corresponding period in 2023.2024. This decrease in cost of revenues as a percentage of revenues was primarily due to higheroperational organic demandefficiencies and LaunchPadthe savings,impact partiallyfrom offsetrevenue bygrowth, higherincluding personnelthe costsperformance andof lower COVID-19 Testing.Invitae.
Selling, GeneralGeneral, and Administrative Expenses
Selling, general, and administrative expenses as a percentage of revenues decreased to 15.9% for the year ended December 31, 2025, as compared to 17.1% for the year ended December 31, 2024. The decrease was primarily due to growth in demand as the Company leveraged the growth of its revenues and a decrease in costs related to the Spin-off, partially offset by higher personnel costs and the impact from Invitae.
The increase in amortization of intangibles and other assets primarily reflects additional amortization for assets acquired subsequent to December 31, 2024.
Selling, general and administrative expenses as a percentage of revenues increased to 17.1% for the year ended December 31, 2024, as compared to 16.6% for the corresponding period in 2023. The increase in selling, general and administrative expenses as a percentage of revenues is primarily due to higher personnel costs, a reduction in COVID-19 Testing revenues, and the impact from the Invitae transaction, partially offset by LaunchPad savings and demand.
The impairment charges for the year ended December 31, 2025, were primarily due to the write-off of certain facility-related assets and capitalized software costs. The impairment charges for the year ended December 31, 2024, were primarily due to the decommissioning of an information system and a robotic asset.
The impairment charges for the year ended December 31, 2024, were primarily due to the decommissioning of an information system and a robotic asset. The impairment charges for the year ended December 31, 2023, were primarily comprised of $333.6 of goodwill impairment for the ED reporting unit, which is part of the BLS segment.
The increase in amortization of intangibles and other assets primarily reflects additional amortization for assets acquired subsequent to December 31, 2023.
For the year ended December 31, 2024,2025, the Company recorded net restructuring charges of $46.0.$127.2, including $105.5 of charges associated with the restructuring of ED. The charges were comprised of $43.0$101.3 in long-lived asset impairment and other non-cash charges, $27.2 in severance and other personnel costs, and $5.9$17.9 in facility-related costscosts, primarilyand associated$13.9 within generalcontract integrationtermination activities.costs. The charges were adjusted by the reversal of previously established liabilityliabilities of $2.5 in unused severance and $0.4 in unused facility-related costs.$33.1.
For the year ended December 31, 2023,2024, the Company recorded net restructuring charges of $49.1.$46.0. The charges were comprised of $33.4$43.0 in severance and other personnel costs and $22.3$5.9 in facility-related costs primarily associated with general integration activities. The charges were adjusted by the reversal of previously established liabilityliabilities of $1.7 in unused severance and $4.9 in unused facility-related costs.$2.9.
For the year ended December 31, 2025, interest expense increased 7.6% as compared with the corresponding period in 2024. The increase was primarily due to higher weighted-average interest rates during the year ended December 31, 2025, when compared to the year ended December 31, 2024.
The increase in interest expense for the year ended December 31, 2024, as compared with the corresponding period in 2023 is primarily due to higher borrowings under its revolving credit facility, senior notes, and the new accounts receivable securitization facility.
Equity Method Income,Loss, Net
Equity method income,loss, net represents the Company’s ownership share in joint venture partnerships along with equity investments in other companies in the health care industry,industry. whichThe remained flatincrease in Equity method loss, net for the year ended December 31, 2024,2025, as compared with the corresponding period in 2023.2024, was primarily due to the loss recognized from the SYNLAB investment that closed in the first quarter of 2025.
The change in Other, net for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily due to $80.0the TSA expiration resulting in a $76.2 decrease of transition services fees charged to Fortrea for the year ended December 31, 2025, as compared with the corresponding period in 2024, related to the provision of administrative and ITinformation technology systems support. The costs to provide these transition services arewere included in operatingOperating income, but the service fees arewere included in otherOther, income.net. In addition, thethere Companywere net investment losses of $42.6, recorded during the year ended December 31, 2025, compared to net investment losses of $11.4 for the corresponding period of 2024, which are primarily driven by a $6.4decrease gainin relatedthe value of investments in other companies or investment funds that develop technology relating to the divestitureCompany’s of Beacon Laboratory Benefit Solutions, Inc. This income was partially offset by foreign currency transaction losses of $15.3 and an $11.4 loss on investments.operations.
Other, net for the year ended December 31, 2023, was primarily due to $46.1 of transition services fees charged to Fortrea related to administrative and IT systems support, partially offset by pension plan settlement charges of $10.9 and a $4.8 loss on investments.
The decrease in the effective tax rate for the year ended December 31, 2025, as compared with the corresponding period in 2024, was primarily attributable to the release of specific uncertain tax positions.
The decrease in effective tax rate as compared with the prior year is primarily attributable to the unfavorable impact of the prior year goodwill impairment of the ED reporting unit, while no goodwill impairment was recognized during the year ended December 31, 2024.
