DELAWARE		1-11353		13-3757370
(State or other jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

358 SOUTH MAIN STREET, BURLINGTON, NORTH CAROLINA		27215		336-229-1127
(Address of principal executive offices)		(Zip Code)		(Registrant's telephone number including area code)

8-K Filed October 25, 2007

1

            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, 2006, and subsequent SEC filings.

2

The Clinical Laboratory Testing
Market >$40-$50 billion Annually

Industry CAGR of 5% - 7%

Market segments:

Routine—$30-$35 billion

Esoteric—$4-$5 billion

Anatomic pathology—   
$6-$10 billion

Growth opportunities:

Consolidation

Esoteric and anatomic
pathology testing

Hospital outpatient and
outreach

Source:  Company estimates, industry reports and 2006 revenue for LabCorp.

3

Integral to quality healthcare

Screening for and early diagnosis of disease leads to
improved outcomes

Monitoring of treatment effectiveness and disease
recurrence

Correct therapy decisions based on known genetic markers

Cost effectiveness

Cutting-edge technologies

Influences 70% - 80% of healthcare decisions

Rigorous quality standards

Industry Profile

4

A leader in the esoteric and genomic testing
market and second-largest clinical laboratory
company in North America

Offers the broadest range of clinical and
anatomic pathology services to aid clinicians
in diagnosis, monitoring, prediction and
prevention of disease

Conducts > 270 million tests annually

Connectivity with physicians offices

90% of results delivered electronically

70% of tests ordered electronically

Profile of LabCorp

5

More than 25,000 people nationwide

6,200 phlebotomists

2,600 couriers

700 MDs and PhDs

1,600+ conveniently located patient service
centers

Rigorously monitored, industry-leading quality
and service metrics

Highest quality, CAP inspected and CLIA   
certified laboratories

Profile of LabCorp

6

Primary Testing
Locations

Primary LabCorp Testing Locations*

Esoteric Lab Locations

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

7

What is LabCorp?

Clinical

Pathology

Anatomic

Pathology

Genomics

Esoteric

Testing

8

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

9

Managed Care

Partner of choice for major managed care organizations

Recognition of value from standardized lab data

Breadth of test menu, quality, convenience

Hospital market

Over 50% of market of which approximately 2/3 available to clinical labs

Pricing pressures from managed care

DSI acquisition: “win-win” for hospital, community and commercial lab

Companion diagnostics/Personalized medicine

ARCA

Warfarin

Clinical trials link

Cancer diagnostics

Anatomic pathology - $6 - $10 billion fragmented market

Treatment decisions/monitoring

Recurrence testing

Cardiovascular disease

Lab testing is foundation for determining need for imaging, invasive procedures,
pharmaceutical treatments

VAP, NMR, high-sensitivity CRP

Revenue Growth Drivers

10

Increased volumes through fixed-cost infrastructure

Larger number of esoteric tests offered, more
esoteric tests ordered

Further operational efficiencies

Increase automation in pre-analytic processes

Logistics / route structure optimization

Supply chain management

Facility consolidation/cost optimization

Improvement in collections / bad debt

EBITDA Margin
Growth Drivers

11

Industry-leading EBITDA margins

Significant free cash flow

Focus on returning value to shareholders

Strategic acquisitions

Organic growth opportunities

Share repurchase – additional $500 million authorization
announced 3/13/07

$329 Million available as of 9/30/07

Flexibility for future growth opportunities

LabCorp’s Investment and
Performance Fundamentals

12

Revenue CAGR of 9% – Diluted EPS CAGR of 19%

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 $0.07 per
diluted share impact in 2006
of restructuring and other
special charges, and the
$0.10 per diluted share
impact in 2006 of adoption
of SFAS 123(R).

Five-Year Revenue
and EPS Trend

13

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 of restructuring and
other special charges and
of the adoption of SFAS
123(R).

Five-Year OCF and
EBIDTA Margin Trend

OCF CAGR of 9% – EBITDA Margin Growth of 420 bps

14

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

9/30/2006

9/30/2007

+/(-)

Revenue

909.9

$     

1,020.6

$  

12.2%

EBITDA

(1)

237.1

$     

272.5

$     

14.9%

EBITDA Margin

26.1%

26.7%

60

     

bp

Diluted EPS

(2)

0.84

$        

1.07

$        

27.4%

15

(1)  Excludes restructuring and other special charges of $5.6 and $31.3 million recorded

by the Company in the third quarter of 2006 and 2007, respectively.

(2)  Excludes the $0.03 and $0.15 per diluted share impact of the restructuring and

other special charges recorded in the third quarter of 2006 and 2007, respectively.

Nine-Month Results
(In millions, except per share data)

16

9/30/2006

9/30/2007

+/(-)

Revenue

2,692.2

$  

3,062.5

$  

13.8%

EBITDA

(1)

708.0

$     

812.6

$     

14.8%

EBITDA Margin

26.3%

26.5%

20

     

bp

Diluted EPS

(2)

2.46

$        

3.13

$        

27.2%

2007 Third Quarter
Financial Achievements

Diluted EPS of $1.07 ⁽¹⁾

EBITDA margin of 26.7% of net sales⁽²⁾

Operating cash flow of $130.4 million

Increased revenues 12.2% (11.9% volume; 0.3% price)

Repurchased approximately $111.3 million of   
LabCorp stock

17

(1)  Excludes the $0.15 per diluted share impact of the restructuring and other special charges recorded in the third quarter of 2007.

(2)  Based on EBITDA of $272.5 million, excluding the $31.3 million impact of restructuring and other special charges recorded

      in the third quarter of 2007.

