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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
May 1, 2001
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(Date of earliest event reported)
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Exact name of registrant as specified in its charter)
DELAWARE 1-11353 13-3757370
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
358 SOUTH MAIN STREET, BURLINGTON, NORTH CAROLINA 27215
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(Address of principal executive offices)
336-229-1127
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
Laboratory Corporation of America -Registered Trademark-
Holdings (LabCorp -Registered Trademark-)(NYSE:LH) announced
that it has completed the acquisition of New England-based Path
Lab Holdings, Inc. (Path Lab). Path Lab had revenues in 2000 of
approximately $51.6 million and earnings before interest, taxes,
depreciation and amortization of $12.9 million. Terms of the
transaction were not disclosed.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibit
Press release of the Company dated May 1, 2001.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Registrant)
By:/s/ BRADFORD T. SMITH
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Bradford T. Smith
Executive Vice President,
General Counsel, Secretary
and Compliance Officer
Date: May 1, 2001
Laboratory Corporation of America-Registered Trademark- Holdings
358 South Main Street
Burlington, NC 27215
Telephone: 336-584-5171
FOR IMMEDIATE RELEASE
Contact: 336-436-4855 Shareholder Direct: 800-LAB-0401
Pamela Sherry www.labcorp.com
LABORATORY CORPORATION OF AMERICA-REGISTERED TRADEMARK-
COMPLETES ACQUISITION OF PATH LAB
Burlington, NC, May 01, 2001 - Laboratory Corporation of America-
Registered Trademark- Holdings (LabCorp-Registered Trademark-) (NYSE:
LH) today announced that it has completed the acquisition of New
England-based Path Lab Holdings, Inc. (Path Lab). Path Lab had
revenues in 2000 of approximately $51.6 million and earnings before
interest, taxes, depreciation and amortization of $12.9 million. Terms
of the transaction were not disclosed.
"We are delighted to add the largest regional laboratory in New
England to our national network of industry-leading diagnostic
services," said Thomas P. Mac Mahon, chairman and chief executive
officer of LabCorp. "The acquisition of Path Lab is a continuation of
our plan to make selective, strategic acquisitions that not only
expand our geographic coverage, but also leverage our expertise in
esoteric testing. Path Lab has particular skill in servicing hospitals
in this market, which have an increased need for this higher-value
testing. "
"Our plan is to use Path Lab's facilities and seasoned management team
to form the cornerstone of LabCorp's expansion into New England,"
noted Mr. Mac Mahon. "This excellent management team has extensive
experience in connecting laboratory information systems to hospitals,
which strengthens Path Lab's relationships with hospital customers.
Additionally, our ability to effectively expand LabCorp's managed care
presence in New England is increased. We intend to utilize Path Lab's
regional laboratory and network of 38 patient service centers to
develop additional growth opportunities through improved access for
members of the larger managed care plans in New England."
As a result of the completion of the acquisition, LabCorp has revised
upward its earnings per share (EPS) guidance for 2001 and 2002 to
include Path Lab's anticipated financial performance. The Path Lab
acquisition is expected to increase EPS by $0.01 for 2001 and by $0.04
for 2002. The Company also noted that it filed an 8-K on April 23,
2001 in which additional guidance for 2001 and 2002 was provided.
The first clinical laboratory to fully embrace genomic testing,
Laboratory Corporation of America-Registered Trademark- Holdings
(LabCorp-Registered Trademark-) has been a pioneer in commercializing
new diagnostic technologies. As a national laboratory with annual
revenues of $1.9 billion in 2000 and over 18,000 employees, the
company offers more than 4,000 clinical tests ranging from simple
blood analyses to sophisticated molecular diagnostics. Serving over
200,000
clients nationwide, LabCorp leverages its expertise in innovative
clinical testing technology with its Centers of Excellence. The Center
for Molecular Biology and Pathology, in Research Triangle Park (RTP),
North Carolina, develops applications for polymerase chain reaction
(PCR) technology. LabCorp's National Genetics Institute in Los Angeles
is an industry leader in developing novel, highly sensitive PCR
methods for testing hepatitis C and other infectious agents, and its
Center for Esoteric Testing in Burlington, North Carolina, performs
the largest volume of specialty testing in the network. LabCorp's
clients include physicians, state and federal government, managed care
organizations, hospitals, clinics, pharmaceutical and Fortune 1000
companies, and other clinical laboratories.
Each of the above forward-looking statements is subject to change
based on various important factors, including without limitation,
competitive actions in the marketplace and adverse actions of
governmental and other third-party payors. Further information on
potential factors that could affect LabCorp's financial results is
included in the Company's Form 10-K for the year ended December 31,
2000 and subsequent SEC filings.