OperatingResults Resultsof Operations by Segment
(1)Amount does not cross-foot due to rounding.
Dx segment operating income was $1,606.3$1,779.9 for the year ended December 31, 2024,2025, an increase of 0.9%10.8% overfrom operating income of $1,591.3$1,606.3 in the corresponding period of 2023,2024, and Dx operating margin decreasedincreased 110approximately 50 basis points year-over-year. The decreaseincrease in operating margin was primarily due to higher personnel costs, partially offset byincreased organic demand.revenue growth, including the performance of Invitae.
BLS segment operating income was $458.9$498.5 for the year ended December 31, 2024,2025, an increase of 15.8%8.6% from operating income of $396.3$458.9 in the corresponding period of 2023,2024, and BLS operating margin increased 140approximately 40 basis points year over year. The increase in operating margin was primarily due to increased organic revenue growth and LaunchPadoperating savings,efficiencies, partially offset by higher personnel costs.
General corporate expenses are comprised primarily of administrative servicesservices, such as executive management, human resources, legal, finance, corporate affairs, and information technology. Corporate expenses were $670.8$482.2 for the year ended December 31, 2024,2025, ana increasedecrease of 4.1%28.1% over corporate expenses of $644.1$670.8 in the corresponding period of 2023,2024, primarily due to higherdecreases in acquisition-related costs and costs related to acquisitionsthe and personnel.Spin-off.
LIQUIDITY AND CAPITAL RESOURCES (dollars and shares in millionsmillions, except per share amounts)
The Company’s strong cash-generating capability and financial condition typically have provided ready access to capital markets. The Company’s principal source of liquidity is operating cash flow, supplemented by proceeds from debt offerings. The Company’s senior unsecured revolving credit facility is further discussed in Note 11 Debt to the Company’s Consolidated Financial Statements.
During the year ended December 31, 2024,2025, the Company’s continuing operations provided $1,585.8$1,640.5 of cash as compared to $1,202.3$1,585.8 in 2023.2024. The $383.5$54.7 increase in net cash provided from operations in 2024,2025, as compared with the corresponding 20232024 period, was primarily due to higher cash earningsearnings, andpartially favorableoffset by working capital requirements.timing.
Net cash used for continuing investing activities for the year ended December 31, 2024,2025, was $1,366.8$1,194.0 as compared to $1,146.8$1,366.8 for the year ended December 31, 2023.2024. The increasedecrease in net cash used for investing activities for the year ended December 31, 20242025 as compared to the year ended December 31, 2023,2024, was primarily due to ana increasedecrease in business acquisitions and higherlower capital expenditures.expenditures, partially offset by the investment in SYNLAB in 2025.
Capital expenditures were $489.9$434.5 and $453.6$489.9 for the years ended December 31, 2024,2025, and 2023,2024, respectively. Capital expenditures in 20242025 were 3.8%3.1% of revenues, primarily in connection with projects to support growth in the Company’s core businesses. The Company expects this level of spending to remain consistentincrease in 2025,2026 to 4.0%, primarily in connection with projects to support growth in the Company’s core businesses, facility expansion and updates, projects related to its LaunchPad initiative, and further acquisition integration initiatives.
Net cash providedused by continuingfor financing activities for the year ended December 31, 2024,2025, was $779.9$1,457.0 compared to net cash usedprovided in continuingby financing activities of $1,559.0$779.9 for the year ended December 31, 2023.2024. This movement in cash within financing activities for 2024,2025, as compared to 2023,2024, was primarily due to $2,000.0a ofdecrease in proceeds from newsenior debtnote securitiesofferings of $2,000.0, an increase in common stock repurchases of $199.9, and $300.0a ofdecrease in proceeds from the newCompany’s accounts receivable securitization facility described below, partially offset by $1,000.0 of payments towards the Company’s senior notes, $250.1 of share repurchases, and $243.1 of dividends paid, compared to $1,000.0 of share repurchases and $300.0 of payments towards the Company’s senior notes, and $254.0 of dividends paid in 2023.$75.0.
On September 23, 2024, LCAH (the Issuer) entered into a base indenture with U.S. Bank Trust Company, National Association, as trustee (the Trustee) (the 2024 Indenture). On September 23, 2024, the Company, the Issuer and the Trustee entered into supplemental indentures to the 2024 Indenture under which the Issuer issued, and the Company guaranteed, $2,000.0 in debt securities, consisting of $650.0 aggregate principal amount of 4.35% senior notes due 2030, $500.0 aggregate principal amount of 4.55% senior notes due 2032, and $850.0 aggregate principal amount of 4.80% senior notes due 2034, with interest payable semi-annually on April 1 and October 1 of each year, commencing April 1, 2025. Net proceeds from these offerings were approximately $1,983.0 after deducting underwriting discounts and other estimated expenses of the offering. The net proceeds were used to redeem or repay indebtedness and, to the extent not used for such purpose, for other general corporate purposes. Indebtedness redeemed or repaid or to be redeemed or repaid at or prior to maturity were the Company’s 2.30% senior notes due December 2024, its 3.60% senior notes due February 2025, and $500.0 of borrowings under its revolving credit facility.
On January 13, 2023, LCAH amended and restated its revolving credit facility. It consists of a five-year revolving facility in the principal amount of up to $1,000.0, with the option of increasing the facility by up to an additional $500.0, subject to the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. The Company is required to pay a facility fee on the aggregate commitments under the revolving credit facility, at a per annum rate ranging from 0.100% to 0.225%, depending on the Company’s debt ratings. Borrowings under the revolving credit facility will accrue interest at a per annum rate equal to, at the Company’s election, either (x) a LIBOR (changed to SOFR in 2023) rate plus a margin ranging from 0.775% to 1.275% or (y) a base rate plus a margin ranging from 0% to 0.275%, in each case, depending on the Company’s debt ratings.
On August 23, 2024, the Company and a bankruptcy-remote special purpose vehicle entered into a $300.0 three-year accounts receivable securitization facility with PNC Bank, National Association (PNC) as administrative agent (AR Facility). The AR Facility provides for purchases of accounts receivable by PNC in an amount of up to $300.0 through August of 2027 and may increase to up to $700.0, subject to the satisfaction of certain conditions.
On January 31, 2025, the Company amended its AR Facility (AR Facility Amendment). The AR Facility Amendment increased the amount the Company can borrow from PNC from $300.0 to $700.0 through August of 2027. In addition, pursuant to the terms of the AR Facility Amendment (i) the Toronto-Dominion Bank became a party to the underlying receivables purchase agreement as a committed purchaser through January 2026 and (ii) MUFG Bank Ltd. and certain of its related conduit purchasers became parties to the underlying receivables purchase agreement as purchasers and the loans or investments of such conduit purchasers may accrue interest as specified in the AR Facility Amendment and receivables purchase agreement.
On February 18, 2025, the Company borrowed an additional $225.0 under the AR Facility Amendment, bringing the amount outstanding under the AR Facility Amendment to $525.0.
AtIn Decemberaddition 31, 2024, the Company had $1,518.7 ofto Cash and cash equivalentsequivalents, andthe Company had $1,000.0 of available borrowings under its revolving credit facility, which doeswas notamended matureon untilJune 2026.27, 2025 and expires in 2030. Under the Company’s credit facilities and indentures relating to the Company’s senior notes,notes and the accounts receivable securitization facility (AR Facility), the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and with respect to the credit facilities, the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants under the credit facilities and the indentures related to the Company’s outstanding senior notes asand ofAR Facility at December 31, 2024.2025. The Company expects that it will remain in compliance with all covenants associated with its existing debt obligations for the next twelve12 months.
In 2025, the Company borrowed an additional $225.0 under its AR Facility, bringing the amount outstanding to $525.0 at December 31, 2025.
On January 28, 2026, the Company amended its AR Facility. Among other things, this amendment extended the scheduled termination date to January 26, 2029 and permits the Company at its option to increase the facility limit from $700.0 to $825.0 at any time on or before May 29, 2026.
On July 24, 2024, the Board adopted a new share repurchase plan authorizing the repurchase of up to $1,000.0 maximum value of the Company’s shares in addition to the remaining amount outstanding under the previous plan. At December 31, 2024,2025, the Company had outstanding authorization from its Board to purchase up to $1,280.4$830.4 maximum value of Company Common Stock. The repurchase authorization has no expiration date.
For the year ended December 31, 2024,2025, the Company paid $243.1$240.7 in Common Stock dividends. On January 8,14, 2025,2026, the Company announced a cash dividend of $0.72 per share of Common Stock for the first quarter,Stock, or approximately $61.0 in the aggregate. The dividend will be payablepaid on March 12, 2025,2026, to stockholders of record of all issued and outstanding shares of Common Stock atas of the close of business on February 27, 2025.2026. The declaration and payment of any future dividends will be at the discretion of the Company’s Board.
In connection with the Reorganization,2024, the Company, LCAH and U.S. Bank Trust Company, National Association (the Trustee) entered into a seventeenth supplemental indenture (the Seventeenth Supplemental Indenture) to the indenture, dated as of November 19, 2010, between LCAH and the Trustee (the 2010 Indenture). In addition, the Company, LCAH and the Trustee entered into the 2024 Indenture on September 23, 2024 (the 20102024 Indenture, together with the 20242010 Indenture, the Indentures). The Seventeenth Supplemental Indenture, among other things, provides for the full and unconditional guarantee by the Company of LCAH’s obligations under the 2010 IndentureIndenture, and each series of senior unsecured notes issued and outstanding thereunder, and the 2024 Indenture provides for the full and unconditional guarantee by the Company of LCAH’s obligationsobligations, and each series of senior unsecured notes issued and outstanding, thereunder (collectively, the Labcorp Holdings Guarantees). Also, the Indentures permit the Company to satisfy LCAH’s reporting obligations so long as the Labcorp Holdings Guarantees remain in place and the Company’s financialConsolidated statementsFinancial Statements and other information comply with the requirements of Rule 3-10 of Regulation S-X.
