Labcorp Holdings: Strong Performance, Strategic Growth, and Valuation Advantage Support Buy RatingWe are not overly concerned with the slight miss here given what we still believe are favorable tailwinds impacting reference labs, including heightened utilization trends, stable unit pricing, mix benefits, share wins, and a compelling M&A pipeline (as evidenced by the company’s acquisition earlier this week). In the BLS segment, the quarterly book-to-bill was 1.18 and TTM book-to-bill was 1.1, in line with consensus.