Cover and table of contents
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Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number 1-11353
LABORATORY CORPORATION OF AMERICA HOLDINGS
(Exact name of registrant as specified in its charter)
| Delaware | 13-3757370 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 358 South Main Street | |||||||||||
| Burlington, | North Carolina | 27215 | |||||||||
| (Address of principal executive offices) | (Zip Code) |
(Registrant's telephone number, including area code) 336-229-1127
Securities registered pursuant to Section 12(b) of the Exchange Act.
Title of Each Class Trading Symbol Name of exchange on which registered
Common Stock, $0.10 par value LH New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.
The number of shares outstanding of the issuer's common stock is 88.6 million shares as of October 31, 2022.
INDEX
PART I. FINANCIAL INFORMATION
| Item 1. | Financial Statements (unaudited) | |||||||
| Condensed Consolidated Balance Sheets | 2 | |||||||
| September 30, 2022 and December 31, 2021 | ||||||||
| Condensed Consolidated Statements of Operations | 3 | |||||||
| Three and nine months ended September 30, 2022 and 2021 | ||||||||
| Condensed Consolidated Statements of Comprehensive Earnings | 4 | |||||||
| Three and nine months ended September 30, 2022 and 2021 | ||||||||
| Condensed Consolidated Statements of Changes in Shareholders’ Equity | 5 | |||||||
| Three and nine months ended September 30, 2022 and 2021 | ||||||||
| Condensed Consolidated Statements of Cash Flows | 6 | |||||||
| Nine months ended September 30, 2022 and 2021 | ||||||||
| Notes to Unaudited Condensed Consolidated Financial Statements | 7 | |||||||
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 21 | ||||||
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 30 | ||||||
| Item 4. | Controls and Procedures | 31 |
PART II. OTHER INFORMATION
| Item 1. | Legal Proceedings | 32 | ||||||
| Item 1A. | Risk Factors | 32 | ||||||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 33 | ||||||
| Item 5. | Other Information | 33 | ||||||
| Item 6. | Exhibits | 33 |
PART I – FINANCIAL INFORMATION
Next: Item 1. Financial Statements (unaudited)