Labcorp Holdings Inc.

Thank you for standing by. Welcome to the Q2 2026 LabCorp Holdings Earnings Conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Dewey Sedman, Senior Vice President, Investor Relations. Please go ahead.

Good morning and welcome to LabCorp's second quarter 2026 financial results webcast. With me today are Adam Schechter, our Chairman and Chief Executive Officer, and Julia Wang, our Executive Vice President and Chief Financial Officer. This morning, in the events section of the LabCorp Investor Relations website at ir.labcorp.com, we posted both our press release and a supplemental financial presentation with additional information on our business and operations. We will also host a replay of this webcast on the IR website for one year. On today's webcast, we will focus on our adjusted or non-GAAP results for the second quarter of 2026, our capital allocation strategy, and our updated financial guidance for the full year 2026. Our GAAP results and a reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures are available in today's earnings release and the supplemental financial presentation. Please see the Use of Adjusted Measures section in the supplemental presentation for more information regarding our use of non-GAAP financial measures. In today's remarks, the term organic growth excludes the impact from acquisitions, divestitures, and currency, as well as other strategic actions taken in early development business. Our remarks will also include forward-looking statements, including, but not limited to, statements about our updated 2026 financial guidance and the assumptions underlying that guidance, The expected impact of various factors on our business, operating and financial results, cash flows and financial conditions, global economic and market conditions, our future business strategies, the expected savings, benefits, and synergies from acquisitions, strategic actions, and partnerships, and our potential opportunities for future growth. Each of these forward-looking statements is subject to change based on various factors, many of which are beyond our control. More information is included in our most recent annual report on Form 10-K and subsequent quarterly reports on Forms 10-Q and in the company's other filings with the FCC. We have no obligation to provide any updates to these forward-looking statements, even if our expectations change. Now I'll turn the call over to Lockport's Chairman and CEO, Adam Schechter. Adam?

Thank you, Dewey, and good morning, everyone. We appreciate you joining us today to review our second quarter 2026 results. LabCorp delivered another very strong quarter, driven by solid revenue growth, margin expansion, and progress across our strategic priorities. Our diagnostic and biopharma laboratory services businesses both performed well, advancing strategic initiatives and expanding technological capabilities that continue to drive growth. Key accomplishments include broadening our specialty test portfolio, expanding partnerships with leading health systems, biopharmaceutical clients, and regional and local laboratories, continuing to grow our consumer business, and increasing the use of advanced technologies across the company. Turning to our enterprise financials for the second quarter, revenue grew 6% to $3.7 billion. Margins improved 70 basis points to 15.8%. Adjusted earnings per share grew 15% to $4.99. And free cash flow was $314 million. Moving to our segments, diagnostics revenue increased 5.5% to $2.9 billion. Biopharma laboratory services revenue increased 6.5% to $836 million driven by strength in central laboratories. And our BLS book-to-bill was 1.14 in the quarter and 1.03 in the trailing 12 months. Julia will review our updated increased guidance in just a moment. Our results reflect the progress we've made across each of our strategic priorities. Beginning with strengthening our leadership in specialty testing across oncology, neurology, autoimmune disease, and women's health. Collectively, in the first half of the year, these specialty areas delivered double-digit revenue growth and helped us to win new health systems and provider customers. Laboratory testing plays a critical role in both drug development and patient care, supporting earlier detection, Diagnosis, Therapy Collection, and Ongoing Disease Monitoring, all of which support better health outcomes while enabling more informed clinical decision-making. In our LabCorp Oncology business, we expanded our portfolio across lung, colorectal, and prostate cancer, adding innovative screening, diagnostic, and compliance in diagnostic testing solutions. We launched ColoSense nationwide, the first FDA-approved RNA-based colorectal cancer screening test with an at-home collection. With Medicare and expanding commercial payer coverage, this test increases patient access to screening and enables earlier detection. And we entered into a clinical trial collaboration with Bob Chase Cancer Center to evaluate LabCorp's Plasma Detect Genome MRD and patients at risk of early-stage non-small-cell lung cancer reoccurrence. We expanded nationwide access to Roche's FDA-approved companion diagnostic for people living with prostate cancer who may now be eligible for combination treatment with AstraZeneca's targeted therapy. And we added an advanced DPYD genotyping test to our portfolio that helps identify patients at risk for severe treatment-related toxicity from certain chemotherapies. Beyond our priority specialty areas, we continue to advance testing solutions across a broad range of important health conditions. We signed an agreement to broaden nationwide access to myolaris KPDX, a first-of-its-kind non-invasive test that supports surveillance of graft injury, including rejection, following a kidney transplant. For patients at risk of liver disease, LabCorp's blood-based test, MASH-Next, secured Medicare coverage beginning in mid-August, expanding access for more patients and enabling earlier detection of MASH. Additionally, new peer-reviewed research demonstrated the potential of LabCorp's advanced non-invasive blood-based diagnostic tools, including MVX and NIS2+, to improve risk assessment and to provide early identification of patients at risk for liver disease progression. Moving now to the strategic priority of being a partner of choice for health systems and regional local laboratories. These partnerships play an important role in providing health systems and providers greater access to our high-quality, cost-effective laboratory services, to our scientific expertise, and to our broad testing portfolio, including specialty diagnostics. In the quarter, we completed the acquisition of select outreach laboratory services from Parkview Health in Indiana and Ohio and the acquisition of Tribal Diagnostics, a clinical laboratory serving communities in Oklahoma and Texas. And once again, we were recently awarded a Department of Defense contract to provide laboratory testing for service members and their families across military hospitals worldwide. We continue to have a very robust pipeline of deals and to support our long-term growth strategy, and we look forward to sharing more of those moving forward. Turning to the consumer health space, our consumer business continues to deliver strong double-digit growth driven by increasing demand for consumer-initiated testing Innovative offerings and compelling digital experiences. And with the recent announcement of our Marker by LabCorp Genetic Health Panel through LabCorp OnDemand, consumers will be able to get biomarker and genetic testing and insights from a single trusted source. We also launched Canada's first at-home self-collection test to measure women's fertility-related hormones and men's testosterone levels. Additionally, our recently launched AI-powered app, MyLabCorp, has already begun to be downloaded by millions of consumers. The app allows patients to schedule appointments, to view their test results, and to gain deeper insights into their health using AI. These differentiated innovations, combined with our leading science, are creating personalized experiences that consumers can trust. We continue to make strong progress on the strategic priority of shaping our future through technology and innovation to improve the customer experience, to enhance productivity, and to transform our business. In the quarter, we broadened our collaboration with Epic, which will make LabCorp's 6,500-plus diagnostic tests available on Epic's oral platform. This collaboration will make it easier for healthcare providers using Epic Aura to access LabCorp's tests, including genetics, oncology, and other advanced diagnostics. We also enhanced the experience of LabCorp's patient service centers through expanded appointment availability, streamlined scheduling, and proactive rescheduling reminders and assistance. These are just a few examples of how we're advancing our strategic priorities and serving our customers. Our results this quarter and our progress against our strategy were made possible by our teams who carry out our mission each and every day. Their impact was recognized by Time, where we were honored to be named again as one of the world's most impactful companies. We were also included on the Wall Street Journal's Best Companies for the Future list, recognizing our commitment to innovation with long-term value creation and Positive Impact. With that, I'll turn the call over to Julia to discuss our financial results in more detail.