8-K Filed April 26, 2007

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            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.

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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.

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Industry Profile

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

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Profile of LabCorp

The 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 > 300 million tests annually

Connectivity with physicians offices

90% of results delivered electronically

70% of tests ordered electronically

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Profile of LabCorp

More than 25,000 employees nationwide

6,200 phlebotomists

2,600 couriers

700 MDs and PhDs

1,700 conveniently located patient service centers

Rigorously monitored, industry-leading quality and
service metrics

Highest quality, CAP inspected and CLIA certified
laboratories

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Primary Testing Locations

Primary LabCorp Testing Locations

Corporate Headquarters

Burlington, NC

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What is LabCorp?

Clinical Pathology

Medical

Testing

Services

Esoteric

Testing

Genomics

Anatomic Pathology

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Strategic Focus Areas

Scientific

Leadership

Managed

Care

Customer

Focus

Cancer diagnostics and monitoring

Advanced cardiovascular disease testing

Quality and service driven culture

Continuous enhancements in customer connectivity

First-time problem resolution

Advancement through acquisitions and licensing

Partner to control high cost leakage

Lab data enables better treatment and outcomes

Recognize value of lab services through appropriate
pricing

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UnitedHealthcare

Exclusive national laboratory provider

$3 billion in additional revenue over a 10-
year contract term

EBITDA margins at least equal to our
existing, industry-leading level

Revenue will ramp during 2007 and later
years

Transition payments capped at $200 million

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UnitedHealthcare

Phase 1 – exclusivity in mature markets
(MAMSI, Neighborhood, Pacificare
Colorado), network manager for Oxford, plus
sole national laboratory in all other markets

Phase 2 – establish additional networks

Phase 3 – use networks and standardized
data to enhance development of evidence-
based medicine

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UnitedHealthcare
as a Growth Driver

United opportunity:

Mature markets

Direct business

Indirect business

Networks

Over 450 new patient access points:

Innovative Duane Reade agreement

430 other locations opened since 10/3/06

Available to all patients

New employees trained and on-board prior to 1/1/07 – lab
techs, phlebotomists, sales reps, couriers.

Primary connectivity with more physician offices in key
markets

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Revenue Growth Drivers

Managed Care

Partner of choice for major managed care organizations

Recognition of value from standardized lab data

Breadth of test menu, quality, convenience

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

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EBITDA Margin Growth Drivers

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

Improvement in collections / bad debt

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LabCorp’s Investment and
Performance Fundamentals

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

Flexibility for future growth opportunities

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Five-Year Revenue and EPS Trend

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

(1)

(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).

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Five-Year OCF and EBITDA Margin Trend

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

(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).

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First Quarter Results
(in millions, except per share data)

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2007 First Quarter Financial
Achievements

Diluted EPS of $0.98

EBITDA margin of 26.1% of net sales

Operating cash flow of $185.8 million

Increased revenues 13.7% (12.3%
volume; 1.4% price)

Repurchased approximately $358
million of LabCorp stock

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Revenue by Payer – Q1-2007
(in millions)

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Revenue by Business Area – Q1-2007
(in millions)

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Revenue Mix by Business Area
(in millions)

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Revenue by Payer
(in millions, except PPA)

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

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2007 Financial Guidance

Excluding the impact of any share repurchase activity
after March 31, 2007, guidance for 2007 is as follows:

Net sales growth of approximately 12% to 14% compared to
2006

EBITDA margins of 26.4% to 26.9% of net sales

Diluted EPS in the range of $4.11 to $4.27

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 $110 and $120 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

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Supplemental Financial Information

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Reconciliation of Non-GAAP Financial Measures
($ in millions)

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