Laboratory Corp of America Holdings LH
Q2 2013 Earnings Call Transcript

Transcript Call Date 07/19/2013

Operator: Good day, ladies and gentlemen and welcome to the Quarter Two 2013 Laboratory Corporation of America Holdings Earnings Conference Call. My name is Michele and I'm your operator for today. At this time all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of this conference. As a reminder, this call is being recorded for replay purposes.

Now, I'd to turn the call over to, David King, Chairman and CEO. Please proceed, sir.

David P. King - Chairman and CEO: Thank you, Michele. Good morning and welcome to LabCorp's second quarter 2013 conference call. Joining me today from LabCorp are Brad Hayes, Executive Vice President and Chief Financial Officer; (Ed Dodson), Senior Vice President and Chief Accounting Officer; and Adam Feinstein, Senior Vice President, Corporate Development & Strategy; and Steve Anderson, Vice President, Investor Relations.

This morning we will discuss our second quarter 2013 financial results, update our 2013 guidance, discuss the payment landscape, highlight our progress on our five pillar strategy and provide answers to several frequently asked questions.

I’d now like to turn the call over to Steve Anderson, who has a few comments before we began.

Stephen Anderson - VP, IR: Before we get started, I would like to point out that there will be a replay of this conference call available via the telephone and Internet. Please refer to today’s press release for replay information. This morning the company filed a Form 8-K that included additional information on our business and operations. This information is also available on our website. Analysts and investors are directed to this 8-K and our website to review this supplemental information.

Additionally, we refer you to today's press release, which is available on our website for a reconciliation of non-GAAP financial measures discussed during today's call to GAAP. These non-GAAP measures include adjusted EPS excluding amortization, free cash flow, and adjusted operating income. I would also like to point out that we are making forward-looking statements during this conference call. These forward-looking statements include among others statements about our expected financial results, the implementation of our business strategy and the ongoing benefits from acquisitions.

These statements are based upon current expectations and are subject to change based upon various factors that could affect the Company's financial results. Some of these factors are set forth in detail in our 2012 10-K and subsequent filings. The Company has no obligation to provide any update to these forward-looking statements even if our expectations change.

Now Brad Hayes will review our financial results.

William B. Hayes - EVP and CFO: Thank you, Steve. On today's call I will review four key measures of our financial performance, cash flow, revenue growth, margin and liquidity. I will also update our 2013 guidance.

First, cash flow. Our cash flow continues to be solid. Although in the quarter, it was negatively impacted by delays and denials of coverage for existing tests by some payers after implementation of recently adopted molecular pathology codes. Free cash flow for the trailing 12 months ended June 30, 2013 was $597.8 million.

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