I'll Have My Appendectomy in the UK, Thanks
I'm Lara Williams and this is Bloomberg Opinion Today, a mycelia of Bloomberg Opinion's opinions. Sign up here.
Something strange appears to be happening in the land of appendixes. In the last five months, I've heard of at least three people have all had their appendix fail them.
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Yahoo
11 minutes ago
- Yahoo
Labcorp Announces 2025 Second Quarter Results
Raises Full-Year Guidance Financial results from Operations for second quarter 2025 versus second quarter 2024: Revenue: $3.53 billion versus $3.22 billion Diluted EPS: $2.84 versus $2.43 Adjusted EPS: $4.35 versus $3.94 Raised Enterprise Revenue, Adjusted EPS and Free Cash Flow guidance: Revenue guidance narrowed to 7.5% to 8.6%; midpoint raised by 70 basis points Adjusted EPS range narrowed to $16.05 to $16.50; midpoint raised by $0.23 Free Cash Flow range of $1.13 billion to $1.28 billion; midpoint raised by $25 million Broadened our partnerships with hospitals, health systems and regional/local labs and enhanced access to comprehensive testing and laboratory services Introduced several new tests in high-growth specialty areas including oncology BURLINGTON, N.C., July 24, 2025 /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, today announced results for the second quarter ended June 30, 2025 and raised full-year guidance. "Labcorp had a very strong second quarter, delivering double-digit topline growth, while expanding margins across both segments," said Adam Schechter, chairman and CEO of Labcorp. "We brought innovative tests to market, and applied our leadership in science and technology to drive growth, enhance the customer experience and improve our operations. We remain committed to delivering sustained value to our customers, employees and shareholders as we execute on our long-term strategy. Based upon our performance in the first half and our momentum going into the second half of the year, we're raising our guidance." In the second quarter, Labcorp advanced its position as a partner of choice for hospitals, health systems and regional/local laboratories: Announced an agreement to acquire select assets of Incyte Diagnostics' clinical and anatomic pathology testing businesses in the Pacific Northwest. Continued to progress the acquisition of select oncology and clinical testing assets from BioReference Health. Subsequent to quarter end, Labcorp announced an agreement to acquire select assets of the outreach business from Community Health Systems across 13 states. Labcorp also continued to incorporate the power of science, innovation and technology across the organization during or subsequent to the quarter: Expanded its oncology portfolio with key launches including Labcorp® Plasma Detect™, a liquid biopsy test that assesses colon cancer recurrence risk and PGDx elio® plasma focus™ Dx, the first-and-only FDA-authorized pan-solid tumor liquid biopsy test for targeted treatment guidance. Continued to advance its leading position in Alzheimer's disease, and plans in the coming weeks to offer Fujirebio FDA-cleared biomarker test that aids in diagnosing the disease. Expanded its consumer offerings by launching several consumer-initiated tests through Labcorp OnDemand, including tests that measure an individual's cortisol and leptin levels, and introducing a new and improved Ovia app, providing women with a single platform to support their health journey. Introduced Labcorp Whole Health Solutions for functional medicine, integrative medicine and primary care practices. The solution offers specialized test panels and a test menu of more than 1,000 scientifically backed biomarkers. Added digital pathology capabilities in Central Labs, including advanced image scanning to preserve critical sample data and AI-powered solutions to provide analysis on large datasets instantly. On July 10, 2025, the company announced a quarterly cash dividend of $0.72 per share of common stock, payable on September 11, 2025, to stockholders of record at the close of business on August 28, 2025. In the quarter, Labcorp repurchased $200 million of common stock. Additionally, Labcorp raised 2025 guidance