The company invested $839.0 million in strategic business acquisitions during 2024. These acquisitions enhanced service offerings, expanded the customer and revenue mix, and strengthened geographic presence.

The company is focusing on partnerships with health systems and local/regional laboratories, and leading in the development, licensing, and scaling of specialty testing, particularly in oncology, women's health, autoimmune disease, and neurology.

The company is expanding its consumer-centric capabilities through initiatives like Labcorp OnDemand and focusing on international expansion of specialized diagnostics, including companion diagnostics, to fuel future growth.

Dx implemented and maintained the LaunchPad initiative, a comprehensive business process improvement effort, to reengineer systems and processes for a more sustainable and efficient business model.

The Company maintains a global compliance program that includes ongoing evaluation and monitoring of its compliance with the laws and regulations of the U.S. and the other countries in which it has operations.

In 2024, the Company reduced its work-related injury rate per 100 employees by 14.2% and its work-related lost work injury rate per 100 employees by 24.7%.

The company acknowledges risks related to changes in healthcare reimbursement models, government regulations, and payer mix, which could adversely affect revenues, profitability, and cash flow.

The company recognizes the risk of cybersecurity incidents and unauthorized access to its systems and data, which could lead to financial losses, reputational damage, and legal liabilities.

The company acknowledges the potential for increased regulation of LDTs by the FDA, which could increase costs and administrative burdens.

The Company believes that both competition and consolidation in the clinical laboratory business will continue.

Dx believes that the selection of a laboratory is primarily based on brand strength and reputation; leadership in science, technology, and innovation; patient satisfaction levels; national scale, and local presence with access to testing within 10 miles of most households; quality, timeliness, and consistency in reporting test results; contractual relationships with MCOs; number and type of tests performed; connectivity solutions offered; and pricing of the laboratory's services.

BLS believes that the selection of a drug development partner is primarily based on reputation for quality and regulatory compliance; efficient, timely performance; expertise and experience in operations; application of technology and innovation; specific therapeutic and scientific expertise; data and analytical capabilities; ability to enhance patient recruitment; scope of service offerings; strengths in various geographic markets; price; quality of facilities; quality of relationships; size and scale; ability to support decentralized clinical trials; ability to develop CDx; and access to talent.

Cost of revenues decreased as a percentage of revenues to 72.1% for the year ended December 31, 2024, as compared to 72.3% for corresponding period in 2023. This decrease in cost of revenues as a percentage of revenues was primarily due to higher organic demand and LaunchPad savings, partially offset by higher personnel costs and lower COVID-19 Testing.

Selling, general and administrative expenses as a percentage of revenues increased to 17.1% for the year ended December 31, 2024, as compared to 16.6% for the corresponding period in 2023. The increase in selling, general and administrative expenses as a percentage of revenues is primarily due to higher personnel costs, a reduction in COVID-19 Testing revenues, and the impact from the Invitae transaction, partially offset by LaunchPad savings and demand.

As part of an ongoing commitment to be an efficient and high-value provider of laboratory services, Dx implemented and has maintained a comprehensive business process improvement initiative known as LaunchPad.

For several years the Company has deployed AI and machine learning tools to supplement its existing data analysis projects and support greater efficiency in its operations.

Active diagnostics and therapeutics research division: approximately 750 studies, articles, and presentations produced in 2024. Continuous investing, internally and externally, in new testing technologies and advanced testing capabilities.

The Company is committed to developing and commercializing technology-enabled solutions it believes will support its operations and provide better care.

During 2024, the Company invested $839.0 million in strategic business acquisitions. The acquisitions have enhanced the Company's service offerings, expanded its customer and revenue mix, and strengthened and broadened the scope of its geographic presence.

During 2024, the Company repurchased 1.1 million shares of Common Stock at an average price of $219.57 per share for a total cost of $250.1 million and paid dividends of $243.1 million.

During 2024, capital expenditures were $489.9 million, or 3.8% of the Company's revenues. The Company expects this level of spending to remain consistent in 2025, primarily in connection with projects to support growth in the Company's core businesses, facility expansion and updates, projects related to its LaunchPad initiative, and further acquisition integration initiatives.

The Company is committed to reducing its carbon footprint. The Company participates in the CDP and the EcoVadis sustainable procurement rating processes.

In 2023, the Company's greenhouse gas emission (GHG) reduction science-based targets were accepted by the Science Based Targets initiative, and the Company has committed to reducing Scope 1 and 2 GHG emissions 42% and Scope 3 GHG emissions by 25% by year end 2030, versus a 2020 baseline.

The Company fulfills its commitment to employee well-being by investing in a variety of holistic tools and resources to support its employees' physical, emotional, and financial well-being.

The Company experiences seasonality across its business. For example, testing volume generally declines during the year-end holiday period and other major holidays and can also decline due to inclement weather or natural disasters.

Testing volumes can also be impacted by changes in the global economy, exchange rate fluctuations, political and regulatory changes, the progress of ongoing studies and the startup of new studies, as well as the level of expenditures made by the pharmaceutical, biotechnology and medical device industries in research and design (R&D).

Because the Company operates in multiple distinct environments and in a variety of locations worldwide, it is subject to numerous, and sometimes overlapping, regulatory requirements.