Laboratory Corp Of America Holdings (NYSE:LH) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 09:00 am ET

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Laboratory Corp Of America Holdings (NYSE:LH) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2019 Laboratory Corporation of America Holdings Earnings Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to introduce the host for this conference call, Ms. Clarissa Willett, Vice President, Investor Relations. You may begin, ma'am

Executive
Clarissa Willett

Thank you, operator. Good morning, and welcome to LabCorp's fourth quarter 2019 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, President 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 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 GAAP financial measures during -- 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 estimated 2020 guidance and the related assumptions, the impact of various factors on operating and financial results, expected savings and synergies, and the opportunities for future growth.

Each of the forward-looking statements that based upon current expectations and is subject to change based on various factors, many of which are beyond our control that could affect our financial results. Some of these factors are set forth in detail in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, included in each case under the Risk Factors, 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.

And now, I'll turn the call over to Adam Schechter.

Executive
Adam H. Schechter

Thank you, Clarissa, and good morning, everyone. It's a pleasure to speak with you today and thank you for joining the call. For more than 50 years, LabCorp has grown and prospered by putting talented people behind the vital health care mission, improving health and improving lives. We deliver world-class diagnostic solutions, bring innovative medicines to patients faster, and use technology to improve the delivery of care, that is unwavering. As I've begun to travel meet colleagues from around the world, I see that we have dedicated employees at every level from phlebotomists to couriers to lab technicians, critical research associates and scientists, all of whom care deeply about the mission and the success of LabCorp. I am excited about the opportunities for LabCorp to achieve its mission and to drive profitable growth into the future.

To that end, we had a solid fourth quarter 2019, and we are well positioned for growth this year. During the fourth quarter, we saw progress across both our Diagnostics and our Drug Development businesses. Our Diagnostics business grew revenue by 3.7%, concluding a year of strong growth given the headwind of PAMA.