Latest news with #Burlington
Yahoo
6 hours ago
- Health
- Yahoo
Labcorp Introduces Test Finder, a First-of-Its-Kind Generative AI Tool to Simplify Lab Test Search
Test Finder interprets provider questions in context to deliver curated, clinically relevant results, going beyond traditional search Developed in collaboration with Amazon Web Services, Test Finder is now available on BURLINGTON, N.C., July 30, 2025 /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, announced today the launch of Test Finder, a first-of-its-kind generative AI tool developed with Amazon Web Services (AWS). Designed to simplify lab test selection, Test Finder enables healthcare providers to ask questions or describe conditions in plain language and receive curated test recommendations—enhancing the user experience and freeing up more time for patient care. Laboratory testing plays a critical role in healthcare, informing nearly 70% of clinical decisions and often serving as the first step in diagnosing and managing patient conditions. Yet research shows providers spend more than three hours a day on responsibilities including documentation and test ordering—time that could be spent with patients. According to a recent American Medical Association (AMA) survey, 57% of physicians view addressing administrative burden through automation as the greatest opportunity for AI in healthcare. "Clinicians are under increasing pressure to do more with less," said Dr. Brian Caveney, Labcorp's chief medical and scientific officer. "Test Finder is designed to ease that burden by providing a faster, more intuitive way to navigate complex test menus, conduct research and identify the right tests, so clinicians can focus on what matters most: their patients." Key Features of Labcorp's Test FinderNow available on Test Finder was developed using Amazon Bedrock and large language model (LLM) technology. The tool enables providers to ask questions or describe conditions in plain language and receive a detailed list of suggested tests and descriptions based on their input. Additional benefits include: Access to thousands of lab tests across key therapeutic areas, including oncology, women's health, neurology, autoimmune disease and more Faster, more efficient navigation that reduces time spent on test selection Available 24/7 on "Labcorp's AI implementation underscores the transformative power of responsible generative AI in healthcare, setting a new industry standard for clinical workflow optimization," said Dr. Rowland Illing, global chief medical officer at AWS. "By leveraging AWS' enterprise-grade AI infrastructure and HIPAA-compliant security controls, Labcorp is revolutionizing how healthcare providers access comprehensive diagnostic information, enabling faster decisions that can directly impact patient care outcomes." "Test Finder is a powerful example of how we're using technology to simplify complexity," said Bola Oyegunwa, Ph.D., Labcorp's chief information and technology officer. "By integrating generative AI, we're not only improving the provider experience, we're laying the foundation for smarter, more connected healthcare solutions that scale with the needs of our customers." Labcorp anticipates sharing additional updates and announcements related to Test Finder in the coming weeks. For more information, visit About LabcorpLabcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's nearly 70,000 employees serve clients in approximately 100 countries, provided support for more than 75% of the new drugs and therapeutic products approved in 2024 by the FDA, and perform more than 700 million tests annually for patients around the world. Learn more about us at View original content to download multimedia: SOURCE Labcorp
CTV News
2 days ago
- CTV News
Dirt bike rider assaulted with shovel along Burlington trail: police
Police say they are searching for a suspect who allegedly struck a passing dirt bike rider with a shovel on a trail in Burlington. Halton Regional Police say the incident occurred at around 5 p.m. on June 22 on a rural property near Cedar Springs Road and Grand Boulevard. According to police, a young male was riding his dirt bike in the area when he observed an unknown male at the side of the trail. 'As the victim slowed to pass he was struck in the arm by a shovel and tackled by the male suspect causing the victim to fall to the ground,' police said in a news release issued Monday. The verbal argument ensued and the suspect took off on a blue dirt bike, police said. The victim was not physically injured. The suspect has been described by police as a white male with a brown moustache who was dressed in dark clothing and wearing a baseball cap. Police said the area is 'known to be frequented by dirt bike riders,' and investigators are asking anyone who may be able to identify the suspect to contact Const. Chase Gourley, of 3 District Burlington, at
