LabCorp and Mount Sinai Health System Collaborate to Establish Digital and AI-Enabled Pathology Center of Excellence

Philips IntelliSite Pathology Solution will be deployed across the Mount
Sinai Health System to support greater efficiency and help improve
patient care

BURLINGTON, N.C. & NEW YORK & AMSTERDAM–(BUSINESS WIRE)–LabCorp® (NYSE: LH) and the Mount Sinai Health System today announced
another element in their shared goal of improving laboratory services
and patient care. LabCorp, a leading global life sciences company, and
Mount Sinai, New York City’s largest integrated healthcare delivery
system, will work together to establish the Mount Sinai Digital and
Artificial Intelligence (AI)-Enabled Pathology Center of Excellence.

“LabCorp and Mount Sinai continue to focus on innovations to enhance the
quality and lower the costs of patient care, and we’re pleased to
introduce digital pathology to Mount Sinai as the next phase of our
collaboration,” said William B. Haas, senior vice president of LabCorp
Diagnostics’ Northeast Division. “We’ve taken significant steps to
enhance laboratory services across the Mount Sinai system since early
2017, and we look forward to continuing to build on those successes to
advance LabCorp’s mission and our shared goal to improve health and
improve lives.”

LabCorp, which has implemented the Philips
IntelliSite Pathology Solution in four of its laboratories and plans
to introduce it to additional laboratories, will use its experience and
expertise to lead the integration of digital pathology into clinical
practice across Mount Sinai’s hospitals. Initially, digital pathology
will be used for interpretations of genitourinary malignancies, mainly
prostate tumors, as well as cancers of the head and neck. The next
planned stage of implementation is for Mount Sinai pathologists to use
the digital pathology solution to provide consultations for cases
interpreted by LabCorp’s Dianon Pathology specialty laboratory. This
will give physicians and patients from across the U.S. access to the
leading expertise of Mount Sinai specialists.

The Center of Excellence will be housed within Mount Sinai’s Department
of Pathology, Molecular and Cell-Based Medicine and will use the Philips
IntelliSite Pathology Solution to expand digital pathology capabilities
for primary diagnosis and consultations across the Mount Sinai system.
The department processes more than 80 million diagnostic tests a year,
making it one of the largest academic departments of its kind in the
country.

“Digital pathology gives us the unprecedented opportunity to expand our
services to the community at large, and engage members of our
department, considered key opinion leaders in their field, to provide
expert diagnostic opinions in complex cases. This, in addition to our
new predictive AI-based tests, introduces the potential for optimization
of treatment efficacy, and provides the opportunity for improved
clinical outcomes,” said Carlos Cordon-Cardo, M.D., Ph.D., chairman of
the Department of Pathology, Molecular and Cell-Based Medicine at Mount
Sinai Health System and professor of Pathology, Genetics and Genomic
Sciences, and Oncological Sciences at the Icahn School of Medicine at
Mount Sinai.

Don Scanlon, chief financial officer and chief of corporate services at
Mount Sinai, added, “The Digital and AI-Enabled Pathology Center of
Excellence stands to offer major operational efficiencies, extending our
joint unique resources and intellectual assets more effectively to
improve the lives of patients.”

The Center of Excellence will include deployment of the Philips
IntelliSite Pathology Solution at each of Mount Sinai’s eight hospitals
and select ambulatory care locations. Digital pathology will allow for
real-time pathology interpretations for physicians and patients
throughout the New York metropolitan area without requiring the
pathologist to be on-site where the patient is receiving care. Mount
Sinai participated in Philips’ digital pathology performance evaluation
to obtain market clearance in the U.S., gaining valuable expertise with
the research version of the digital pathology system, providing the
foundation for Mount Sinai’s AI diagnostic test development.
Implementation of the clinical Philips IntelliSite Pathology Solution is
underway and Mount Sinai expects to begin its use in the next several
months.

“Digital pathology provides a unique opportunity to innovate laboratory
pathology services and support pathologists in their daily practice,”
said Marlon Thompson, general manager, Philips Digital & Computational
Pathology. “The Philips IntelliSite Pathology Solution is designed for
scale and clinical pathologists’ workflows, enabling immediate access to
consultations and helping leading institutions such as Mount Sinai and
LabCorp to collaborate and deliver high-quality care.”

The Philips IntelliSite Pathology Solution is the first, and currently
the only, digital pathology solution marketed
for primary diagnostic use in the U.S. It aids pathologists in the
review and interpretation of digital images of surgical pathology slides
through an automated digital pathology image creation, viewing and
management system. With an ultra-fast scanner, image management system,
high-resolution display and advanced software tools, the system aims to
support more efficient workflows, faster turnaround times, and enhanced
collaboration between pathologists to enhance diagnostic
decision-making. LabCorp plans to expand digital pathology to more of
its laboratories in the coming year and is working with key partners
such as Mount Sinai to help support their transition to digital
pathology and AI in the future.