Diluted EPS of $3.13 ⁽¹⁾

EBITDA margin of 26.5% of net sales ⁽²⁾

Operating cash flow of $469.3 million

Increased revenues 13.8% (12.8% volume; 1.0% price)

Repurchased approximately $520.8 million of
LabCorp stock

2007 First Nine Months
Financial Achievements

(1)  Excludes the $0.18 per diluted share impact of the restructuring and other special charges recorded through the third quarter of 2007.

(2)  Based on EBITDA of $812.6 million, excluding the $38.3 million impact of restructuring and other special charges recorded

      through the third quarter of 2007.

18

Revenue by Payor
Q3-YTD-2007
(In millions)

19

Revenue by Business Area
Q3-YTD-2007
(In millions)

20

Revenue Mix by
Business Area
(In millions)

21

Revenue by Payer
(In millions, except PPA)

YTD Q3-2005

YTD Q3-2006

YTD Q3-2007

Revenue

Revenue

Revenue

$'s

%

Accns

PPA

$'s

%

Accns

PPA

$'s

%

Accns

PPA

Client

701.9

$   

28%

24.181

29.03

$  

725.7

$   

27%

24.821

29.24

$  

800.8

$   

26%

25.701

31.16

$  

Patient

232.2

$   

9%

1.732

  

134.08

$

256.5

     

10%

1.720

  

149.12

$

283.8

   

9%

1.787

  

158.83

$

Third Party

(Medicare/Medicaid)

570.4

$   

23%

14.808

38.52

$  

577.3

     

21%

14.369

40.17

$  

558.7

   

18%

13.816

40.44

$  

Managed Care:

- Capitated

102.2

$   

4%

9.809

  

10.42

$  

106.5

     

4%

10.031

10.61

$  

127.8

   

4%

11.463

11.15

$  

- Fee for service

898.6

   

36%

19.077

47.10

$  

1,026.3

  

38%

20.841

49.24

$  

1,291.3

  

42%

28.169

45.84

$  

  Total Managed Care

1,000.8

  

40%

28.886

34.65

$  

1,132.7

  

42%

30.872

36.69

$  

1,419.1

  

46%

39.632

35.81

$  

LabCorp Total

2,505.3

$

100%

69.607

35.99

$  

2,692.2

$

100%

71.782

37.50

$  

3,062.4

$

100%

80.936

37.84

$  

22

Revenue Mix by Business Area
(In millions, except PPA)

YTD Q3-2005

YTD Q3-2006

YTD Q3-2007

Revenue

Revenue

Revenue

$'s

%

Accns

PPA

$'s

%

Accns

PPA

$'s

%

Accns

PPA

All Genomic

379.8

$   

15%

5.058

  

75.09

$  

415.6

$   

15%

5.383

  

77.20

   

471.4

$   

15%

6.382

  

73.87

$  

Other Esoteric

251.3

     

10%

6.047

  

41.55

   

286.6

   

11%

6.866

  

41.75

   

332.7

   

11%

8.118

  

40.98

   

Histology

210.7

     

8%

1.807

  

116.61

  

223.4

   

8%

1.813

  

123.22

  

244.8

   

8%

2.013

  

121.64

  

  All Genomic / Esoteric

841.8

     

34%

12.912

65.19

   

925.6

   

34%

14.062

65.82

   

1,049.0

  

34%

16.513

63.52

   

Core

1,663.5

   

66%

56.695

29.34

   

1,766.5

  

66%

57.720

30.61

   

2,013.5

  

66%

64.423

31.25

   

  LabCorp Total

2,505.3

$

100%

69.607

35.99

$  

2,692.2

$

100%

71.782

37.50

$  

3,062.4

$

100%

80.936

37.84

$  

23

Excluding the impact of any share repurchase activity after
September 30, 2007, and excluding restructuring and other
special charges recorded in 2007, guidance for 2007 is as
follows:

Net sales growth of approximately 12.7% to 13.2% compared to
2006

EBITDA margins of 26.0% to 26.5% of net sales

Diluted EPS in the range of $4.11 to $4.18

Operating cash flow of between $690 and $710 million, excluding
any transition payments related to the Company’s agreement with
UnitedHealthcare

Capital expenditures of between $100 and $110 million, excluding
any additional capital expenditures related to the Company’s
agreement with UnitedHealthcare

Net interest expense of approximately $45 million

Bad debt rate of approximately 4.8% of net sales

2007 Financial Guidance

24

Excluding the impact of any share repurchase
activity after September 30, 2007, guidance for
2008 is as follows:

Net sales growth of approximately 6.5% to 8.5% compared to
2007

EPS growth of approximately 11% to 14% compared to 2007

2008 Preliminary Financial Guidance

25

Supplemental Financial Information

YTD

Q1 07

Q2 07

Q3 07

2007

Depreciation

26.3

$   

26.1

$   

26.6

$  

79.0

$   

Amortization

13.3

$   

13.4

$   

13.9

$  

40.6

$   

Capital expenditures

40.8

$   

32.2

$   

35.5

$  

108.5

$

Cash flows from operations

185.8

$  

153.1

$  

130.4

$

469.3

$

Bad debt as a percentage of sales

4.82%

4.82%

4.82%

4.82%

Effective interest rate on debt:

  Zero coupon-subordinated notes

2.00%

2.00%

2.00%

2.00%

  5 1/2% Senior Notes (including effect of interest rate swap)

5.38%

5.38%

5.38%

5.38%

  5 5/8% Senior Notes

5.75%

5.75%

5.75%

5.75%

  Revolving credit facility (weighted average)

5.80%

5.80%

6.19%

6.19%

Days sales outstanding

55

         

55

         

58

58

        

Laboratory Corporation of America

Other Financial Information

($ in million's)

September 30, 2007

26

Reconciliation of Non-GAAP
Financial Measures
(In millions)

27