Fibre2Fashion
2 days ago
- Business
- Fibre2Fashion
US department stores struggle, pressure mounts: NRF
US department stores remain under pressure, with most players in decline, according to the National Retail Federation's (NRF) 2025 Top 100 Retailers list compiled by Kantar. US department stores continue to struggle, with Macy's, Kohl's and Nordstrom posting sales declines, though TJX Companies leads apparel with 4 per cent growth and 3,660 stores. Ross and Burlington thrive in value apparel. Kantar's Marcotte highlights growing Gen Z interest in mall retail driven by Japanese trendsâ€'though its sustainability may hinge on tariff impacts. Dillard's (No. 68) stands as the category's strongest performer despite a soft year, while Nordstrom—now 49.9 per cent owned by Mexican retail giant El Puerto de Liverpool—remains a retailer to watch. Macy's (No. 24) saw a 3 per cent decline in US sales to $22.21 billion and a 2 per cent drop in comparable store sales. Kohl's (No. 31) posted an even steeper slide, with US sales down 7 per cent and comparable store sales off 6.5 per cent. In contrast, TJX Companies (No. 15) strengthened its lead in the apparel and jewellery segment, reporting 4 per cent growth in US sales to $43.56 billion and a 4 per cent gain in comp store sales. The retailer also grew its US store base by 3.1 per cent to 3,660 locations, NRF said in a release. Ross Stores (No. 25) and Burlington (No. 47) continue to thrive within the value apparel segment, both recognised as Power Players—retailers whose 2024 US sales were equal to or greater than 10 per cent of the category leader's. 'The broad variety of apparel options — either from source manufacturers or discontinued and clearance items — continues to support the growth of the discount trade. The additional sophistication of systems to manage a widely divergent procurement stream has led to the continued success of Ross and Burlington. The emergence of Shein and Temu has led to strong shopper engagement from the very different fast fashion shopper,' said David Marcotte, senior vice president of global retail and technology for Kantar. Walmart retained its No. 1 position overall, followed by Amazon, Costco, Kroger and The Home Depot. The NRF's annual ranking highlights category-specific power dynamics, spotlighting key players shaping retail's shifting landscape. Retail inside malls is attempting a comeback, fuelled by a real estate push to make these spaces more engaging and experiential—particularly for Gen Z shoppers. Japanese products are helping lure younger consumers back to malls, Marcotte noted. 'And that's something I'll be looking at next year, to see if it sticks. Because so much of that is impacted by tariffs,' he said. Fibre2Fashion News Desk (HU)
Yahoo
6 days ago
- Business
- Yahoo
Labcorp Announces 2025 Second Quarter Results
Raises Full-Year Guidance Financial results from Operations for second quarter 2025 versus second quarter 2024: Revenue: $3.53 billion versus $3.22 billion Diluted EPS: $2.84 versus $2.43 Adjusted EPS: $4.35 versus $3.94 Raised Enterprise Revenue, Adjusted EPS and Free Cash Flow guidance: Revenue guidance narrowed to 7.5% to 8.6%; midpoint raised by 70 basis points Adjusted EPS range narrowed to $16.05 to $16.50; midpoint raised by $0.23 Free Cash Flow range of $1.13 billion to $1.28 billion; midpoint raised by $25 million Broadened our partnerships with hospitals, health systems and regional/local labs and enhanced access to comprehensive testing and laboratory services Introduced several new tests in high-growth specialty areas including oncology BURLINGTON, N.C., July 24, 2025 /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, today announced results for the second quarter ended June 30, 2025 and raised full-year guidance. "Labcorp had a very strong second quarter, delivering double-digit topline growth, while expanding margins across both segments," said Adam Schechter, chairman and CEO of Labcorp. "We brought innovative tests to market, and applied our leadership in science and technology to drive growth, enhance the customer experience and improve our operations. We remain committed to delivering sustained value to our customers, employees and shareholders as we execute on our long-term strategy. Based upon our performance in the first half and our momentum going into the second half of the year, we're raising our guidance." In the second quarter, Labcorp advanced its position as a partner of choice for hospitals, health systems and regional/local laboratories: Announced an agreement to acquire select assets of Incyte Diagnostics' clinical and anatomic pathology testing businesses in the Pacific Northwest. Continued to progress the acquisition of select oncology and clinical testing assets from BioReference Health. Subsequent to quarter end, Labcorp announced an agreement to acquire select assets of the outreach business from Community Health Systems across 13 states. Labcorp also continued to incorporate the power of science, innovation and technology across the organization during or subsequent to the quarter: Expanded its oncology portfolio with key launches including Labcorp® Plasma Detect™, a liquid biopsy test that assesses colon cancer recurrence risk and PGDx elio® plasma focus™ Dx, the first-and-only FDA-authorized pan-solid tumor liquid biopsy test for targeted treatment guidance. Continued to advance its leading position in Alzheimer's disease, and plans in the coming weeks to offer Fujirebio FDA-cleared biomarker test that aids in diagnosing the disease. Expanded its consumer offerings by launching several consumer-initiated tests through Labcorp OnDemand, including tests that measure an individual's cortisol and leptin levels, and introducing a new and improved Ovia app, providing women with a single platform to support their health journey. Introduced Labcorp Whole Health Solutions for functional medicine, integrative medicine and primary care practices. The solution offers specialized test panels and a test menu of more than 1,000 scientifically backed biomarkers. Added digital pathology capabilities in Central Labs, including advanced image scanning to preserve critical sample data and AI-powered solutions to provide analysis on large datasets instantly. On July 10, 2025, the company announced a quarterly cash dividend of $0.72 per share of common stock, payable on September 11, 2025, to stockholders of record at the close of business on August 28, 2025. In the quarter, Labcorp repurchased $200 million of common stock. Additionally, Labcorp raised 2025 guidance for enterprise revenue, adjusted EPS and free cash flow primarily driven by currency, as well as the underlying strength of its businesses. LABCORP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED RESULTS Three Months Ended June 30,Six Months Ended June 30,20252024Delta20252024Delta Revenue Summary (Dollars in billions) Total Revenue $ 3.53$ 3.229.5 %$ 6.87$ 6.407.4 % Organic(1) 5.4 %3.7 % Acquisitions, net of Divestitures 3.5 %3.6 % Foreign Exchange 0.6 %0.1 % (1) Organic revenue is no longer broken out between the Base Business and COVID-19 Summary (Dollars in millions, except per share data) Operating Income ("OI") $ 394.5$ 294.8$ 720.5$ 616.1 OI as % of Revenue 11.2 %9.2 %200 bps10.5 %9.6 %90 bps Adjustments (2) $ 137.1$ 185.1$ 280.1$ 316.6 Adjusted Operating Income ("AOI") (3) $ 531.6 (4) $ 479.9$ 1,000.6$ 932.7 AOI as % of Revenue 15.1 % (5) 14.9 %20 bps14.6 %14.6 %— bps Net Earnings Attributable to Labcorp Holdings Inc. $ 237.9$ 205.3$ 450.7$ 433.3 Diluted EPS $ 2.84$ 2.43$ 5.36$ 5.13 Adjusted EPS (3) $ 4.35$ 3.9410.4 %$ 8.19$ 7.627.5 % (2) Adjustments include amortization, impairment charges, restructuring charges, and special items. (3) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for additional information. (4) The increase in adjusted operating income was due to organic demand as the company leveraged well on revenue growth. (5) Adjusted operating margin was constrained by Invitae. LABCORP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED RESULTSThree Months Ended June 30,Six Months Ended June 30,2025202420252024 Cash Flow Summary (Dollars in millions)Operating Cash Flow $ 620.6$ 561.1$ 639.1$ 531.3 Capital Expenditures 77.9128.2203.9262.0 Free Cash Flow $ 542.7 (1) $ 432.9$ 435.2$ 269.3 (1) The increase in free cash flow was driven by higher earnings and the timing of capital expenditures. Capital Allocation Summary At the end of the quarter, Labcorp's cash and cash equivalents balance was $0.65 billion and total debt was $5.58 billion. During the quarter, the company invested $25.0 million in acquisitions and partnerships, paid out $59.9 million in dividends, and repurchased $200.0 million of stock. LABCORP HOLDINGS INC. AND SUBSIDIARIES Diagnostics Laboratories Segment Summary Three Months Ended June 30,20252024Delta Revenue Summary (Dollars in billions) Total Revenue $ 2.75$ 2.528.9 % Organic(1) 4.5 % Acquisitions, net of Divestitures 4.5 % Foreign Exchange (0.1 %) (1) Organic revenue is no longer broken out between the Base Business and COVID-19 Testing. Earnings Summary (2) (Dollars in millions) Adjusted Operating Income ("AOI") (3) $ 482.8$ 441.5 AOI as % of Revenue 17.6 % (4) 17.5 %10 bps (2) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for additional information. (3) Excludes amortization, restructuring charges, special items, and unallocated corporate expenses. (4) Adjusted operating margin was constrained by Invitae. Three Months Ended June 30, 2025 RequisitionPrice/Mix Volume Delta (5)Delta (5) Metrics Summary Total4.9 %4.0 % Organic (6)3.4 %1.1 % Acquisitions, net of Divestitures1.5 %3.0 % Foreign Exchange— %(0.1) %(5) Column shows changes versus the three months ended June 30, 2024. (6) Organic price/mix includes lab management agreements. LABCORP HOLDINGS INC. AND SUBSIDIARIES Biopharma Laboratory Services Segment Summary Three Months Ended June 30,20252024DeltaRevenue Summary (Dollars in millions)Total Revenue$ 784.8$ 707.011.0 % (1) Organic7.8 %Foreign Exchange3.2 %(1) Early Development revenue growth of 20.4%, Central Labs revenue growth of 7.5%. Earnings Summary (2) (Dollars in millions)Adjusted Operating Income ("AOI") (3)$ 123.3 (4) $ 107.4AOI as % of Revenue15.7 %15.2 %50 bps (4) (2) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for additional information. (3) Excludes amortization, restructuring charges, special items, and unallocated corporate expenses. (4) Adjusted operating income and margin increase was primarily driven by organic demand and operating efficiencies. As of June 30, 2025Metrics Summary (Dollars in billions) TTM Net Orders $ 3.34TTM Book to Bill 1.11Backlog $ 8.71 (5) Next Twelve Months Forecast Backlog Conversion $ 2.71 (5) Backlog increased 10.0% compared to this period last year. Guidance for 2025 Labcorp is updating 2025 full year guidance to reflect its second quarter performance and full year outlook. The following guidance assumes foreign exchange rates effective as of June 30, 2025, for the remainder of the year. Enterprise level guidance includes the estimated impact from currently anticipated capital allocation, including acquisitions, share repurchases and dividends. (Dollars in billions, except per share data) PreviousUpdatedResults2025 Guidance2025 Guidance2024Low HighLow High RevenueLabcorp Enterprise (1)(2) $13.016.7 % 8.0 %7.5 % 8.6 % Diagnostics Laboratories(3) $10.146.5 % 7.7 %7.0 % 8.0 % Biopharma Laboratory Services (4) $2.923.0 % 5.0 %6.1 % 7.5 % Adjusted EPS $14.57$15.70 $16.40$16.05 $16.50 Free Cash Flow $1.10$1.10 $1.25$1.13 $1.28 (1) 2025 Guidance includes an impact from foreign currency translation of 0.5%. (2) Enterprise level revenue is presented net of intersegment transaction eliminations. (3) 2025 Guidance includes an impact from foreign currency translation of (0.1%). (4) 2025 Guidance includes an impact from foreign currency translation of 2.5%.Use of Adjusted Measures The company has provided in this press release and accompanying tables "adjusted" financial information that has not been prepared in accordance with GAAP, including adjusted net income, adjusted EPS (or adjusted net income per share), adjusted operating income, adjusted operating margin, free cash flow, and certain segment information. The company believes these adjusted measures are useful to investors as a supplement to, but not as a substitute for, GAAP measures, in evaluating the company's operational performance. The company further believes that the use of these non-GAAP financial measures provides an additional tool for investors in evaluating operating results and trends, and growth and shareholder returns, as well as in comparing the company's financial results with the financial results of other companies. However, the company notes that these adjusted measures may be different from and not directly comparable to the measures presented by other companies. Reconciliations of these non-GAAP measures to the most comparable GAAP measures and an identification of the components that comprise "special items" used for certain adjusted financial information are included in the tables accompanying this press release. The company today is providing an investor relations presentation with additional information on its business and operations, which is available in the investor relations section of the company's website at Analysts and investors are directed to the website to review this supplemental information. A conference call discussing Labcorp's quarterly results will be held today at 9:00 a.m. ET and is available by registering at this link, which will provide a dial-in number and unique PIN to access the call. It is recommended that participants join 10 minutes prior to the start of the call, although participants may register and join at any time during the call. A live webcast of Labcorp's quarterly conference call on July 24, 2025, will be available at the Labcorp Investor Relations website beginning at 9:00 a.m. ET. This webcast will be archived and accessible through July 11, 2026. About Labcorp Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's nearly 70,000 employees serve clients in approximately 100 countries, provided support for 75% of the new drugs and therapeutic products approved in 2024 by the FDA, and performed more than 700 million tests annually for patients around the world. Learn more about us at Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements, including, but not limited to, statements with respect to (i) the estimated 2025 guidance and related assumptions, (ii) the impact of various factors on operating and financial results, including the projected impact of global economic and market conditions on the company's businesses, operating results, cash flows and/or financial condition, (iii) future business strategies, (iv) expected savings, synergies and other benefits to the Company, customers or patients from acquisitions and other transactions and partnerships, and (v) opportunities for future growth. Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the company's control, including without limitation: (i) the effect of the holding company reorganization on the company's business generally; (ii) the failure to receive tax-free treatment with respect to the spin-off of the company's Clinical Development and Commercialization Services business, now Fortrea Holdings Inc. for U.S. federal income purposes; (iii) the impact of spin-off related items; (iv) personnel costs and potential difficulties with employee relations and retention; (v) the trading price of the company's stock, competitive actions and other unforeseen changes and general uncertainties in the marketplace; (vi) changes in government regulations, including healthcare reform; (vii) customer purchasing decisions, including changes in payer regulations or policies; (viii) adverse actions of governmental and third-party payers; (ix) changes in testing guidelines or recommendations; (x) the volume of COVID-19 Testing performed by the company; (xi) the impact of global geopolitical events; (xii) the effect of public opinion on the company's reputation; (xiii) adverse results in material litigation matters; (xiv) changes in laws and regulations applicable to the company, including healthcare reform, and changes to their interpretation and application and the impact of any such changes; (xv) failure to maintain or develop customer relationships; (xvi) the company's ability to develop or acquire new products and adapt to technological changes; (xvii) failure of the company's information technology, systems, or data security; (xviii) the impact of potential losses under repurchase agreements; (xix) adverse weather conditions; (xx) the number of revenue days in a financial period; (xxi) inflation; (xxii) increased competition; and (xxiii) the effect of exchange rate fluctuations. These factors, in some cases, have affected and in the future (together with other factors) could affect the company's ability to implement the company's business strategy, and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of the forward-looking statements. The company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the company's most recent Annual Report on Form 10-K under the heading RISK FACTORS and in the company's other filings with the SEC. The information in this press release should be read in conjunction with a review of the company's filings with the SEC including the information in the company's most recent Annual Report on Form 10-K under the heading "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS". - End of Text - - Tables to Follow - LABCORP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In Millions, Except Per Share Data) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Revenues $ 3,527.3$ 3,220.9$ 6,872.4$ 6,397.5 Cost of revenues 2,481.12,294.54,878.24,573.8 Gross profit 1,046.2926.41,994.21,823.7 Selling, general, and administrative expenses 579.3557.81,125.31,066.2 Amortization of intangibles and other assets 68.362.2137.9122.3 Goodwill and other asset impairments ———2.5 Restructuring and other charges 4.111.610.516.6 Operating income 394.5294.8720.5616.1 Other (expense) income:Interest expense (57.1)(47.6)(113.1)(94.5) Investment income 1.71.38.24.2 Equity method loss, net (1.7)(0.3)(2.0)(0.2) Other, net (32.7)19.5(33.7)39.5 Earnings from operations before income taxes 304.7267.7579.9565.1 Provision for income taxes 66.462.1128.6131.2 Net earnings 238.3205.6451.3433.9 Less: Net earnings attributable to the noncontrolling interest (0.4)(0.3)(0.6)(0.6) Net earnings attributable to Labcorp Holdings Inc. $ 237.9$ 205.3$ 450.7$ 433.3 Earnings per common share:Basic earnings per common share $ 2.85$ 2.44$ 5.40$ 5.15 Diluted earnings per common share $ 2.84$ 2.43$ 5.36$ 5.13 Weighted-average basic common shares outstanding 83.484.183.584.1 Weighted-average diluted common shares outstanding 83.984.384.184.5 LABCORP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Millions) June 30, 2025December 31, 2024 ASSETSCurrent assets:Cash and cash equivalents $ 647.3$ 1,518.7 Accounts receivable, net 2,120.61,944.1 Unbilled services 156.1152.9 Supplies inventory 508.1493.2 Prepaid expenses and other 655.1697.6 Total current assets 4,087.24,806.5 Property, plant, and equipment, net 3,133.83,045.4 Goodwill, net 6,551.16,369.7 Intangible assets, net 3,494.43,488.9 Joint venture partnerships and equity method investments 160.416.3 Other assets, net 633.0652.2 Total