for enterprise revenue, adjusted EPS and free cash flow primarily driven by currency, as well as the underlying strength of its businesses. LABCORP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED RESULTS Three Months Ended June 30,Six Months Ended June 30,20252024Delta20252024Delta Revenue Summary (Dollars in billions) Total Revenue $ 3.53$ 3.229.5 %$ 6.87$ 6.407.4 % Organic(1) 5.4 %3.7 % Acquisitions, net of Divestitures 3.5 %3.6 % Foreign Exchange 0.6 %0.1 % (1) Organic revenue is no longer broken out between the Base Business and COVID-19 Summary (Dollars in millions, except per share data) Operating Income ("OI") $ 394.5$ 294.8$ 720.5$ 616.1 OI as % of Revenue 11.2 %9.2 %200 bps10.5 %9.6 %90 bps Adjustments (2) $ 137.1$ 185.1$ 280.1$ 316.6 Adjusted Operating Income ("AOI") (3) $ 531.6 (4) $ 479.9$ 1,000.6$ 932.7 AOI as % of Revenue 15.1 % (5) 14.9 %20 bps14.6 %14.6 %— bps Net Earnings Attributable to Labcorp Holdings Inc. $ 237.9$ 205.3$ 450.7$ 433.3 Diluted EPS $ 2.84$ 2.43$ 5.36$ 5.13 Adjusted EPS (3) $ 4.35$ 3.9410.4 %$ 8.19$ 7.627.5 % (2) Adjustments include amortization, impairment charges, restructuring charges, and special items. (3) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for additional information. (4) The increase in adjusted operating income was due to organic demand as the company leveraged well on revenue growth. (5) Adjusted operating margin was constrained by Invitae. LABCORP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED RESULTSThree Months Ended June 30,Six Months Ended June 30,2025202420252024 Cash Flow Summary (Dollars in millions)Operating Cash Flow $ 620.6$ 561.1$ 639.1$ 531.3 Capital Expenditures 77.9128.2203.9262.0 Free Cash Flow $ 542.7 (1) $ 432.9$ 435.2$ 269.3 (1) The increase in free cash flow was driven by higher earnings and the timing of capital expenditures. Capital Allocation Summary At the end of the quarter, Labcorp's cash and cash equivalents balance was $0.65 billion and total debt was $5.58 billion. During the quarter, the company invested $25.0 million in acquisitions and partnerships, paid out $59.9 million in dividends, and repurchased $200.0 million of stock. LABCORP HOLDINGS INC. AND SUBSIDIARIES Diagnostics Laboratories Segment Summary Three Months Ended June 30,20252024Delta Revenue Summary (Dollars in billions) Total Revenue $ 2.75$ 2.528.9 % Organic(1) 4.5 % Acquisitions, net of Divestitures 4.5 % Foreign Exchange (0.1 %) (1) Organic revenue is no longer broken out between the Base Business and COVID-19 Testing. Earnings Summary (2) (Dollars in millions) Adjusted Operating Income ("AOI") (3) $ 482.8$ 441.5 AOI as % of Revenue 17.6 % (4) 17.5 %10 bps (2) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for additional information. (3) Excludes amortization, restructuring charges, special items, and unallocated corporate expenses. (4) Adjusted operating margin was constrained by Invitae. Three Months Ended June 30, 2025 RequisitionPrice/Mix Volume Delta (5)Delta (5) Metrics Summary Total4.9 %4.0 % Organic (6)3.4 %1.1 % Acquisitions, net of Divestitures1.5 %3.0 % Foreign Exchange— %(0.1) %(5) Column shows changes versus the three months ended June 30, 2024. (6) Organic price/mix includes lab management agreements. LABCORP HOLDINGS INC. AND SUBSIDIARIES Biopharma Laboratory Services Segment Summary Three Months Ended June 30,20252024DeltaRevenue Summary (Dollars in millions)Total Revenue$ 784.8$ 707.011.0 % (1) Organic7.8 %Foreign Exchange3.2 %(1) Early Development revenue growth of 20.4%, Central Labs revenue growth of 7.5%. Earnings Summary (2) (Dollars in millions)Adjusted Operating Income ("AOI") (3)$ 123.3 (4) $ 107.4AOI as % of Revenue15.7 %15.2 %50 bps (4) (2) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for additional information. (3) Excludes amortization, restructuring charges, special items, and unallocated corporate expenses. (4) Adjusted operating income and margin increase was primarily driven by organic demand and operating efficiencies. As of June 30, 2025Metrics Summary (Dollars in billions) TTM Net Orders $ 3.34TTM Book to Bill 1.11Backlog $ 8.71 (5) Next Twelve Months Forecast Backlog Conversion $ 2.71 (5) Backlog increased 10.0% compared to this period last year. Guidance for 2025 Labcorp is updating 2025 full year guidance to reflect its second quarter performance and full year outlook. The following guidance assumes foreign exchange rates effective as of June 30, 2025, for the remainder of the year. Enterprise level guidance includes the estimated impact from currently anticipated capital allocation, including acquisitions, share repurchases and dividends. (Dollars in billions, except per share data) PreviousUpdatedResults2025 Guidance2025 Guidance2024Low HighLow High RevenueLabcorp Enterprise (1)(2) $13.016.7 % 8.0 %7.5 % 8.6 % Diagnostics Laboratories(3) $10.146.5 % 7.7 %7.0 % 8.0 % Biopharma Laboratory Services (4) $2.923.0 % 5.0 %6.1 % 7.5 % Adjusted EPS $14.57$15.70 $16.40$16.05 $16.50 Free Cash Flow $1.10$1.10 $1.25$1.13 $1.28 (1) 2025 Guidance includes an impact from foreign currency translation of 0.5%. (2) Enterprise level revenue is presented net of intersegment transaction eliminations. (3) 2025 Guidance includes an impact from foreign currency translation of (0.1%). (4) 2025 Guidance includes an impact from foreign currency translation of 2.5%.Use of Adjusted Measures The company has provided in this press release and accompanying tables "adjusted" financial information that has not been prepared in accordance with GAAP, including adjusted net income, adjusted EPS (or adjusted net income per share), adjusted operating income, adjusted operating margin, free cash flow, and certain segment information. The company believes these adjusted measures are useful to investors as a supplement to, but not as a substitute for, GAAP measures, in evaluating the company's operational performance. The company further believes that the use of these non-GAAP financial measures provides an additional tool for investors in evaluating operating results and trends, and growth and shareholder returns, as well as in comparing the company's financial results with the financial results of other companies. However, the company notes that these adjusted measures may be different from and not directly comparable to the measures presented by other companies. Reconciliations of these non-GAAP measures to the most comparable GAAP measures and an identification of the components that comprise "special items" used for certain adjusted financial information are included in the tables accompanying this press release. The company today is providing an investor relations presentation with additional information on its business and operations, which is available in the investor relations section of the company's website at Analysts and investors are directed to the website to review this supplemental information. A conference call discussing Labcorp's quarterly results will be held today at 9:00 a.m. ET and is available by registering at this link, which will provide a dial-in number and unique PIN to access the call. It is recommended that participants join 10 minutes prior to the start of the call, although participants may register and join at any time during the call. A live webcast of Labcorp's quarterly conference call on July 24, 2025, will be available at the Labcorp Investor Relations website beginning at 9:00 a.m. ET. This webcast will be archived and accessible through July 11, 2026. About Labcorp Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's nearly 70,000 employees serve clients in approximately 100 countries, provided support for 75% of the new drugs and therapeutic products approved in 2024 by the FDA, and performed more than 700 million tests annually for patients around the world. Learn more about us at Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements, including, but not limited to, statements with respect to (i) the estimated 2025 guidance and related assumptions, (ii) the impact of various factors on operating and financial results, including the projected impact of global economic and market conditions on the company's businesses, operating results, cash flows and/or financial condition, (iii) future business strategies, (iv) expected savings, synergies and other benefits to the Company, customers or patients from acquisitions and other transactions and partnerships, and (v) opportunities for future growth. Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the company's control, including without limitation: (i) the effect of the holding company reorganization on the company's business generally; (ii) the failure to receive tax-free treatment with respect to the spin-off of the company's Clinical Development and Commercialization Services business, now Fortrea Holdings Inc. for U.S. federal income purposes; (iii) the impact of spin-off related items; (iv) personnel costs and potential difficulties with employee relations and retention; (v) the trading price of the company's stock, competitive actions and other unforeseen changes and general uncertainties in the marketplace; (vi) changes in government regulations, including healthcare reform; (vii) customer purchasing decisions, including changes in payer regulations or policies; (viii) adverse actions of governmental and third-party payers; (ix) changes in testing guidelines or recommendations; (x) the volume of COVID-19 Testing performed by the company; (xi) the impact of global geopolitical events; (xii) the effect of public opinion on the company's reputation; (xiii) adverse results in material litigation matters; (xiv) changes in laws and regulations applicable to the company, including healthcare reform, and changes to their interpretation and application and the impact of any such changes; (xv) failure to maintain or develop customer relationships; (xvi) the company's ability to develop or acquire new products and adapt to technological changes; (xvii) failure of the company's information technology, systems, or data security; (xviii) the impact of potential losses under repurchase agreements; (xix) adverse weather conditions; (xx) the number of revenue days in a financial period; (xxi) inflation; (xxii) increased competition; and (xxiii) the effect of exchange rate fluctuations. These factors, in some cases, have affected and in the future (together with other factors) could affect the company's ability to implement the company's business strategy, and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of the forward-looking statements. The company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the company's most recent Annual Report on Form 10-K under the heading RISK FACTORS and in the company's other filings with the SEC. The information in this press release should be read in conjunction with a review of the company's filings with the SEC including the information in the company's most recent Annual Report on Form 10-K under the heading "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS". - End of Text - - Tables to Follow - LABCORP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In Millions, Except Per Share Data) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Revenues $ 3,527.3$ 3,220.9$ 6,872.4$ 6,397.5 Cost of revenues 2,481.12,294.54,878.24,573.8 Gross profit 1,046.2926.41,994.21,823.7 Selling, general, and administrative expenses 579.3557.81,125.31,066.2 Amortization of intangibles and other assets 68.362.2137.9122.3 Goodwill and other asset impairments ———2.5 Restructuring and other charges 4.111.610.516.6 Operating income 394.5294.8720.5616.1 Other (expense) income:Interest expense (57.1)(47.6)(113.1)(94.5) Investment income 1.71.38.24.2 Equity method loss, net (1.7)(0.3)(2.0)(0.2) Other, net (32.7)19.5(33.7)39.5 Earnings from operations before income taxes 304.7267.7579.9565.1 Provision for income taxes 66.462.1128.6131.2 Net earnings 238.3205.6451.3433.9 Less: Net earnings attributable to the noncontrolling interest (0.4)(0.3)(0.6)(0.6) Net earnings attributable to Labcorp Holdings Inc. $ 237.9$ 205.3$ 450.7$ 433.3 Earnings per common share:Basic earnings per common share $ 2.85$ 2.44$ 5.40$ 5.15 Diluted earnings per common share $ 2.84$ 2.43$ 5.36$ 5.13 Weighted-average basic common shares outstanding 83.484.183.584.1 Weighted-average diluted common shares outstanding 83.984.384.184.5 LABCORP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Millions) June 30, 2025December 31, 2024 ASSETSCurrent assets:Cash and cash equivalents $ 647.3$ 1,518.7 Accounts receivable, net 2,120.61,944.1 