The investment grade debtcredit ratings from Moody’s and S&P Global Ratings contribute to the Company’s ability to access capital markets.
The Company does not have any variable interest entities or special purpose entities whose financial results are not included in the Company’s Consolidated Financial Statements and the Company does not have any off-balance sheet financing other than normal, short-term leases and letters of credit.Statements.
The Company has a noncancelable contract with a vendor to purchase inventory supplies pursuant to which the Company is obligated to make expected total future minimum payments of $129.2, including $34.7 in 2026, $20.5 in 2027, and $74.0 in 2028.
The Company has debt instruments outstanding. At December 31, 2024,2025, the Company had total future payments of $6,373.9,$5,622.6, with $1,000.4$500.3 payable within 12 months.months, which the Company anticipates refinancing in future periods.
The Company has leases for patient service centers,PSCs, laboratories and testing facilities, clinical facilities, general office spaces, vehicles, and office and laboratory equipment. At December 31, 2024,2025, the Company had total future lease payments for short-term and long-term leases of $1,140.3,$1,144.3, with $190.7payments payableof $234.4 due within 12 months.
At December 31, 2024,2025, the Company had provided letters of credit aggregating approximately $102.7,$110.2, primarily in connection with certain insurance programs whichthat are renewed annually.
What changed in the latest 10-Q
Risk Factors
There have been no material changes in the risk factors that appear in Part I. Item 1A of the Annual Report.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Cost of Revenues”
New heading “Selling, General, and Administrative Expenses”
New heading “Amortization of Intangibles and Other Assets”
New heading “Restructuring and Other Charges”
New heading “Interest Expense”
New heading “Equity Method Loss, Net”
New heading “Provision for Income Taxes”
New heading “Operating Income by Segment”
Largest changes
“During the six months ended June 30, 2026, the Company recorded net restructuring and other charges of $11.5. The charges were comprised of $19.8 related to severance and other personnel costs, $3.3 in facility-related costs, and $0.1 in contract termination costs. The charges were adjusted by the reversal of a previously established liability of $8.4 in unused facility-related costs, $3.1 in unused contract termination costs, and $0.2 in unused severance and other personnel costs.”see in full comparison
Full comparison: every changed paragraph (62)
For the three months ended MarchJune 31,30, 2026, the Company’s revenues were $3,537.6,$3,731.1, an increase of 5.8% from $3,345.1$3,527.3 for the corresponding period in 2025. The 5.8% increase for the three months ended MarchJune 31,30, 2026, as compared to the corresponding period in 2025, was primarily due to organic revenue of 3.1%,4.2%, acquisitions, net of divestitures, of 1.4%,1.2%, and favorable foreign currency translation of 1.3%.0.4%.
For the six months ended June 30, 2026, the Company’s revenues were $7,268.7, an increase of 5.8% from $6,872.4 for the corresponding period in 2025. The 5.8% increase for the six months ended June 30, 2026, as compared to the corresponding period in 2025, was due to organic revenue of 3.6%, acquisitions, net of divestitures, of 1.3%, and favorable foreign currency translation of 0.9%.
On July 4, 2025, the U.S. government enacted the OBBBA, which includesincluded provisions addressing regulations and federal funding affecting healthcare. These provisions include, but are not limited to, changes to Medicaid and the Affordable Care Act, and could lead to revised regulatory requirements and reduced federal funding. As a result of these changes, the Company could experience a decline in utilization of its diagnostics testing services due to a reduction in overall insurance coverage, which may cause the Company’s revenue to decrease. However, the Company currently believes any such reduction would not likely have a material impact on its results of operations in future periods. The potential impacts described above represent the Company’s assessment at this time, and the Company will continue to evaluate the impact of the OBBBA on its business and operations as the legislation’s provisions continue to become effective through 2028.
Dx revenues for the three months ended MarchJune 31,30, 2026, were $2,762.1,$2,900.7, an increase of 5.0%5.5% over $2,629.6$2,748.8 in the firstsecond quarter of 2025. The increase was primarily due to organic revenue of 2.9%,3.6% and acquisitions, net of divestitures, of 2.0%, and favorable foreign currency translation of 0.2%.1.9%.
Dx total volume, measured by requisitions, increased by 2.5%3.0% as organic volume increased by 1.8% and acquisition volume, net of divestitures, contributed 1.4% and organic volume increased by 1.1%, which includes an unfavorable impact from weather.1.3%. Price/mix increased by 2.6%2.5% due to organic growth of 1.8%,1.8% and acquisitions, net of divestitures, of 0.6%, and favorable foreign currency translation of 0.2%.0.6%.
