LabCorp 2008 Annual Report Download - page 13

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Laboratory Corporation of America® Holdings 2008 11
The Company has a strong balance sheet,
ending 2008 with $219.7 million of cash. Our
bank facility, comprised of multiple institutions
and secured through 2012, combined with
our free cash fl ow provides the capital necessary
to pursue the growth opportunities before us.
While reinvestment, strategic acquisition and
licensing agreements remain our fi rst priority
for cash use, we also continue to direct
cash toward our share repurchase program.
In 2008, we repurchased shares totaling
$330.6 million.
The strengths that we demonstrated in 2008
are a direct refl ection of the 28,000 LabCorp
people who work on behalf of our customers
and their patients on a daily basis. Their talents
and expertise, professionalism and commitment
make the difference between potential and
performance, and these dedicated people
make that difference day in and day out,
every day of the year.
Powerful Growth Potential
As we refl ect on what we have achieved
and on what lies ahead, we continue to
be impressed by the power of lab testing –
of this one tube – to work on behalf of
physicians, patients, payers and shareholders
alike. We are transforming the clinical labora-
tory into a source of actionable health care
intelligence. In the process, we believe
clinical laboratory testing will become
increasingly valued for its ability to guide those
who treat patients by providing high-quality,
cost-effective care. A new era is well under
way, as are LabCorp’s strategies to capitalize
on it and lead the industry into the future.
We strive every day to exceed your
expectations. We appreciate and thank you
for your continued support.
Very truly yours,
Dave King
President and Chief Executive Offi cer
Executive Management
(from left to right)
Dave King
President and Chief Executive Offi cer
Scott Walton
Executive Vice President, Strategic Planning and Corporate Development
Brad Hayes
Executive Vice President, Chief Financial Offi cer
Andrew Conrad, Ph.D.
Chief Scientist
Jay Boyle
Senior Vice President, Managed Care and Occupational Testing Services
Bill Bonello
Senior Vice President, Investor Relations
Sam Eberts
Senior Vice President, Chief Legal Offi cer
Lidia Fonseca
Senior Vice President, Chief Information Offi cer
Don Hardison
Executive Vice President, Chief Operating Offi cer
* Not pictured – Mark Brecher, M.D.
Senior Vice President and Chief Medical Offi cer