Unbilled services 156.1152.9 Supplies inventory 508.1493.2 Prepaid expenses and other 655.1697.6 Total current assets 4,087.24,806.5 Property, plant, and equipment, net 3,133.83,045.4 Goodwill, net 6,551.16,369.7 Intangible assets, net 3,494.43,488.9 Joint venture partnerships and equity method investments 160.416.3 Other assets, net 633.0652.2 Total assets $ 18,059.9$ 18,379.0 LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable $ 793.0$ 875.8 Accrued expenses and other 835.8871.2 Unearned revenue 398.0392.2 Short-term operating lease liabilities 186.1184.6 Short-term finance lease liabilities 4.36.1 Short-term borrowings and current portion of long-term debt 499.61,000.3 Total current liabilities 2,716.83,330.2 Long-term debt 5,077.35,331.2 Operating lease liabilities 713.1676.3 Financing lease liabilities 65.674.3 Deferred income taxes and other tax liabilities 354.5383.1 Other liabilities 643.2517.4 Total liabilities 9,570.510,312.5 Commitments and contingent liabilitiesNoncontrolling interest 16.714.3 Shareholders' equity:Common stock, 82.9 and 83.4 shares outstanding at June 30, 2025, and December 31, 2024, respectively 7.57.6 Additional paid-in capital 1.82.8 Retained earnings 8,498.08,303.4 Accumulated other comprehensive loss (34.6)(261.6) Total shareholders' equity 8,472.78,052.2 Total liabilities and shareholders' equity $ 18,059.9$ 18,379.0 LABCORP HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Millions) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings $ 238.3$ 205.6$ 451.3$ 433.9 Adjustments to reconcile net earnings to net cash provided by operating activities:Depreciation and amortization 170.3156.9337.1311.4 Stock compensation 34.130.866.962.4 Operating lease right-of-use asset expense 50.844.599.488.6 Goodwill and other asset impairments ———2.5 Deferred income taxes (6.1)(19.6)(12.2)(39.1) Other, net 38.039.646.136.6 Change in assets and liabilities (net of effects of acquisitions and divestitures):Decrease (increase) in accounts receivable 30.9(5.1)(139.9)(192.2) Decrease (increase) in unbilled services 0.9(37.1)4.826.8 (Increase) decrease in supplies inventory (11.9)28.3(3.5)27.7 Decrease in prepaid expenses and other 12.846.557.821.6 Increase (decrease) in accounts payable 67.069.4(80.6)(51.7) Increase (decrease) in unearned revenue 0.210.8(8.7)(30.8) Decrease in accrued expenses and other (4.7)(9.5)(179.4)(166.4) Net cash provided by operating activities 620.6561.1639.1531.3 CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures (77.9)(128.2)(203.9)(262.0) Proceeds from sale of assets 1.90.12.40.2 Proceeds from sale or distribution of equity affiliates or other investments 6.9—6.9— Proceeds from sale of business ———13.5 Purchase of equity affiliates or other investments (15.0)(23.0)(172.0)(36.7) Acquisition of businesses, net of cash acquired (10.0)(33.9)(63.5)(293.1) Net cash used for investing activities (94.1)(185.0)(430.1)(578.1) CASH FLOWS FROM FINANCING ACTIVITIES:Payments on senior notes ——(1,000.0)— Proceeds from revolving credit facilities —698.764.8951.9 Payments on revolving credit facilities —(721.3)(64.8)(932.1) Proceeds from accounts receivable securitization ——225.0— Net share settlement tax payments from issuance of stock to employees (3.5)(23.1)(29.0)(37.8) Net proceeds from issuance of stock to employees ——25.726.7 Dividends paid (59.9)(60.4)(121.5)(122.5) Purchase of common stock (200.0)(100.0)(200.0)(100.0) Other, net (4.0)(3.9)(7.3)(7.9) Net cash used for financing activities (267.4)(210.0)(1,107.1)(221.7) Effect of exchange rate changes on Cash and cash equivalents 18.8(0.3)26.7(3.2) Net increase (decrease) in Cash and cash equivalents 277.9165.8(871.4)(271.7) Cash and cash equivalents at beginning of period 369.499.31,518.7536.8 Cash and cash equivalents at end of period $ 647.3$ 265.1$ 647.3$ 265.1 LABCORP HOLDINGS INC. AND SUBSIDIARIES Condensed Combined Non-GAAP Segment Information (Dollars in Millions) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Diagnostics LaboratoriesRevenues $ 2,748.8$ 2,524.9$ 5,378.4$ 5,004.6 Adjusted operating income $ 482.8$ 441.5$ 910.3$ 859.4 Adjusted operating margin 17.6 %17.5 %16.9 %17.2 % Biopharma Laboratory ServicesRevenues $ 784.8$ 707.0$ 1,506.1$ 1,417.9 Adjusted operating income $ 123.3$ 107.4$ 230.2$ 207.3 Adjusted operating margin 15.7 %15.2 %15.3 %14.6 % ConsolidatedRevenues $ 3,527.3$ 3,220.9$ 6,872.4$ 6,397.5 Adjusted segment operating income $ 606.1$ 548.9$ 1,140.5$ 1,066.7 Unallocated corporate expense (74.5)(69.0)$ (139.9)$ (134.0) Consolidated adjusted operating income $ 531.6$ 479.9$ 1,000.6$ 932.7 Adjusted operating margin 15.1 %14.9 %14.6 %14.6 % The consolidated revenue and adjusted segment operating income are presented net of intersegment transaction eliminations and other amounts not used in determining segment performance. Adjusted operating income and adjusted operating margin are non-GAAP measures. See the subsequent reconciliation of non-GAAP financial measures. LABCORP HOLDINGS INC. AND SUBSIDIARIES Reconciliation of Non-GAAP Measures (Dollars and Shares in Millions, Except Per Share Data) Three Months Ended June 30,Six Months Ended June 30, 2025202420252024Adjusted Operating Income Operating income$ 394.5$ 294.8$ 720.5$ 616.1 Amortization of intangibles and other assets (a)68.362.2137.9122.3 Restructuring and other charges (b)4.111.610.516.6 Acquisition and disposition-related costs (c)15.125.144.246.0 Launchpad costs (d)17.231.537.340.4 Asset impairments (e)———2.5 Other31.931.846.443.5 TSA reimbursement (f)0.522.93.845.3 Adjusted operating income$ 531.6$ 479.9$ 1,000.6$ 932.7Adjusted operating profit margin15.1 %14.9 %14.6 %14.6 %Adjusted Net Income Net income$ 237.9$ 205.3$ 450.7$ 433.3 Impact of adjustments to operating income137.1185.1280.1316.6 Loss on venture fund investments, net (g)32.71.536.15.7 Gain on sale of business (h)———(4.9) TSA reimbursement (f)(0.5)(22.9)(3.8)(45.3) Other 0.70.30.70.3 Income tax impact of adjustments (i)(43.4)(37.3)(75.3)(61.5) Adjusted net income$ 364.5$ 332.0$ 688.5$ 644.2Weighted-average diluted common shares outstanding83.984.384.184.5Adjusted net income per share$ 4.35$ 3.94$ 8.19$ 7.62 (a) Amortization of intangible assets acquired as part of business acquisitions. (b) Restructuring and other charges represent amounts incurred in connection with the elimination of redundant positions and facilities and contract termination costs within the organization in connection with our LaunchPad initiatives, and acquisitions or dispositions of businesses by the company. (c) Acquisition and disposition-related costs include due-diligence legal and advisory fees, retention bonuses, impact of delayed contract or license transfers, and other integration or disposition related activities. (d) LaunchPad costs include non-capitalized costs associated with the implementation of systems, consolidation of processes, and consulting costs incurred as part of various business process improvement initiatives. (e) The company impaired certain fixed assets which are no longer realizable by the business. (f) Represents transition services fees charged to Fortrea Holdings Inc. related to administrative and IT systems support. The costs to provide these services are included in operating income but the service fees are included in other income. (g) The company makes investments in companies or investment funds developing promising technology related to its operations. The company recorded net gains and losses related to several distributions from venture funds, increases in the market value of investments, and impairments of other investments due to the underlying performance of the investments. (h) The company recorded a gain on the disposition of the Beacon Laboratory Benefits Solutions business. (i) Income tax impact of adjustments calculated based on the tax rate applicable to each item. View original content to download multimedia: SOURCE Labcorp Holdings Inc
Bloomberg
14 minutes ago
- Bloomberg
The Quiet Obamacare Overhaul Needs a Loud Reveal
The unprecedented cuts to Medicaid in President Donald Trump's tax bill rightfully garnered headlines in recent months. After all, the latest estimates from the Congressional Budget Office predict some 10 million people eventually will lose their public insurance. But attention now should turn to the less visible ways his policies are undermining the Affordable Care Act.
