LH - Laboratory Corporation of America Holdings (LH) Q4 2023 Earnings Conference Call Transcript

2024-02-15 13:08:06 ET

Laboratory Corporation of America Holdings (LH)

Q4 2023 Earnings Conference Call

February 15, 2024, 09:00 AM ET

Company Participants

Christin O'Donnell - VP of IR

Adam Schechter - Chairman and CEO

Glenn Eisenberg - EVP and CFO

Conference Call Participants

Jack Meehan - Nephron Research

Kevin Caliendo - UBS

Erin Wright - Morgan Stanley

Stephanie Davis - Barclays

Patrick Donnelly - Citi

Brian Tanquilut - Jefferies

Pito Chickering - Deutsche Bank

Elizabeth Anderson - Evercore ISI

Eric Coldwell - Baird

Lisa Gill - JPMorgan

John Kim - Bank of America Merrill Lynch

Presentation

Operator

Good day and welcome to the Laboratory Corporation of America Holdings Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions] Please be advised, today's conference is being recorded.

I'd now like to hand the conference over to your speaker today, Christin O'Donnell, Vice President, Investor Relations, please go ahead.

Christin O'Donnell

Thank you, operator. Good morning and welcome to Labcorp’s fourth quarter 2023 conference call. As detailed in today's press release, there will be a replay of this conference call available via telephone and internet. With me today are Adam Schechter, Chairman and Chief Executive Officer and Glenn Eisenberg, Executive Vice President and Chief Financial Officer.

This morning in the Investor Relations section of our website at www.labcorp.com we posted both our press release and an investor relations presentation with additional information on our business and operations, which include a reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures, both of which are discussed during today's call.

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

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

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

Adam Schechter

Thank you, Christin. Good morning, everyone. It's a pleasure to be with you today to discuss our fourth quarter 2023 results and our guidance for 2024. Labcorp delivered a strong finish to what was a transformational year for the company. Looking back, we executed well on our strategic priorities. We successfully integrated the lab operations of Ascension, one of the largest health systems in the United States....

For further details see: