Labcorp Holdings Inc.

Solid Q2 results; margins & EPS up strongly - Revenue +6% to $3.7B; organic revenue +4.2% - Adjusted operating margin +70 bps to 15.8% - Adjusted EPS +15% to $4.99 - Free cash flow $314M (notably down vs prior year due to working capital timing and planned capex increases)

Diagnostics growth driven by specialty + higher tests per accession - Diagnostics revenue +$5.5% to $2.9B - Organic Diagnostics +3.6%, with volume +3% and price/mix +2.5% - Management emphasized continued specialty testing outgrowing routine testing and ongoing increases in “tests per accession” (supporting mix/price and volume momentum) - Also said ACA/Medicaid impact is not a big drag overall (details below)

BLS strong quarter; Early Development restructuring now largely “behind” - Biopharma Laboratory Services revenue +$6.5% to $836M - Book-to-bill: 1.14 (quarter) / 1.03 (TTM)—positive demand signal - Central Labs (majority of BLS) performing strongly: Central Labs +10% (reported) / ~+8% (organic constant currency) - Early Development: -1% reported, but +3% organic constant currency; benefits and margin expansion tied to strategic actions that are announced and largely complete