XML 21 R10.htm IDEA: XBRL DOCUMENT v3.25.3
BUSINESS ACQUISITIONS AND DISPOSITIONS
 9 Months Ended
Sep. 30, 2025
Business Combination [Abstract]  
BUSINESS ACQUISITIONS AND DISPOSITIONS BUSINESS ACQUISITIONS AND DISPOSITIONS
Acquisitions
During the nine months ended September 30, 2025, the Company acquired several businesses and related assets for cash of $324.0. The preliminary purchase considerations for these acquisitions were allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $202.9 in identifiable intangible assets. The weighted-average amortization periods for the customer relationships and non-compete agreements were 15.0 years and 4.8 years, respectively. A residual amount of tax deductible goodwill, including measurement period adjustments relating to prior acquisitions of $196.7 was recorded as of September 30, 2025.
The purchase price allocations for these acquisitions were preliminary at September 30, 2025. The valuation of acquired assets and assumed liabilities included the following:
BioReference HealthOther Business Acquisitions Closed During the Nine Months Ended September 30, 2025Measurement Period Adjustments During the Nine Months Ended September 30, 2025Amounts Acquired During the Nine Months Ended September 30, 2025
Property, plant, and equipment
$— $0.2 $(0.8)$(0.6)
Goodwill105.8 74.1 16.8 196.7 
Intangible assets119.2 83.7 (16.0)186.9 
Total assets acquired225.0 158.0 — 383.0 
Accrued expenses and other— 24.0 — 24.0 
Other liabilities32.5 2.5 — 35.0 
Total liabilities acquired32.5 26.5 — 59.0 
Net assets acquired192.5 131.5 — 324.0 
Cash paid for acquisitions$192.5 $131.5 $— $324.0 
On September 17, 2024, the Company announced that it entered into an agreement with Cinven, Inc. to acquire a 15% minority interest in SYNLAB, a leader in medical diagnostic services and specialty testing in Europe, for approximately $151.6 (€140.4). The transaction closed in March 2025 and is accounted for as an equity method investment within the Company’s Condensed Consolidated Financial Statements.
On July 22, 2025, the Company announced that it entered into an agreement with Community Health Systems, Inc. (CHS) to acquire select assets of the outreach business from CHS for a purchase price of approximately $195.0. The transaction is anticipated to close in the fourth quarter of 2025, subject to customary closing conditions and applicable regulatory approvals for a transaction of this type.
On September 15, 2025, the Company entered into an agreement with Empire City Laboratories, Inc. to acquire select clinical laboratory assets, which serves the New York Tri-State area. The purchase price for the transaction is up to $250.0, including $165.0 payable at closing and up to $85.0 of additional consideration contingent on performance. The transaction is anticipated to close in the first quarter of 2026, subject to customary closing conditions and applicable regulatory approvals for a transaction of this type.
Supplemental Pro Forma Information
Had the aggregate of the Company’s 2025 and 2024 acquisitions, that were accounted for as business combinations, been completed at January 1, 2024, the Company’s unaudited pro forma results would have been as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues$3,589.6 $3,368.4 $10,531.6 $10,065.6 
Net earnings attributable to LHI$266.1 $181.1 $728.1 $640.9 
Dispositions
During the nine months ended September 30, 2025, the Company exited an equity method investment for cash proceeds of $6.0. During the nine months ended September 30, 2024, the Company sold the assets of Beacon Laboratory Benefit Solutions, Inc. for cash proceeds of $13.5 and recorded a gain of $4.9 included in Other, net in the Condensed Consolidated Statements of Operations.