Forbes
14 minutes ago
- Forbes
The AI Will See You Now: Clinical Care Agents At Your Service
Insight app. Going to the doctor is a tedious experience at best—and a traumatizing one at worst—so unpleasant that many people avoid it altogether, until an emergency or crisis occurs. The reality is all too familiar for most Americans who can expect to wait weeks or months for an appointment, sit in the waiting room for hours before seeing a provider, fill out redundant medical questionnaires, and then have a rushed interaction with a busy nurse or doctor who barely listens to your health concerns. Meanwhile, the administrative burdens surrounding clinical care have led to provider burnout and workforce shortages within the medical profession. As reported in Harvard Business Review, U.S. physicians spend 34% to 55% of their workday on documentation and EHR reviews—cutting into face time with patients and weakening the patient-provider relationship. I spoke with the team at Insight Health, a startup that has raised $4.6 million in seed funding from investors including Kindred Ventures, RTP Global, Wedbush Ventures and MKT1, to alleviate the routine aspects of care across the patient journey—screening, intake, documentation, and follow-up—using AI clinical care agents. Insight Health founding team - Jaimal Soni (Chief Executive Officer), Dr. Pankaj Gore, Dr. Eric ... More Stecker (Chief Medical Officer), Saran Siva, (President) 'I don't think the problem can be overstated,' shared Dr. Eric Stecker, who is a co-founder and the Chief Medical Officer. 'Practicing physicians often feel like we're banging our heads against the wall, trying to fix a broken system.' And for our clients at Insight Health, the screening or intake process is a real pain point, elaborated co-founder and CEO Jaimal Soni. A typical neurosurgery visit could be 30 to 40 minutes, with half of that time spent capturing a patient's history, including family, medical and surgical history. And the clinicians often run out of time. Since its founding in 2023, Insight Health has conducted over 100,000 autonomous clinical conversations with patients, deploying its agents to support thousands of clinicians mostly at mid-sized private practices and community hospitals but also at large institutions across various specialities, including Neurosurgery, Oncology, Gastroenterology, and Primary Care. How Does The AI Platform Work ? I was able to visit Insight Health's office in New York City for a live demo, and chat with their AI agent 'Lumi' during a screening process via phone call. Lumi has a number of modules, or workflows which can be personalized and leveraged by clinicians to engage directly with the patient, and also speaks multiple languages. First, it integrates with a practice's EHR and referral notes, to extract relevant data about the patient (i.e., the details from the patient's last clinic visit or last annual checkup). Then, it reaches out to the patient over email, text or phone for a screening visit, in order to gather an updated patient history. Following the screening, Lumi generates a structured clinical summary for the provider to review before the in-person visit. Additional workflows support appointment scheduling, in-office visit summaries via an AI scribe and post-visit feedback collection. The accuracy of the audio-to-written transcription which was generated during the Q&A phone screening process, was noteworthy, but I wondered what would happen when a patient went 'off-script'. Dr. Stecker shared that 'with generative AI, we can program it to provide clarification, to identify inconsistencies within a patient's medical history and to explain basic medical terms, but not give medical advice.' Are Patients Willing To Share Health Data With AI? A key consideration, particularly with older patients, is whether they would be comfortable speaking to an AI about sensitive health information. Dr. Stecker remarked, 'I've been surprised by how well the technology has been received. One patient spent a long time interacting with the AI, sharing detailed information about their pain and medical history — you could tell they really needed someone to talk to.' Pre-visit summary Research has shown that people like sharing personal details when the AI is relatable and empathetic.1 A recent study in ScienceDirect showed that 'individuals were just as likely to choose to self-disclose to an AI as to a human researcher'.2 And this study built on previous research that found that self-disclosure to chatbots, text or voice based AI agents who engage in naturalistic simulated conversations,3 evokes similar emotional and psychological satisfaction compared to human-human interactions.4 