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Lab One Inc. history
Lab One Inc. company history timeline
Hoffmann-La Roche—one of the first companies to recognize that the industrial manufacture of medicines would be a major advance in the fight against disease and which was founded in Switzerland in 1896—begins operations in the United States.
However, our roots extend back to 1905 when Hoffmann-La Roche began operations in the United States.
The company was founded in 1971 and is headquartered in Burlington, NC.“
Lab Testing began doing business in 1976 as the NDT division of Carson Helicopter.
1982 Acquisition of Biomedical Reference Laboratories After a number of acquisitions, Hoffmann-La Roche acquires Biomedical Reference Laboratories.
In 1983, Osborn and Merriman sold their company to Business Men's Assurance Company of America, a large and well-established insurance company headquartered in Kansas City.
In 1983, Hoffmann-La Roche merged all of its laboratory companies into one company, which it called Roche Biomedical Laboratories (RBL).
Laboratory Testing Inc (LTI) has been through many transitions since it was started in 1984, and also operated for eight years earlier as Carson NDT, a division of Carson Helicopter.
By 1984, Carson NDT had 20 employees and needed more room for growth in services, equipment and employees.
He had been with the company since its beginning in 1984 as nondestructive testing manager.
1985: Home Office introduces a test for exposure to the AIDS virus.
1987: Home Office goes public.
Materials testing and dimensional inspection services were accredited by the American Association for Laboratory Accreditation (A2LA) in 1989.
In 1990, Seafield Capital sold off its Business Men's Assurance subsidiary, but retained its stake in LabOne.
1990: Seafield Capital sells off Business Men's Assurance but retains its stake in Home Office.
By the late 1990’s, Laboratory Testing Inc was out of room for additional expansion, so the second-generation owners began to search for a larger facility.
In early 1991, the company lost one of its largest clients--Metropolitan Life--when the mammoth insurance company moved all of its testing business in-house.
Destructive and nondestructive testing were accredited by the Performance Review Institute’s National Aerospace and Defense Contractors Accreditation Program (NADCAP) in 1992.
NHL grew to $761 million in revenue by 1993.
Competition was growing in the once-tiny lab-testing market. It also began buying back stock in Home Office, increasing its ownership to more than 80 percent by 1993.
LabOne's first big accomplishment in its new line of testing came in May 1994 when the company announced a partnership with PCS Health Systems, one of the nation's largest providers of managed pharmaceutical services.
When the founder of Laboratory Testing Inc, Bob McVaugh, Sr., passed away in November of 1994, ownership was transferred to the next generation.
LabOne's foray into clinical testing was not enough to turn its finances around in 1994; the company posted year-end earnings of $5.7 million--down 46 percent from the previous year.
1994: LabOne introduces its Lab Card program.
In October 1995, after just two years at the helm, LabOne's CEO Bert Hood left the company.
Year-end results for 1995 showed a 6 percent decrease in sales and, more significantly, a 51 percent decrease in earnings.
In 1995, National Health Laboratories and Roche Biomedical Laboratories merged to become one of the largest clinical lab providers in the world.
Mike’s sister, Joan, joined the company as finance manager in December 1997 and soon became a co-owner.
Having just struggled through a business slowdown, LabOne was, by late 1997, facing a new problem: how to accommodate its sudden growth.
Net earnings rose to $9.2 million--up from $2.2 million in 1997.
The parent company, formerly called Seafield Capital, had changed its name in 1997 to Lab Holdings, Inc. to better reflect its focus on the lab testing industry.
LTI’s first website went live in 1997 at www.labtesting.com.
In 1998, LabOne continued to expand.
At the end of 1998, the company reported record revenue of $102.2 million.
In 1999, LabOne merged with its parent company to form a single entity.
The remainder of 1999 was marked by a series of partnerships for LabOne.
In July 2000, LabCorp acquired Los Angeles-based National Genetics Institute, allowing LabCorp to gain NGI’s ultra-sensitive hepatitis C testing capability.
The new product, named Intercept, was introduced in early 2000 and was marketed primarily to small and medium-sized businesses.
The company also posted a net loss for 2000 of $524,000--down from earnings of $2.9 million the previous year.
In late 2001, the company launched a significant expansion by purchased its rival, Osborn Group Inc., for $49 million.
In 2001, ViroMed, one of the leading laboratories in molecular microbial testing using real-time PCR platforms, became a part of LabCorp.
2003 DIANON Systems becomes part of LabCorp LabCorp continues to build the most robust anatomic pathology capabilities in the world by acquiring DIANON Systems, now Dianon Pathology.
By the beginning of 2007, Lab Testing had added a 2nd shift in many departments to keep up with a growing number of customers, increasing orders and many requests for rush service to meet customer turnaround requirements.
The project was completed in April 2008 and was celebrated with an Open House that summer.
2008 Tandem Laboratories purchased by LabCorp LabCorp expands its clinical trials, personalized medicine, and companion diagnostic capabilities by purchasing Tandem Laboratories.
2009 Monogram Biosciences is purchased by LabCorp LabCorp purchases Monogram Biosciences, a recognized leader in the discovery and commercialization of products to guide and improve the treatment of HIV, cancer, and other serious diseases.
On December 15, 2011, LabCorp acquired Orchid Cellmark, Inc. (“Orchid”), harmonizing two experienced and highly-qualified forensics and family relationship laboratories.
LabCorp spent 2011 connecting Genzyme Genetics and LabCorp services in ways that enabled better client service and patient care and outcomes, while assessing potential name changes.
In April 2012, LabCorp announced the new global forensic brand nameCellMark Forensics, in recognition of our combined years of serving law enforcement and legal communities throughout the United States and the world.
Under the terms of the Genzyme Genetics acquisition agreement, LabCorp obtained a license to use the Genzyme Genetics name for approximately one year, knowing that a new name would be introduced in 2012.
2014 Two new additions to LabCorp LabCorp acquires LipoScience, Inc., a provider of specialized cardiovascular diagnostic lab tests based on nuclear magnetic resonance (NMR) technology.
2015 Acquisition of Covance headlines a banner year In February 2015, LabCorp completes its $6 billion purchase of Covance, Inc., creating the world’s leading health care diagnostics company.
2016 LabCorp acquires Sequenom LabCorp successfully completes the acquisition of Sequenom, a leader in non invasive prenatal testing (NIPT), women’s health and reproductive testing, and other services.
2017 LabCorp acquires Chiltern, PAML and Mount Sinai’s Clinical Outreach Laboratories Chiltern becomes part of the company’s Covance Drug Development business.
By 2017, the lab that housed our equipment for fatigue crack growth and fracture toughness testing was completely full.
2019 LabCorp acquires MNG Laboratories On March 1, 2019, LabCorp acquires MNG Laboratories, an internationally recognized clinical diagnostic leader that specializes in next generation sequencing (NGS) and complex biochemical testing for neurology.
In October 2019, LabCorp celebrated its 50th anniversary and the company's transformation from a local laboratory operating in a former hospital to a leading global life sciences company that is deeply integrated in guiding patient care.
The company – with revenue in excess of $14 billion in 2020 – provides diagnostic, drug development and technology-enabled solutions for more than 160 million patient encounters per year.
© 2022 Laboratory Corporation of America® Holdings.
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