BLS revenues for the three months ended MarchJune 31,30, 2026, were $780.6,$836.2, an increase of 8.2%6.5% over $721.3$784.8 in the firstsecond quarter of 2025. The increase was due to organic growth of 6.2% and favorable foreign currency translation of 5.5% and organic growth of 3.7%,1.8%, partially offset by an unfavorable impact related to strategic actions undertaken in ED of 1.0%.1.4%.
Cost of revenues increased 5.3%5.6% during the three months ended MarchJune 31,30, 2026, as compared with the corresponding period in 2025. Cost of revenues as a percentage of revenues during the three months ended MarchJune 31,30, 2026, decreased to 71.3%70.2% as compared to 71.7%70.3% in the corresponding period in 2025. This decrease was primarily due to organic growth and operating efficiencies, partially offset by typical increases inincreased personnel costs.
SG&A as a percentage of revenues were 15.6%15.5% and 16.3%16.4% during the three months ended MarchJune 31,30, 2026, and 2025, respectively. The decrease was primarily due to the impact from revenue growth.
The increase in amortization of intangibles and other assets primarily reflects additional amortization for assets acquired subsequent to MarchJune 31,30, 2025.
During the three months ended MarchJune 31,30, 2026, the Company recorded net restructuring and other charges of $6.4.$5.1. The charges were comprised of $14.6$5.2 related to severance and other personnel costscosts, and $1.6$1.7 in facility-related costs, and $0.1 in contract termination costs. The charges were adjusted by the reversal of previously established liabilities of $6.6$1.8 in unused facility-related costs, $3.1 in contract termination costs,costs and $0.1 in unused severance and other personnel costs.
During the three months ended MarchJune 31,30, 2025, the Company recorded net restructuring and other charges of $6.4.$4.1. The charges were comprised of $7.6$15.1 in contract termination costs, $9.4 related to severance and other personnel costs, and $7.3 in facility-related costs. The charges were adjusted by the reversal of previously established liabilities of $1.1$26.4 in unused facility-related costs and $1.3 in unused severance and other personnel costs and $0.1 in unused facility-related costs.
For the three months ended MarchJune 31,30, 2026, interest expense remainedincreased substantially6.9%, consistentas compared with the corresponding period in 2025. The increase was primarily due to a higher average amount of total debt outstanding during the three months ended June 30, 2026, when compared to the three months ended MarchJune 31,30, 2025.
Equity method loss, net represents the Company’s ownership share in joint venture partnerships along with equity investments in other companies in the healthcare industry. The increase in Equity method loss, net for the three months ended MarchJune 31,30, 2026, as compared with the corresponding period in 2025, was primarily due to the loss recognized from the SYNLAB investment that closed in March 2025.investment.
The change in Other, net was primarily due to a decrease in investment losses recorded during the three months ended June 30, 2026, as compared to the corresponding period of 2025.
The change in Other, net for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, is primarily due to foreign currency transaction losses of $5.4 recognized for the three months ended March 31, 2026, as compared to losses of $1.0 for the corresponding period of 2025. In addition, there were investment losses of $7.1, recorded during the three months ended March 31, 2026, compared to investment losses of $3.4 for the corresponding period of 2025. As the TSA between Fortrea and LCAH expired on June 30, 2025, there were no fees charged to Fortrea for the three months ended March 31, 2026, as compared to $3.3 in the corresponding period in 2025.
The decreaseincrease in the effective tax rate for the three months ended MarchJune 31,30, 2026, as compared with the corresponding period,period in 2025, was primarily attributable to discrete benefits recognized from the taxjurisdictional restructuringmix of certain foreign entities.earnings.
Dx segment operating income was $458.7$522.6 for the three months ended MarchJune 31,30, 2026, an increase of $31.2$39.8 over operating income of $427.5$482.8 in the corresponding period of 2025, and Dx segment operating margin increased approximately 3050 basis points year-over-year. The increase in operating income and operating margin was primarily due to organic growth,growth whichand includesoperating an unfavorable impact from weather.efficiencies.
BLS segment operating income was $120.7$142.2 for the three months ended MarchJune 31,30, 2026, an increase of $13.8$18.9 over operating income of $106.9$123.3 in the corresponding period of 2025, and BLS segment operating margin increased approximately 60130 basis points year-over-year. The increase in operating income and operating margin was primarily due to organic growth in the Central Laboratory business.business and operating efficiencies from the strategic actions taken in ED.
General corporate and unallocated expenses are comprised primarily of administrative services such as executive management, human resources, legal, finance, corporate affairs, and information technology. General corporate and unallocated expenses were $116.6$130.0 for the three months ended MarchJune 31,30, 2026, a decrease of $15.8$9.2 compared to general corporate and unallocated expenses of $132.4$139.2 in the corresponding period of 2025, primarily due to decreaseslower inLaunchPad costs and other expenses, partially offset by higher acquisition and disposition-related costs.
