• Labcorp average gross margin for 2023 was 28.78%, a 16.92% decline from 2022.
• Labcorp average gross margin for 2022 was 34.64%, a 8.75% decline from 2021.
• Labcorp average gross margin for 2021 was 37.96%, a 25.16% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.