assets $ 18,059.9$ 18,379.0 LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable $ 793.0$ 875.8 Accrued expenses and other 835.8871.2 Unearned revenue 398.0392.2 Short-term operating lease liabilities 186.1184.6 Short-term finance lease liabilities 4.36.1 Short-term borrowings and current portion of long-term debt 499.61,000.3 Total current liabilities 2,716.83,330.2 Long-term debt 5,077.35,331.2 Operating lease liabilities 713.1676.3 Financing lease liabilities 65.674.3 Deferred income taxes and other tax liabilities 354.5383.1 Other liabilities 643.2517.4 Total liabilities 9,570.510,312.5 Commitments and contingent liabilitiesNoncontrolling interest 16.714.3 Shareholders' equity:Common stock, 82.9 and 83.4 shares outstanding at June 30, 2025, and December 31, 2024, respectively 7.57.6 Additional paid-in capital 1.82.8 Retained earnings 8,498.08,303.4 Accumulated other comprehensive loss (34.6)(261.6) Total shareholders' equity 8,472.78,052.2 Total liabilities and shareholders' equity $ 18,059.9$ 18,379.0 LABCORP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Millions) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings $ 238.3$ 205.6$ 451.3$ 433.9 Adjustments to reconcile net earnings to net cash provided by operating activities:Depreciation and amortization 170.3156.9337.1311.4 Stock compensation 34.130.866.962.4 Operating lease right-of-use asset expense 50.844.599.488.6 Goodwill and other asset impairments ———2.5 Deferred income taxes (6.1)(19.6)(12.2)(39.1) Other, net 38.039.646.136.6 Change in assets and liabilities (net of effects of acquisitions and divestitures):Decrease (increase) in accounts receivable 30.9(5.1)(139.9)(192.2) Decrease (increase) in unbilled services 0.9(37.1)4.826.8 (Increase) decrease in supplies inventory (11.9)28.3(3.5)27.7 Decrease in prepaid expenses and other 12.846.557.821.6 Increase (decrease) in accounts payable 67.069.4(80.6)(51.7) Increase (decrease) in unearned revenue 0.210.8(8.7)(30.8) Decrease in accrued expenses and other (4.7)(9.5)(179.4)(166.4) Net cash provided by operating activities 620.6561.1639.1531.3 CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures (77.9)(128.2)(203.9)(262.0) Proceeds from sale of assets 1.90.12.40.2 Proceeds from sale or distribution of equity affiliates or other investments 6.9—6.9— Proceeds from sale of business ———13.5 Purchase of equity affiliates or other investments (15.0)(23.0)(172.0)(36.7) Acquisition of businesses, net of cash acquired (10.0)(33.9)(63.5)(293.1) Net cash used for investing activities (94.1)(185.0)(430.1)(578.1) CASH FLOWS FROM FINANCING ACTIVITIES:Payments on senior notes ——(1,000.0)— Proceeds from revolving credit facilities —698.764.8951.9 Payments on revolving credit facilities —(721.3)(64.8)(932.1) Proceeds from accounts receivable securitization ——225.0— Net share settlement tax payments from issuance of stock to employees (3.5)(23.1)(29.0)(37.8) Net proceeds from issuance of stock to employees ——25.726.7 Dividends paid (59.9)(60.4)(121.5)(122.5) Purchase of common stock (200.0)(100.0)(200.0)(100.0) Other, net (4.0)(3.9)(7.3)(7.9) Net cash used for financing activities (267.4)(210.0)(1,107.1)(221.7) Effect of exchange rate changes on Cash and cash equivalents 18.8(0.3)26.7(3.2) Net increase (decrease) in Cash and cash equivalents 277.9165.8(871.4)(271.7) Cash and cash equivalents at beginning of period 369.499.31,518.7536.8 Cash and cash equivalents at end of period $ 647.3$ 265.1$ 647.3$ 265.1 LABCORP HOLDINGS INC. AND SUBSIDIARIES Condensed Combined Non-GAAP Segment Information (Dollars in Millions) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Diagnostics LaboratoriesRevenues $ 2,748.8$ 2,524.9$ 5,378.4$ 5,004.6 Adjusted operating income $ 482.8$ 441.5$ 910.3$ 859.4 Adjusted operating margin 17.6 %17.5 %16.9 %17.2 % Biopharma Laboratory ServicesRevenues $ 784.8$ 707.0$ 1,506.1$ 1,417.9 Adjusted operating income $ 123.3$ 107.4$ 230.2$ 207.3 Adjusted operating margin 15.7 %15.2 %15.3 %14.6 % ConsolidatedRevenues $ 3,527.3$ 3,220.9$ 6,872.4$ 6,397.5 Adjusted segment operating income $ 606.1$ 548.9$ 1,140.5$ 1,066.7 Unallocated corporate expense (74.5)(69.0)$ (139.9)$ (134.0) Consolidated adjusted operating income $ 531.6$ 479.9$ 1,000.6$ 932.7 Adjusted operating margin 15.1 %14.9 %14.6 %14.6 % The consolidated revenue and adjusted segment operating income are presented net of intersegment transaction eliminations and other amounts not used in determining segment performance. Adjusted operating income and adjusted operating margin are non-GAAP measures. See the subsequent reconciliation of non-GAAP financial measures. LABCORP HOLDINGS INC. AND SUBSIDIARIES Reconciliation of Non-GAAP Measures (Dollars and Shares in Millions, Except Per Share Data) Three Months Ended June 30,Six Months Ended June 30, 2025202420252024Adjusted Operating Income Operating income$ 394.5$ 294.8$ 720.5$ 616.1 Amortization of intangibles and other assets (a)68.362.2137.9122.3 Restructuring and other charges (b)4.111.610.516.6 Acquisition and disposition-related costs (c)15.125.144.246.0 Launchpad costs (d)17.231.537.340.4 Asset impairments (e)———2.5 Other31.931.846.443.5 TSA reimbursement (f)0.522.93.845.3 Adjusted operating income$ 531.6$ 479.9$ 1,000.6$ 932.7Adjusted operating profit margin15.1 %14.9 %14.6 %14.6 %Adjusted Net Income Net income$ 237.9$ 205.3$ 450.7$ 433.3 Impact of adjustments to operating income137.1185.1280.1316.6 Loss on venture fund investments, net (g)32.71.536.15.7 Gain on sale of business (h)———(4.9) TSA reimbursement (f)(0.5)(22.9)(3.8)(45.3) Other 0.70.30.70.3 Income tax impact of adjustments (i)(43.4)(37.3)(75.3)(61.5) Adjusted net income$ 364.5$ 332.0$ 688.5$ 644.2Weighted-average diluted common shares outstanding83.984.384.184.5Adjusted net income per share$ 4.35$ 3.94$ 8.19$ 7.62 (a) Amortization of intangible assets acquired as part of business acquisitions. (b) Restructuring and other charges represent amounts incurred in connection with the elimination of redundant positions and facilities and contract termination costs within the organization in connection with our LaunchPad initiatives, and acquisitions or dispositions of businesses by the company. (c) Acquisition and disposition-related costs include due-diligence legal and advisory fees, retention bonuses, impact of delayed contract or license transfers, and other integration or disposition related activities. (d) LaunchPad costs include non-capitalized costs associated with the implementation of systems, consolidation of processes, and consulting costs incurred as part of various business process improvement initiatives. (e) The company impaired certain fixed assets which are no longer realizable by the business. (f) Represents transition services fees charged to Fortrea Holdings Inc. related to administrative and IT systems support. The costs to provide these services are included in operating income but the service fees are included in other income. (g) The company makes investments in companies or investment funds developing promising technology related to its operations. The company recorded net gains and losses related to several distributions from venture funds, increases in the market value of investments, and impairments of other investments due to the underlying performance of the investments. (h) The company recorded a gain on the disposition of the Beacon Laboratory Benefits Solutions business. (i) Income tax impact of adjustments calculated based on the tax rate applicable to each item. View original content to download multimedia: SOURCE Labcorp Holdings Inc
CBC
23-07-2025
- CBC
Hamilton police officer accused of sexually assaulting co-worker 'purposely' misinterpreted her: Crown
Social Sharing WARNING: This article references sexual assault and may affect those who have experienced sexual violence or know someone affected by it. It also mentions thoughts of suicide. A Hamilton police officer who stands accused of sexually assaulting his colleague in 2022 "would not take no for an answer," Crown lawyer Jason Nicol argued as he completed his closing arguments Tuesday in a Burlington courthouse. "In a nutshell, this case is about a more experienced and senior police officer who would not take no for an answer from a younger, very inexperienced female colleague despite her attempts to mollify him and repel his advances," Nicol said. In the trial, which began in January, Nicol said Jeffery Turnbull pursued a younger officer, made sexual comments, sent her unsolicited messages and gifts and inappropriately touched her without her consent before sexually assaulting her in March 2022. The woman's identity is protected under a standard publication ban. Turnbull has pleaded not guilty in the case before Ontario Justice Jennifer Marie Campitelli. The trial has taken place in Hamilton and Burlington, Ont. Defence lawyer Joanne Mulcahy finished making her closing argument at the Ontario Court of Justice in Burlington on July 17. Her final submission, which began in June, focused on what she said were inconsistencies in the woman's story of the alleged assault and her interactions with Turnbull in the months before and weeks after. Defence says two officers were having an affair On the stand, the woman said Turnbull spoke to and messaged her regularly even though she didn't want to talk to him. She said he gave her gifts and flirted with her, including by sending her nude images of himself. She said he would talk about his poor mental health or even threaten suicide if she didn't go along with what he wanted. It was under those circumstances, the woman said, that she went to Turnbull's home when his wife was away to visit him, his children and dog with her new puppy. The woman says it was on that visit that Turnbull pinned him to the couch and sexually assaulted her despite her saying she didn't want to have sex. The defence says the two were actually having a consensual affair, which the woman denies. Turnbull said the two planned to have sex while his wife was away, the woman was a willing participant, and that the visit with her dog was actually the next day. Mulcahy said the crown failed to prove beyond a reasonable doubt that the sex at Turnbull's residence was non-consensual. The woman was inconsistent in her description of the alleged assault, Mulcahy said, not using the word rape with investigators and only using it on the stand Jan. 10. Her story about the alleged assault also didn't add up, Mulcahy said. For example, the woman said a back injury prevented her from resisting, but she was working as a police officer in the field and had not been deemed unfit to perform her usual physical duties. The defence also said she mischaracterized their relationship. For example, Mulcahy said, text records show the woman called Turnbull "rude" when he removed her as a Snapchat friend, indicating she wanted to talk to him. Crown says inconsistencies are understandable Nicol said inconsistencies in the woman's testimony were understandable and "peripheral." For example, he said, she's clear on which weekend the alleged assault happened, even if there is disagreement about the exact day. And he said that while the Crown and defence may disagree on when Turnbull allegedly touched the woman inappropriately at work, there was ample opportunity for that to occur within the time frame the woman suggested. He said the woman participated in preparatory meetings with the Crown and had already done an interview with Ontario's Special Investigations Unit — which investigates police conduct — and the Hamilton police professional standards team. It would be unreasonable to assume she could remember exactly what she said during a "gruelling" and "extensive" cross examination, Nicol said, alluding to her crying and requiring breaks while on the witness stand. He noted she testified "a trial was the last thing she wanted," and said "she has gained nothing from this process but stress and grief." Consent must be communicated at the time: Crown Nicol also said the defence was tapping into myths about how a survivor of sexual violence should or should not act. He said her continuing to speak with Turnbull in the week after the alleged assault is not out of the ordinary. He also accused the defence of unfairly "blaming a victim for failing to be her own criminal investigator," when Mulcahy asked why she hadn't attempted to access deleted Snapchat messages for evidence like her client did. At one point in her closing argument, Mulcahy said her client may have honestly but mistakenly thought the woman was consenting. Nicol countered that consent must be communicated at the time of sex, so "unless Mr. Turnbull had telepathy," it was irrelevant what he thought the woman was thinking if she didn't say yes. A recurring theme in the trial, Nicol said, was Turnbull "consistently and purposely" misinterpreting things that would have been obvious. Earlier in the trial, when Nicol questioned Turnbull about texting the woman after she messaged him saying, "I think I need space," Turnbull responded by saying: "She never said, 'I need space,' she said, 'I think I need space.'" Turnbull said he wasn't clear on what the woman was thinking at the time and didn't think their relationship would be very different going forward, Nicol recounted Tuesday. That "should be very telling," he said, adding it's easy in hindsight so say the woman should have been more direct but understandable why she wasn't. He said often in their relationship, she went along with what Turnbull wanted to keep the peace at work, fearful of getting into trouble for speaking out. Verdict expected in October In her closing arguments, Mulcahy took issue with the complainants' telling of how Turnbull would discuss his mental health. Mulcahy said threats of suicide were introduced on the "eve of trial" to "justify her actions and her conduct" and that it "should be very troubling to the court" that the complainant is "using his disability against him." The woman never mentioned discussions of suicide to the police's professional standards investigation or Ontario's Special Investigations Unit, she said, bringing it up in the first time when she met with the Crown because she needed "spin" to explain why she willingly went to Turnbull's house the instance of the alleged assault. Nicol responded that suicide is a difficult topic for the woman because of a family experience, and denied anyone was weaponizing Turnbull's mental health. He said the officer referenced it to psychologically manipulate his colleague. Campitelli is scheduled to read her verdict on Oct. 3. Ending Violence Association of Canada database.
