Risk Sleuth
LH · 10-K filed 24 Feb 2026 · year to 31 Dec 2025

Labcorp Holdings

32 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.

Customers

Medicare

earns from · 8%named as a risk
PAMA has already reduced Medicare reimbursement rates for many tests, and further reductions are expected, although rate reductions are frozen for 2026 and capped at 15% per year for 2027-2029.Risk factors (Item 1A)

Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more

Medicaid

earns from · 8%named as a risk
Noncompliance with laws governing billing practices, financial relationships, and other healthcare-related activities could result in civil or criminal penalties, exclusion from Medicare and Medicaid, and restrictions on the use of the Company’s laboratories.Risk factors (Item 1A)

Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more

Managed care organizations (MCOs)

earns from · 37%named as a risk
The Company’s diagnostic testing services are primarily billed to third parties, including MCOs, employer plans, and other health insurance providers.Risk factors (Item 1A)

Also named by ENSG

Pharmaceutical and biotechnology R&D spending

earns from · 22%named as a risk
BLS’s revenues are closely tied to R&D spending by pharmaceutical, biotechnology, and medical device companies, which may depend on access to capital and reimbursement from payers.Risk factors (Item 1A)

Suppliers

American Medical Collections Agency (AMCA)

named as a risk
The Company is involved in pending and threatened litigation related to the AMCA Incident, as well as various government and regulatory inquiries and processes.Cybersecurity (Item 1C)

Other companies

Ravgen Inc.

$272.0 millionnamed as a risk
In September 2022, a jury rendered a verdict in favor of Ravgen on the remaining patent at issue and awarded damages of $272.0 million.Risk factors (Item 1A)

Also named by NTRA

Fortrea

named as a risk
Additionally, the Spin-off presents risks that could affect the Company’s business, including exposure to unexpected claims, liabilities, or costs under the Company’s agreements with Fortrea in connection with the Spin-off.Risk factors (Item 1A)

SYNLAB

During 2025, the Company advanced its international strategy through the acquisition of a minority stake in SYNLAB, a leader in medical diagnostic services and specialty testing in Europe.Business (Item 1)

Places

United States

concentrated in · Nearly all of Dx’s revenues
Nearly all of Dx’s revenues were generated in the U.S.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Europe

earns from · 9%
Approximately 41% and 59% of BLS’s revenues were derived from the U.S. and other countries, respectively.Business (Item 1)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

Commodities and inputs

Swiss Franc

exposed to its price · $1,200.0named as a risk
The Company is a party to USD to Swiss Franc cross-currency swap agreements with an aggregate notional amount of $1,200.0, $300.0 maturing in 2029, $300.0 maturing in 2031 and $600.0 maturing in 2034, as a hedge against the impact of foreign exchange movements on its net investment in a Swiss Franc functional currency subsidiary.Market risk (Item 7A)

Also named by HALO, MTD

Canadian Dollar, Euro and British Pound

exposed to its price · Approximately 13.5%named as a risk
In 2025 and 2024, the most significant currency exchange rate exposures were to the CAD, Swiss Franc, Euro, and British Pound.Market risk (Item 7A)

Research animals

depends onnamed as a risk
Increased or changed regulations and restrictions on the import of research animals into various countries, as well as limitations of supply could impact BLS’s ability to conduct preclinical research and could have an adverse effect on BLS’s financial condition, results of operations, and cash flows.Risk factors (Item 1A)

Reagents, test kits and instruments

depends onnamed as a risk
Furthermore, from time to time, manufacturers discontinue or recall reagents, test kits, or instruments used by the Company to perform laboratory testing.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk
However, on April 29, 2024, the FDA issued a final rule asserting authority to regulate LDTs as medical devices, initiating a four-year phase-out of its prior enforcement discretion.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Centers for Medicare & Medicaid Services (CMS)

subject tonamed as a risk
In most cases, that certification is regulated by CMS through CLIA, which requires that applicable clinical laboratories meet quality assurance, quality control, and personnel standards.Business (Item 1)

Also named by A, ABT, AMGN, AXGN, BAX, BWIN, CNC, COO and 23 more

U.S. Drug Enforcement Administration (DEA)

subject tonamed as a risk
The use of controlled substances is regulated by the U.S. Drug Enforcement Administration under the CSA and its implementing regulations.Business (Item 1)