But Is It Safe? Insight Health is HIPAA and SOC 2 Type 2 compliant and protects PHI, or personal health information consistent with industry standards, however Soni noted that in the US, the regulatory body around AI for healthcare just doesn't exist yet. The current administration has unwound certain HHS policy efforts that were put in motion by former President Biden. For example, Executive Order 14110: Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence was signed into law by former President Biden in October 2023, establishing standards for AI use in healthcare and other industries. But, the order was rescinded by President Trump on January 20, 2025. The One Big Beautiful Bill Act which was signed into law July 4, 2025 did leave out certain 'moratorium' provisions that would have prohibited nearly all state and local regulation of AI. Meaning, if we do see guardrails placed around artificial intelligence in healthcare, it will likely be through state and locally mandated requirements. So in lieu of an established regulatory infrastructure, Insight Health has built an internal safety framework called 'Safe AI' to quantitatively measure the quality of outputs, identify outliers and escalate issues to clinicians. Essentially, the platform processes every transcript to verify accuracy and look for anomaly detection prior to generating a medical summary. 'We found patients may contradict themselves (i.e., a patient says they are on a diabetes medication but did not mention they are a diabetic) and we highlight this in a note for the clinician,' Soni says. Will AI Replace Doctors? As the article title suggests, an obvious question remains – are AI providers going to be replacing doctors, nurses and other healthcare providers? Dr. Stecker made a distinction between what Insight Health is doing, in supporting or aiding the practice of medicine, and 'making recommendations, giving a diagnosis and prescribing a treatment plan' which is 'getting into the practice of medicine.' But the reality is, this is a slippery slope. 'The lines are blurring as the systems get better,' said Kanyi Maqubela of Kindred Ventures, one of Insight Health's seed investors. A recent study completed by Cedars-Sinai, Tel Aviv University found that startup K Health's AI physician assistant matched doctors' clinical decisions in two-thirds of patient cases, while offering better care in the remaining third. The research also found that the AI made potentially harmful recommendations 2.8% of the time, versus physicians' 4.6%.5 As might be expected, the AI 'was better at following guidelines but wasn't as good where there was nuance.' Dr. Caroline Goldzweig, Chief Medical Officer at Cedars-Sinai elaborated in an interview with Forbes, 'With complex patients with a lot of comorbidities, that's where you really do need human intervention.' Maqubela shared that ultimately the patient still wants expert advice coming from physicians and providers, so the challenge is leveraging AI to create 'a wrap-around experience for the human expert, so humans can just do the things that are unique to the patient and everything else can be optimized by AI.' Perhaps we will soon see AI replacing providers when the case is straightforward and without complication. But for now, platforms like K Health and Insight Health position their respective platforms not as replacements, but as critical tools to support physicians, nurses and other providers with routine tasks, to free them up to provide more higher-level and high touch support to patients. What's The Future Of AI In Care Delivery ? Maqubela shared his broad vision for the future of AI in the care delivery space, and furthermore, what gave his venture firm conviction in Insight Health's strategy. Healthcare 'has historically been a laggard in all software.' But, AI is different. 'We're seeing massive adoption, as the technology can take large volumes of unstructured, multimodal data (including labs and diagnostic images and complex family history), give probabilistic responses, produce summarization, and do robocalling that is personable.' There is incredible market-fit with healthcare in AI that has surprised a lot of folks. 'And we're just in the first inning.' In phase two, we're evolving beyond scribes and summarizations, and more towards dynamic and robust agents 'that can move from the EHR into the diagnostic, into the LLM, into the voice application, back into the EHR, with the right supervisory systems on top of them.' And Insight Health's founding team includes deep specialists in Cardiology and Neurology (Dr. Eric Stecker and Dr. Pankaj Gore) which Maqubela believes will be critical in training future agents.
