LabCorp, a global life sciences company, has been named to Forbes’ 2017 ranking of “The World’s Most Innovative Companies.”

“Innovation in guiding patient care is what we do at LabCorp, so being recognized as one of the world’s most innovative companies by Forbes is a tremendous honor to our more than 57,000 dedicated colleagues,” said David P. King, chairman and CEO of LabCorp. “I am proud of the cutting-edge work that they do every day, allowing LabCorp to bring innovative solutions to our customers, and to carry out our mission of improving health and improving lives.”

According to the consultants who co-created the list with Forbes: “Most innovation rankings are popularity contests based on past performance or editorial whims. We set out to create something very different with the World’s Most Innovative Companies list, using the wisdom of the crowd. Our method relies on investors’ ability to identify firms they expect to be innovative now and in the future.”

To qualify for consideration on the list, firms must have $10 billion in market cap and seven years of public financial data. Companies are ranked by an “innovation premium” tied to market cap, cash flows, and investors’ expectations of “profitable new growth.”