Revenues
Dx revenues for the six months ended June 30, 2026, were $5,662.8, an increase of 5.3% over $5,378.4 during the six months ended June 30, 2025. The increase was due to organic revenue of 3.2%, acquisitions, net of divestitures, of 2.0%, and favorable foreign currency translation of 0.1%.
Dx total volume, measured by requisitions, increased by 2.8% as organic volume increased by 1.4% and acquisition volume, net of divestitures, contributed 1.3%. Price/mix increased by 2.5% due to organic growth of 1.8%, acquisitions, net of divestitures, of 0.6%, and favorable foreign currency translation of 0.1%.
BLS revenues for the six months ended June 30, 2026, were $1,616.8, an increase of 7.3% over $1,506.1 during the six months ended June 30, 2025. The increase was due to organic growth of 5.0% and favorable foreign currency translation of 3.6%, partially offset by an unfavorable impact related to strategic actions undertaken in ED of 1.2%.
Cost of Revenues
Cost of revenues increased 5.4% during the six months ended June 30, 2026, as compared with the corresponding period in 2025. Cost of revenues as a percentage of revenues during the six months ended June 30, 2026, decreased to 70.8% as compared to 71.0% in the corresponding period in 2025. This decrease was primarily due to organic growth and operating efficiencies, partially offset by increased personnel costs.
Selling, General, and Administrative Expenses
SG&A as a percentage of revenues were 15.5% and 16.4% during the six months ended June 30, 2026, and 2025, respectively. The decrease was primarily due to revenue growth.
Amortization of Intangibles and Other Assets
The increase in amortization of intangibles and other assets primarily reflects additional amortization for assets acquired subsequent to June 30, 2025.
Restructuring and Other Charges
During the six months ended June 30, 2026, the Company recorded net restructuring and other charges of $11.5. The charges were comprised of $19.8 related to severance and other personnel costs, $3.3 in facility-related costs, and $0.1 in contract termination costs. The charges were adjusted by the reversal of a previously established liability of $8.4 in unused facility-related costs, $3.1 in unused contract termination costs, and $0.2 in unused severance and other personnel costs.
During the six months ended June 30, 2025, the Company recorded net restructuring and other charges of $10.5. The charges were comprised of $17.0 related to severance and other personnel costs, $15.1 in contract termination costs, and $7.3 in facility-related costs. The charges were adjusted by the reversal of a previously established liability of $27.5 in unused facility-related costs and $1.4 in unused severance and other personnel costs.
Interest Expense
For the six months ended June 30, 2026, interest expense increased 2.7%, as compared with the corresponding period in 2025. The increase was primarily due to a higher average amount of total debt outstanding during the six months ended June 30, 2026, when compared to the six months ended June 30, 2025.
Equity Method Loss, Net
Equity method loss, net represents the Company’s ownership share in joint venture partnerships along with equity investments in other companies in the healthcare industry. The increase in Equity method loss, net for the six months ended June 30, 2026, as compared with the corresponding period in 2025, was primarily due to the loss recognized from the SYNLAB investment.
Other, net
The change in Other, net for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily due to investment losses of $8.6 recorded during the six months ended June 30, 2026, compared to investment losses of $34.7 for the corresponding period of 2025. In addition, there were foreign currency transaction losses of $7.5 recognized for the six months ended June 30, 2026, as compared to losses of $3.1 for the corresponding period of 2025. As the TSA between Fortrea and LCAH expired on June 30, 2025, there were no fees charged to Fortrea for the six months ended June 30, 2026, as compared to $3.8 in the corresponding period in 2025.
Provision for Income Taxes
The decrease in the effective tax rate for the six months ended June 30, 2026, as compared to the corresponding period in 2025, was primarily attributable to discrete benefits recognized from the tax restructuring of certain foreign entities.
Operating Income by Segment
Dx segment operating income was $981.3 for the six months ended June 30, 2026, an increase of $71.0 over operating income of $910.3 in the corresponding period of 2025, and Dx segment operating margin increased approximately 40 basis points year-over-year. The increase in operating margin was primarily due to organic growth and operating efficiencies.
BLS segment operating income was $262.9 for the six months ended June 30, 2026, an increase of $32.7 over operating income of $230.2 in the corresponding period of 2025, and BLS segment operating margin increased approximately 100 basis points year-over-year. The increase in operating margin was primarily due to organic growth in the Central Laboratory business and operating efficiencies from the strategic actions taken in ED.
General corporate and unallocated expenses are comprised primarily of administrative services such as executive management, human resources, legal, finance, corporate affairs, and information technology. General corporate and unallocated expenses were $246.6 for the six months ended June 30, 2026, a decrease of $25.0 compared to general corporate and unallocated expenses of $271.6 in the corresponding period of 2025, primarily due to lower acquisition and disposition-related costs and LaunchPad costs.
