UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

          November 10, 2009           
(Date of earliest event reported)

LABORATORY CORPORATION OF
AMERICA HOLDINGS

(Exact Name of Registrant as Specified in its Charter)
         
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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01. Regulation FD Disclosure

Summary information of the Company in connection with the presentation at the Credit Suisse 18th Annual Healthcare Conference on November 13, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

         
  Laboratory Corporation of America Holdings
(Registrant)
 		  
Date: November 10, 2009   By:   /s/F. Samuel Eberts III    
    F. Samuel Eberts III, Chief Legal Officer
and Secretary  		  
       
 

Phoenix, AZ

November 13, 2009

Credit Suisse 18th Annual

Healthcare Conference

2

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, 2008, and subsequent
SEC filings.

Forward Looking Statement

Introduction

3

Leading National

Lab Provider

Fastest growing national lab

$52 Billion market

Clinical, Anatomic and Genomic Testing

Serving clients in all 50 states and Canada

Foremost clinical trials testing business

Introduction

4

Valuable Service

  Small component of total cost

    influences large percentage

    of clinical decisions

  Screening, early detection,

    and monitoring reduce

    downstream costs

  Companion diagnostics

    improve drug efficacy and

    reduce adverse drug effects

  

Attractive Market

5

Attractive Market

6

Growth Drivers  

  Aging population

  Industry consolidation

  Advances in genomics

  Pharmacogenomics /

    companion diagnostics

  Cost pressures   

Source:   CDC National Ambulatory Medical Care Survey and Company Estimates

Attractive Market

7

Opportunity to

Take Share  

  5,100 independent labs

  High cost competitors

Attractive Market

Diversified Payor Mix

  No customer > 9% of revenue

  Limited government exposure

8

Attractive Market

Diversified Test Mix

  Esoteric 36% of revenue

  Goal of 40% in 3 – 5 years

  Higher priced business

9

Competitive Position

Scale and Scope

  National infrastructure

  Broad test offering

  Managed care contracts

  Economies of scale

10

Primary LabCorp Testing Locations*

Esoteric Lab Locations

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

Patient Service Centers*

Competitive Position

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Standardized and

Efficient Processes

  Improved patient intake

  Automation of pre-analytics

  Capacity rationalization

  Logistics optimization

Scientific

Leadership

  Introduction of new tests

  Acquisitions and licensing

  Collaborations with leading

    companies and academic

    institutions

Competitive Position

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2009 Priorities

13

Our Focus

  Gain new customers

  Maintain Price

  Control costs

  Implement Automation

  Advance leadership in                                      
      personalized medicine

2009 Priorities

14

Gain New Customers

  Target specialty physicians

  Co-marketing with partners

    in science

  Appropriate promotion of

    specialty tests

2009 Priorities

Maintain Price

  Focus on high-value tests

  Promote outcomes improvement

  4.5% Medicare rate increase

  Managed care stability

15

Control Costs

  Renegotiate leases

  Review supply chain

  Contain discretionary expenses

  Control bad debt

  Continue to appropriately

    fund growth

2009 Priorities

16

Advance

Personalized

Medicine

  Increase esoteric testing

  Expand outcome improvement

    programs

  Develop and commercialize

    companion diagnostics

2009 Priorities

17

Increase

Esoteric Testing

  Introduction of new tests

  Acquisitions and licensing

  Collaborations with academic

    institutions

Advance Personalized Medicine

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Expand Outcomes

Improvement

  Litholink kidney stone

  CKD

  Continual development of

    valuable programs

Advance Personalized Medicine

19

Advance Personalized Medicine

20

Develop

Companion Diagnostics

  Invest in clinical trials

  Relationships with biotech and     

    pharma companies

  Promote key tests

    (e.g., K-RAS, HLA-B* 5701,

    CYP 450)

Excellent Performance

21

Revenue and

EPS Growth

  10% Revenue CAGR

  17% EPS CAGR

(1) Excluding the $0.09 per diluted share impact in 2005 of restructuring and other special

charges, and a non-recurring investment loss; excluding the $0.06 per diluted share

impact in 2006 of restructuring and other special charges; excluding the $0.25 per

diluted share impact in 2007 of restructuring and other special charges; excluding the

$0.44 per diluted share impact in 2008 of restructuring and other special items

(2) EPS, as presented, represents adjusted, non-GAAP financial measures.  Diluted EPS,

as reported in the Company’s Annual Report were:  $2.45 in 2004; $2.71 in 2005;

$3.24 in 2006; $3.93 in 2007; and $4.16 in 2008.

Excellent Performance

22

Leading Returns

Improving and leading returns   

Leading EBIT margin

Excellent Performance

23

Cash Flow

  10% OCF CAGR

  $2.5 B+ share repurchase

Third Quarter and YTD 2009 Results

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2009

2008

+/(-)

2009

2008

+/(-)

Revenue

1,185.1

$

1,135.1

$     

4.4%

3,529.7

$

3,386.1

$

4.2%

Adjusted Operating Income  

237.6

$   

219.9

$        

8.0%

733.0

$   

717.2

$   

2.2%

Operating Income Margin  

20.0%

19.4%

60

      

bp

20.8%

21.2%

(40)

   

bp

Adjusted EPS  

1.22

$      

1.10

$           

10.9%

3.74

$      

3.48

$      

7.5%

Operating Cash Flow

246.4

$   

194.4

$        

26.7%

637.7

$   

565.6

$   

12.7%

Less: Capital Expenditures

(22.7)

$     

(41.5)

$         

-45.3%

(77.1)

$     

(120.4)

$  

-36.0%

Free Cash Flow

223.7

$   

152.9

$        

46.3%

560.6

$   

445.2

$   

25.9%

Nine Months Ended Sept 30,

Three Months Ended Sept 30,

Supplemental Financial Information

25

YTD

Q1 09

Q2 09

Q3 09

2009

Bad debt as a percentage of sales

5.3%

5.3%

5.3%

5.3%

Days sales outstanding

52

        

50

        

48

      

48

      

A/R coverage (Allowance for Doubtful Accts. / A/R)

19.5%

20.6%

21.9%

21.9%

Other Financial Information

September 30, 2009

($ in million's)

Key Points

  Critical position in health care delivery system

  Leadership in personalized medicine

  Stable pricing

  Well positioned to gain share

  Continued cost control

  Excellent cash flow

  Strong balance sheet

Conclusion

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©2009 LabCorp.   All rights reserved.   6967-0409