During the quarter, the Company invested $11.3 million on acquisitions. The decrease in revenue was due to a 2.9% decline in organic revenue, partially offset by acquisitions of 1.7%.
Adjusted operating income and adjusted operating margin are non-GAAP measures. LabCorp also announces that the reproductive portion of Genzyme Genetics business will now be called Integrated Genetics. As a result, free cash flow (operating cash flow less capital expenditures) was $272.2 million, up from $168.3 million in the second quarter of 2019. “We continue to bring the full power of our combined diagnostics and drug development capabilities against this virus, applying our scientific expertise and ingenuity across all aspects of testing, treatments, and vaccines," said Adam Schechter, chairman and CEO, LabCorp. The increase in revenue was due to acquisitions of 6.2% and organic growth of 1.6% (which includes the estimated negative impact from COVID-19 of 2.5%), partially offset by the disposition of a business of 1.2% and negative foreign currency translation of 0.1%.Adjusted operating income for the quarter was $150.8 million, or 13.2% of revenue, compared to $138.0 million, or 12.8%, in the first quarter of 2019. The Company remains on track to deliver approximately $150 million of net savings from its three-year Drug Development LaunchPad initiative by the end of 2020.Net orders and net book-to-bill during the trailing twelve months were $5.83 billion and 1.26, respectively. BURLINGTON, N.C.--(BUSINESS WIRE)--Feb. 19, 2015-- Laboratory Corporation of America ® Holdings (LabCorp ®) (NYSE: LH) today announced the completion of its acquisition of Covance Inc., following its entry into a definitive purchase agreement on November 2, … For LabCorp Diagnostics, estimates are based on comparisons to daily historical volume run rates prior to COVID-19.
Acquisition and disposition-related costs include due-diligence legal and advisory fees, retention bonuses and other integration and disposition related activities in connection with contemplated and completed transactions. directly comparable to the measures presented by other companies. The Company recorded restructuring charges, special items, and amortization, which together totaled $83.0 million in the quarter, compared to $111.2 million during the same period in 2019.
This reduction in demand impacted testing volumes broadly and was marginally offset by an increase in demand for COVID-19 tests. The Company recorded restructuring charges, special items, impairments, and amortization, which together totaled $641.5 million in the first half of 2020, compared to $204.4 million during the same period in 2019.
“We continue to bring the full power of our combined diagnostics and drug development capabilities against this virus, applying our scientific expertise and ingenuity across all aspects of testing, treatments, and vaccines," said Adam Schechter, chairman and CEO, LabCorp. As a result, the Company continues to not provide 2020 guidance. LabCorp acquires LipoScience, Inc., a provider of specialized cardiovascular diagnostic lab tests based on nuclear magnetic resonance (NMR) technology. Short-term borrowings and current portion of long-term debt The businesses now operate under the LabCorp Specialty Testing Group designation as Colorado Coagulation, Endocrine Sciences, and Integrated Oncology.LabCorp acquires Litholink, a leading provider of testing that provides targeted treatment information, helping physicians better manage and prevent chronic diseases, including kidney stones and chronic kidney disease. The following segment results exclude amortization, restructuring charges, special items, and unallocated corporate expenses. The decline in organic revenue was primarily due to the negative impact from the pandemic, partially offset by a 1.1% increase from molecular COVID-19 testing through its Central Laboratories business.
The Company has provided in this press release and accompanying tables “adjusted” financial information that has not been prepared in accordance with GAAP, including adjusted net income, adjusted EPS (or adjusted net income per share), adjusted operating income, adjusted operating margin, free cash flow, and certain segment information. Bode Technology’s capabilities strengthen LabCorp’s range of forensics and DNA identification testing services, furthering the company's strategy to continue to lead in scientific innovation. Adjusted EPS (excluding amortization, restructuring charges, special items, and impairments) were $2.37 in the quarter, a decrease of 9.5% compared to $2.62 in the first quarter of 2019.Operating cash flow for the quarter was $203.8 million, compared to $165.8 million in the first quarter of 2019.