Cash and cash equivalents at MarchJune 31,30, 2026, and 2025, totaled $981.1$141.8 and $369.4,$647.3, respectively. Cash and cash equivalents consist of highly liquid instruments, such as time deposits, and other money market investments, which have original maturities of three months or less.
In addition to Cash and cash equivalents, at MarchJune 31,30, 2026, the Company had $1,000.0 of available borrowings under its revolving credit facility, which, as amended on June 27, 2025, expires in 2030.
During the threesix months ended MarchJune 31,30, 2026, the Company’s operations provided $191.5$637.0 of cash as compared to $18.5$639.1 during the same period in 2025. The $173.0$2.1 increasedecrease in net cash provided fromby operations induring 2026the six months ended June 30, 2026, as compared with the corresponding 2025 periodperiod, was primarily due to changes in net working capital, partially offset by higher cash earnings.
Net cash used for investing activities for the threesix months ended MarchJune 31,30, 2026, was $322.1$688.3 as compared to $336.0$430.1 for the threesix months ended MarchJune 31,30, 2025. The decreaseincrease in cash used for investing activities for the threesix months ended MarchJune 31,30, 2026, as compared to the corresponding period in 2025, was primarily due to aincreased decreasebusiness in purchases of equity affiliate or other investmentsacquisitions and lower capital expenditures, partially offset by ana increasedecrease in businessthe acquisitions.purchase of equity affiliates and other investments.
Capital expenditures were $121.0$252.6 and $126.0$203.9 for the threesix months ended MarchJune 31,30, 2026, and 2025, respectively. Capital expenditures for the threesix months ended MarchJune 31,30, 2026, were 3.4%3.5% of revenues,Revenues, primarily in connection with projects to support growth in the Company’s core businesses, facility expansion and updates, implement advanced technology, and further acquisition integration activities.
Net cash provided by financing activities for the three months ended March 31, 2026, was $580.5 as compared to net cash used for financing activities offor $839.7the six months ended June 30, 2026, was $339.4 as compared to $1,107.1 for the threesix months ended MarchJune 31,30, 2025. The movementdecrease in cash flows withinused for financing activities for the threesix months ended MarchJune 31,30, 2026, as compared to the threesix months ended MarchJune 31,30, 2025, was primarily due to a decrease in payments on senior notes of $1,000.0, an increase inincreased proceeds from the 2026 Term Loan of $750.0, adecreased decreasepayments inon proceedssenior notes of $500.0, increased Common Stock repurchases of $251.8, and decreased proceeds, net of repayments, from the Company’s AR Facility of $225.0, and an increase of Common Stock repurchases of $98.0.$200.0.
On January 28, 2026, the Company further amended its AR Facility. Among other things, this amendment extended the scheduled termination date to January 26, 2029, and permits the Company at its option to increase the facility limit from $700.0 to $825.0 at any time on or before May 29, 2026.2029.
On March 20, 2026, the Company entered into the $750.0 2026 Term Loan that will mature on March 20, 2028,2028. andOn anticipatesJune using1, 2026, the net proceeds of the 2026 Term Loan were used to repayredeem maturingthe short-termCompany’s debtoutstanding and1.55% senior notes due 2026 and, to the extent not used for such purpose, were made available for other general corporate uses. The principal balance of the 2026 Term Loan bears interest at a floating per annum rate equal to, at the Company’s election, either (i) a SOFR-based rate plus a margin of 0.700% or (ii) a base rate plus a margin of 0.0%. The balance of the 2026 Term Loan at March 31, 2026, was $750.0.
Under the Company’s 2026 Term Loan, revolving credit facility, indentures relating to the Company’s senior notes, and AR Facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and with respect to the 2026 Term Loan and revolving credit facility, the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants at MarchJune 31,30, 2026, and expects that it will remain in compliance with its existing debt covenants for the next 12 months.
At MarchJune 31,30, 2026, the Company had outstanding authorization from its Board to purchase up to $732.4$378.6 maximum value of Common Stock. On July 8, 2026, the Board authorized the repurchase of an additional $1,000.0 in the maximum value of the Company’s shares of Common Stock as part of the Company’s ongoing share repurchase program, bringing the total share repurchase authorization to $1,378.6 maximum value of shares of Common Stock. The repurchase authorization has no expiration date.
For the threesix months ended MarchJune 31,30, 2026, the Company paid $61.2$119.9 in Common Stock dividends. On AprilJuly 9, 2026, the Company announced a cash dividend of $0.72 per share of Common Stock, or approximately $60.0$59.0 in the aggregate. The dividend will be paid on JuneSeptember 11, 2026, to stockholders of record of all issued and outstanding shares of Common Stock as of the close of business on MayAugust 29,28, 2026. The declaration and payment of any future dividends will be at the discretion of the Board.
