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Business Description
Laboratory Corporation of America Holdings, together with its subsidiaries, is an independent clinical laboratory company. Through a national network of laboratories, the Company offers more than 4,400 different clinical laboratory tests that are used by the medical profession in routine testing, patient diagnosis and the monitoring and treatment of disease. In addition, the Company has developed specialty and niche businesses based on certain types of specialized testing capabilities and client requirements, such as oncology testing, Human Immunodeficiency Virus (HIV) genotyping and phenotyping, diagnostic genetics and clinical research trials. The Company has expanded its routine and specialty testing businesses through the acquisitions of Dynacare Inc. and DIANON Systems, Inc. The Company has a national network of 31 primary laboratories and over 1,200 service sites, consisting of branches, patient service centers and STAT laboratories.

Financial Information
For the fiscal year ended 12/31/04, revenues increased 5% to $3.08 billion. Net income increased 13% to $363 million. Revenues reflect volume growth in testing and higher prices. Higher income also reflects cost reduction efforts and higher equity investments income.