8-K Filed April 24, 2008

1

Introduction

This slide presentation contains forward-looking statements
which are 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.  

Actual results could differ materially from those suggested by
these forward-looking statements.  Further information on
potential factors that could affect the Company’s financial
results is included in the Company’s Form 10-K for the year
ended December 31, 2007, and subsequent SEC filings.

2

The US Healthcare & Clinical
Laboratory Testing Market

Source:  CMS, Office of the Actuary, G-2, and Company Estimates

Inpatient

Outpatient  &

Outreach

3

The Value of Lab Testing

In the past, lab testing was primarily used to diagnose disease

Now, lab testing plays an increasingly larger role in the full
continuum of healthcare delivery

4

What is LabCorp

Clinical

Pathology

Anatomic

Pathology

Genomics

Esoteric

Testing

5

Our Infrastructure

1600+ conveniently
located PSCs

700 MDs & PhDs

6500+ phlebotomists

Lab

Information

System

2600 couriers

1000 sales reps

7 airplanes

Primary testing labs

Esoteric Labs

STAT Labs

Standardized Platforms

6

Primary LabCorp Testing Locations*

Esoteric Lab Locations

(CET, CMBP, Dianon, Esoterix, NGI, OTS, US Labs, Viromed)

Our Locations

Patient Service Centers*

7

Cancer diagnostics and monitoring

Advanced cardiovascular disease testing

Advancement through acquisitions and licensing

Strategic Focus Areas

Lab data enables better treatment and outcomes

Partner to control high cost leakage

Recognize value of lab services through appropriate pricing

Quality and service driven culture

First-time problem resolution

Continuous enhancements in customer connectivity

Scientific Leadership

Managed Care

Customer Focus

8

Revenue Growth Drivers

Industry
Consolidation

Hospital
Opportunity

Aging
Population

-Increased utilization

for older patients

Disease

Management

-Litholink Model

Companion
Diagnostics

-ARCA

-Warfarin

More Esoteric
Testing

-Cardiovascular Disease

- Cancer

Time

Margin

Potential

           LabCorp

Competitive Advantages

Standardized Data

Clinical Trials

Dianon, USLabs, Esoterix,

  NGI & Viromed

Industry Forces

Focus on Outcomes and Cost Containment (Medical & Drug)

Increased emphasis on drug efficacy, proper dosage and adverse effects

Advances in science and genomics

Expansion of
Managed Care
partnerships

9

EBITDA Margin Growth Drivers

3.

Further operational

                   efficiencies

Increase automation in
pre-analytic processes

Logistics / route structure
optimization

Supply chain
management

Improved patient experience and
data capture

Improvement in collections / bad
debt long term

1.

Increased volumes through fixed-cost infrastructure

2.

Larger number of esoteric tests offered, more
esoteric tests ordered

10

Industry-leading EBITDA margins

Significant free cash flow

Focus on providing value to shareholders

Strategic acquisitions

Organic growth opportunities

Share repurchase

$370.1 Million available as of 3/31/08

Flexibility for future growth opportunities

LabCorp’s Investment and
Performance Fundamentals

11

Revenue CAGR of 8.5% – Diluted EPS CAGR of 18.6%

1.

Excluding the $0.09 per
diluted share impact in 2005
of restructuring and other
special charges, and a non-
recurring investment loss.

2.

Excluding the $0.06 per
diluted share impact in 2006
of restructuring and other
special charges.

3.

Excluding the $0.25 per
diluted share impact in 2007
of restructuring and other
special charges.

Five-Year Revenue
and EPS Trend

12

1.

Includes approximately
$50 million of benefit
from one-time tax
credits recorded in
2003.

2.

Excluding the impact in
2005 of restructuring
and other special
charges and a non-
recurring investment
loss.

3.

Excluding the impact in
2006 and 2007 of
restructuring and other
special charges

4.

As a result of adopting
FASB 123(R) in 2006,
the Company recorded
incremental stock
compensation expense
of $23.3 and $26.7 in
2006 and 2007,
respectively.

Five-Year OCF and
EBIDTA Margin Trend

OCF CAGR of 6% – EBITDA Margin Growth of 210 bps

13

First Quarter Results
(In millions, except per share data)

14

2008 First Quarter
Financial Achievements

Diluted EPS of $1.14

EBITDA margin of 25.9% of net sales

Operating cash flow of $176.5 million

Increased revenues

10.5% (8.6% volume; 1.9% price)

Excl. Canada 4.1% (1.6% volume, 2.5% price)

Repurchased approximately $55.7 million of   
LabCorp stock

15

Revenue by Payer- US
Q1 2008
(In millions)

Client

$285.4 (27%)

Patient

$97.9 (9%)

Managed Care
Capitated

$42.4 (4%)

Medicare & Medicaid

$198.8 (19%)

Managed Care
Fee-for-service

$414.6 (40%)

16

Core

$685.5 (66%)

Histology (Non-Pap)

$79.2 (8%)

Other Esoteric

$118.1 (11%)

Genomic

$156.4 (15%)

Revenue by Business Area - US
Q1 2008
(In millions)

17

Revenue Mix- US
by Business Area
(In millions)

30%

31%

34%

35%

34%

66%

65%

66%

69%

70%

18

Revenue by Payer
– Q1 2008
(in millions, except PPA)

19

Revenue Mix by
Business Area – Q1 2008
(in millions, except PPA)

20

Financial Guidance - 2008

          Excluding the impact of any share repurchase activity
after March 31, 2008, guidance for 2008 remains:

$66 million

  Net interest of approximately

$120 million to $140
million

  Capital expenditures of approximately

$775 million to $800
million

  Operating cash flow, excluding any transition payments
to UnitedHealthcare, of approximately

$4.74 and $4.90

  Diluted earnings per share of between

25.6% to 26.0%

  EBITDA margins of approximately

13.0% to 14.3%

  Revenue growth

21

Reconciliation of Non-GAAP
Financial Measures
(In millions)

1)

   EBITDA represents earnings before interest, income taxes, depreciation and amortization, and includes the Company’s
proportional share of the underlying EBITDA of the income from joint venture partnerships.  The Company uses EBITDA
extensively as an internal management performance measure and believes it is a useful, and commonly used measure of financial
performance in addition to earnings before taxes and other profitability measurements under generally accepted accounting
principles (“GAAP”).  EBITDA is not a measure of financial performance under GAAP. It should not be considered as an alternative
to earnings before income taxes (or any other performance measure under GAAP) as a measure of performance or to cash flows
from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity.  The following table
reconciles earnings before income taxes, representing the most comparable measure under GAAP, to EBITDA for the three-month
period ended March 31, 2008 and 2007:

2008

2007

    Earnings before income taxes

221.9

$

208.9

$   

    Add (subtract):

Interest expense

19.9

12.6

Investment income

(0.5)

(2.1)

Other (income) expense, net

0.6

0.4

Depreciation

29.2

26.3

Amortization

13.8

13.3

Joint venture partnerships' depreciation

and amortization

0.6

1.1

EBITDA

285.5

$

260.5

$   

Three Months

Ended March 31,

22

Supplemental Financial
Information

23

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