Also named by CAH, COR, DGX, DHR, HALO, HSIC, IQV, MCK and 7 more

Medicines and Healthcare products Regulatory Agency (MHRA)

subject tonamed as a risk
Certain BLS services, including chemistry, manufacturing, and controls services, must conform to cGMP standards and are subject to periodic inspections by the FDA, the MHRA, and other global regulatory authorities.Business (Item 1)

Also named by EW, GMED, HIMS

SAMHSA

subject to
To the extent that the Company’s laboratories perform such testing, each must be certified as meeting SAMHSA standards.Business (Item 1)

Laws and programs

Protecting Access to Medicare Act (PAMA)

subject to · approximately $245.0 millionnamed as a risk
PAMA resulted in a net reduction in reimbursement revenue of approximately $245.0 million between 2018-2020 from all payers affected by the CLFS.Business (Item 1)

Consolidated Appropriations Act

subject to · capped at 15% per year for 2027 to 2029named as a risk
Among other things, under the Consolidated Appropriations Act that became law on February 3, 2026, the PAMA data collection period for private payer rates will be January 1, 2025 to June 30, 2025, the period for reporting rates to CMS will be May 1, 2026 to July 31, 2026 to set CLFS prices for 2027 to 2029, and phased-in rate decreases based on PAMA reporting are frozen for 2026, but will resume in 2027 and be capped at 15% per year for 2027 to 2029.Business (Item 1)

HIPAA

subject tonamed as a risk
The Company has implemented policies to comply with HIPAA, but evolving regulations—including a proposed rule to clarify the HIPAA Security Rule—may increase compliance obligations.Risk factors (Item 1A)

Also named by AFL, BAX, BBSI, CI, DHR, DOC, DOCN, DOCU and 19 more

Clinical Laboratory Improvement Amendments (CLIA)

subject tonamed as a risk
Noncompliance with CLIA may result in suspension, revocation, or limitation of a laboratory’s certificate, and the ability to bill government and other payers, as well as significant fines or criminal penalties.Risk factors (Item 1A)

Also named by COO, DGX, GH, ILMN, IQV, MEDP, NTRA

EU In Vitro Diagnostic Regulation (IVDR)

subject tonamed as a risk
Compliance with these evolving international frameworks may increase costs and affect the Company’s ability to support clinical trials and offer laboratory services.Risk factors (Item 1A)

Also named by A, BDX, CDNA, COO, GH, NTRA

U.S. Anti-Kickback Statute

subject tonamed as a risk
The U.S. Anti-Kickback Statute prohibits knowingly providing anything of value in return for, or to induce the referral of, Medicare, Medicaid, or other U.S. federal healthcare program business.Business (Item 1)

Also named by BSX, CAH, HCA, ORCL, PROF, ZBH

Stark Law

subject tonamed as a risk
Under another U.S. statute, known as the “Stark” physician self-referral law, physicians who have a financial relationship with a clinical laboratory may not refer Medicare or Medicaid covered testing to the laboratory unless an exception applies, and laboratories may not bill Medicare or Medicaid for such prohibited referrals.Business (Item 1)

Also named by CHE, DVA, GMED, HCA, RMD

DOJ Data Security Program

subject tonamed as a risk
The Company must also comply with restrictions on international data transfers imposed through standards such as the DOJ’s Data Security Program, and emerging laws regulating AI, algorithms, and automated processing, which may increase compliance costs.Risk factors (Item 1A)

Also named by ADP, LPLA, RBLX

Eliminating Kickbacks in Recovery Act

subject tonamed as a risk
This includes potential interpretations of laws such as the Eliminating Kickbacks in Recovery Act, which currently lacks clarifying regulations or exceptions.Risk factors (Item 1A)

Also named by TEM, WGS

EU GDPR

subject tonamed as a risk
Internationally, the Company is subject to data protection laws, such as the EU GDPR and the U.K. GDPR, which impose strict requirements and significant penalties for noncompliance.Risk factors (Item 1A)

Also named by RMD

Clinical Laboratory Fee Schedule (CLFS)

subject tonamed as a risk
Fees for most laboratory services reimbursed by Medicare are established in the CLFS.Business (Item 1)

Medicare Physician Fee Schedule (PFS)

subject tonamed as a risk
Reimbursement for pathology services performed by Dx under the Medicare PFS is subject to ongoing statutory and regulatory adjustments.Risk factors (Item 1A)

Animal Welfare Act (AWA)

subject tonamed as a risk
BLS’s preclinical research activities must comply with animal welfare laws in the jurisdictions where it operates, including the AWA and similar regulations in the U.K., the EU, and China.Risk factors (Item 1A)