About LabCorp

LabCorp (NYSE: LH), an S&P 500 company, is a leading global life
sciences company that is deeply integrated in guiding patient care,
providing comprehensive clinical laboratory and end-to-end drug
development services. With a mission to improve health and improve
lives, LabCorp delivers world-class diagnostic solutions, brings
innovative medicines to patients faster, and uses technology to improve
the delivery of care. LabCorp reported revenue of more than $11 billion
in 2018. To learn more about LabCorp, visit www.LabCorp.com,
and to learn more about Covance Drug Development, visit www.Covance.com.

About the Mount Sinai Health System

The Mount Sinai Health System is New York City’s largest integrated
delivery system encompassing eight hospital campuses, a leading medical
school, and a vast network of ambulatory practices throughout the
greater New York region. Mount Sinai’s vision is to produce the safest
care, the highest quality, the highest satisfaction, the best access and
the best value of any health system in the nation. The Health System
includes approximately 7,480 primary and specialty care physicians; 11
joint-venture ambulatory surgery centers; more than 410 ambulatory
practices throughout the five boroughs of New York City, Westchester,
Long Island, and Florida; and 31 affiliated community health centers.
The Icahn School of Medicine is one of three medical schools that have
earned distinction by multiple indicators: ranked in the top 20 by U.S.
News & World Report’s “Best Medical Schools,” aligned with a U.S. News &
World Report’s “Honor Roll” Hospital, No. 12 in the nation for National
Institutes of Health funding, and among the top 10 most innovative
research institutions as ranked by the journal Nature in its Nature
Innovation Index. This reflects a special level of excellence in
education, clinical practice, and research. The Mount Sinai Hospital is
ranked No. 18 on U.S. News & World Report’s “Honor Roll” of top U.S.
hospitals; it is one of the nation’s top 20 hospitals in
Cardiology/Heart Surgery, Gastroenterology/GI Surgery, Geriatrics,
Nephrology, and Neurology/Neurosurgery, and in the top 50 in six other
specialties in the 2018-2019 “Best Hospitals” issue. Mount Sinai’s
Kravis Children’s Hospital also is ranked nationally in five out of ten
pediatric specialties by U.S. News & World Report. The New York Eye and
Ear Infirmary of Mount Sinai is ranked 11th nationally for Ophthalmology
and 44th for Ear, Nose, and Throat. Mount Sinai Beth Israel, Mount Sinai
St. Luke’s, Mount Sinai West, and South Nassau Communities Hospital are
ranked regionally. For more information, visit http://www.mountsinai.org/,
or find Mount Sinai on Facebook, Twitter and YouTube.

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology
company focused on improving people’s health and enabling better
outcomes across the health continuum from healthy living and prevention,
to diagnosis, treatment and home care. Philips leverages advanced
technology and deep clinical and consumer insights to deliver integrated
solutions. Headquartered in the Netherlands, the company is a leader in
diagnostic imaging, image-guided therapy, patient monitoring and health
informatics, as well as in consumer health and home care. Philips
generated 2018 sales of EUR 18.1 billion and employs approximately
77,000 employees with sales and services in more than 100 countries.
News about Philips can be found at www.philips.com/newscenter.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements, including but
not limited to statements with respect to scientific collaborations,
customer contracts and relationships, the anticipated benefits of such
collaboration and relationships, and the expected impact that the
various collaborations and customer relationships may have on the
Company’s financial results. Each of the forward-looking statements is
subject to change based on various important factors, many of which are
beyond the Company’s control, including without limitation, the
Company’s ability to establish and maintain strategic partnerships and
other scientific collaborations, competitive actions in the marketplace,
and other unforeseen changes and general uncertainties in the
marketplace, changes in government regulations, including healthcare
reform, customer purchasing decisions, including changes in payer
regulations or policies, adverse actions of governmental and other
third-party payers, patient safety issues, changes in testing guidelines
or recommendations. These factors, in some cases, have affected and in
the future (together with other factors) could affect the Company’s
ability to implement the Company’s business strategy and actual results
could differ materially from those suggested by these forward-looking
statements. As a result, readers are cautioned not to place undue
reliance on any of our forward-looking statements. The Company has no
obligation to provide any updates to these forward-looking statements
even if its expectations change. All forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
Further information on potential factors, risks and uncertainties that
could affect operating and financial results is included in the
Company’s most recent Annual Report on Form 10-K and subsequent Forms
10-Q, including in each case under the heading RISK FACTORS, and in the
Company’s other filings with the SEC.

Contacts

LabCorp Contacts:
Media: Donald Von Hagen — +1 336-436-8263
Media@LabCorp.com

Investors: Clarissa Willet — +1 336-436-5076
Investor@LabCorp.com

Philips Contact:
Silvie Casanova, Philips North America — +1
781-879-0692
silvie.casanova@philips.com