In 2024, the Company, LCAH and U.S. Bank Trust Company, National Association (the Trustee) entered into a seventeenth supplemental indenture (the Seventeenth Supplemental Indenture) to the indenture, dated as of November 19, 2010, between LCAH and the Trustee (2010 Indenture). In addition, the Company, LCAH and the Trustee entered into the 2024 Indenture on September 23, 2024 (the 2024 Indenture, together with the 2010 Indenture, the Indentures). The Seventeenth Supplemental Indenture, among other things, provides for the full and unconditional guarantee by the Company of LCAH’s obligations under the 2010 Indenture, and each series of senior unsecured notes issued and outstanding thereunder, and the 2024 Indenture provides for the full and unconditional guarantee by the Company of LCAH’s obligations, and each series of senior unsecured notes issued and outstanding, thereunder (collectively, the Labcorp Holdings Guarantees). Also, the Indentures permit the Company to satisfy LCAH’s reporting obligations so long as the Labcorp Holdings Guarantees remain in place and the Company’s Condensed Consolidated Financial Statements and other information comply with the requirements of Rule 3-10 of Regulation S-X.
At MarchJune 31,30, 2026, there was $3,096.2$2,593.1 and $2,000.0 aggregate principal amount of issued and outstanding senior notes of LCAH, issued under the 2010 Indenture and the 2024 Indenture, respectively, that are fully and unconditionally guaranteed by the Company. Accordingly, pursuant to Rule 3-10 of Regulation S-X, separate consolidated financial statements of LCAH have not been presented. As permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, the Company has excluded the summarized financial information for LCAH because the assets, liabilities, and results of operations of LCAH are not materially different than the corresponding amounts in the Company’s Condensed Consolidated Financial Statements and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.
The Company has debt instruments outstanding. At MarchJune 31,30, 2026, the Company had total future payments of $6,371.6,$5,894.0, with $500.4$0.9 payable within 12 months, which the Company anticipates to repay primarily using the proceeds from the 2026 Term Loan.months.
The Company has leases for PSCs, laboratories and testing facilities, clinical facilities, general office spaces, vehicles, and office and laboratory equipment. At MarchJune 31,30, 2026, the Company had total future lease payments for short-term and long-term leases of $1,092.8,$1,098.9, with payments of $221.0$226.5 due within 12 months.
On June 28, 2026, the Company entered into an agreement to acquire select assets of an outreach laboratory services business for a purchase price of approximately $155.0. The transaction is anticipated to close in the third quarter of 2026, subject to customary closing conditions and applicable regulatory approvals for a transaction of this type.
LH insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 8 filings (6 insiders, 7 trade dates, 17,004 shares, about $5.0M; 6 of these filings say the sales were made under a Rule 10b5-1 trading plan). Net open-market shares: -17,004 (purchases minus sales); net value about -$5.0M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-17 | Anderson Kerrii B |
Open-market sale |
3,000 | $318.02 | $954.1K |
| 2026-08-11 | Schechter Adam H |
Open-market sale |
4,669 | $320.37 | $1.5M |
| 2026-08-04 | Summy Amy B. |
Open-market sale | 924 | $306.74 | $283.4K |
| 2026-08-03 | Wilkinson Peter J |
Open-market sale | 1,338 | $309.23 | $413.7K |
| 2026-08-03 | Wilkinson Peter J |
Option exercise | 1,338 | $209.25 | $280.0K |
| 2026-08-03 | Wilkinson Peter J |
Open-market sale | 82 | $309.22 | $25.4K |
| 2026-07-02 | Kyle Kathryn W |
Open-market sale |
92 | $286.19 | $26.3K |
| 2026-07-02 | Vaughn Bryan T |
Open-market sale |
234 | $286.19 | $67.0K |
| 2026-07-01 | Kyle Kathryn W |
Option exercise |
256 | — | — |
| 2026-07-01 | Kyle Kathryn W |
Shares withheld for tax |
73 | $283.88 | $20.7K |
| 2026-07-01 | Vaughn Bryan T |
Shares withheld for tax |
93 | $283.88 | $26.4K |
| 2026-07-01 | Vaughn Bryan T |
Option exercise |
327 | — | — |
| 2026-06-08 | Kyle Kathryn W |
Open-market sale |
762 | $263.89 | $201.1K |
| 2026-05-11 | Schechter Adam H |
Open-market sale |
5,903 | $254.50 | $1.5M |
Well-known investors holding LH (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Millennium Management (Israel Englander) | 2026-06-30 | 228,043 | $63.9M | 0.04% | Added 83% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 137,444 | $38.5M | 0.06% | Reduced 47% |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 90,722 | $25.4M | 0.06% | Reduced 50% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 60,999 | $16.9M | 0.01% | Added 13% |
| D. E. Shaw & Co. | 2026-06-30 | 40,031 | $11.2M | 0.01% | New position |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 35,367 | $9.9M | 0.01% | Reduced 50% |
| Bridgewater Associates | 2026-06-30 | 2,798 | $783.4K | 0.0% | Reduced 75% |
| Two Sigma Investments | 2026-06-30 | 2,700 | $756.0K | 0.0% | New position |