Labcorp and Baystate Health Finalize Strategic Relationship For Diagnostics Services

Labcorp acquires Baystate Health’s outreach laboratory business and select operating assets

Collaboration to improve access and enhance affordable, high-quality healthcare services for underserved communities across Massachusetts
 

BURLINGTON, N.C., Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, announced the completion of the acquisition of Baystate Health, Inc.’s (Baystate Health) outreach laboratory business and select operating assets, including laboratory service centers previously operated by Baystate Health throughout Massachusetts. 

In addition, Labcorp has established a regional laboratory in Baystate Health’s facility in Holyoke, Massachusetts, where Baystate Health will continue to provide professional support services for anatomic pathology and select specialty testing at its existing laboratory. 
Upon full integration, the acquisition will combine important capabilities, experience, and technologies from both organizations to further the delivery of high-quality patient care. The acquisition of Baystate Health’s outreach testing allows providers and patients to benefit from Labcorp’s leading clinical laboratory services, robust data, and digital tools.  Together, Baystate Health and Labcorp are committed to improving the efficiency of routine and specialty lab testing and access to affordable, high-quality healthcare services for underserved communities.

“With the completion of the acquisition of our reference laboratory services by Labcorp, our patients and providers will continue to receive quality care as well as improved access to innovative services by a global provider of laboratory testing,” said Sam Skura, President, Baystate Medical Center and Senior Vice President, Hospital Operations, Baystate Health.  

“We look forward to building upon Baystate Health’s longstanding tradition of delivering high-quality, compassionate laboratory and healthcare services while enhancing the patient and provider experience,” said Bill Haas, Senior Vice President of Labcorp’s Northeast Division. “We are committed to a seamless integration for patients, providers and the community.”

About Labcorp

Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's more than 67,000 employees serve clients in approximately 100 countries, provided support for 84% of the new drugs and therapeutic products approved in 2023 by the FDA, and performed more than 600 million tests for patients around the world. Learn more about us at www.labcorp.com.

About Baystate Health
 

Baystate Health is a not-for-profit, integrated healthcare system serving over 800,000 people throughout western New England. Baystate Health is the largest healthcare organization in western Massachusetts. With roots dating to the founding of Springfield Hospital in 1883, Baystate Health has been providing high-quality and compassionate healthcare in the Pioneer Valley for more than 140 years. Its mission is to improve the health of the people in its communities every day, with quality and compassion. With a focus on quality, safety, value, and experience, Baystate is not only a keystone of the region, it is a national leader in healthcare. Learn more at www.baystatehealth.org.
 

SOURCE Labcorp

Media: Kimbrel Arculeo, 336-436-8263, [email protected]; or Investors: Christin O'Donnell, 336-436-5076, [email protected]

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements, including but not limited to statements with respect to the company’s acquisition of Baystate Health, Inc.’s outreach laboratory business and select operating assets, and the anticipated benefits of the transaction for providers and patients, and the expected timing to closing.

Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the company's control. These factors, in some cases, have affected and in the future (together with other factors) could affect the company's ability to implement the company's business strategy and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of the forward-looking statements.

The company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the company's most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in the company's other filings with the SEC. The information in this press release should be read in conjunction with a review of the company's filings with the SEC including the information in the company's most recent Annual Report on Form 10-K, and subsequent Forms 10-Q, under the heading MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.