Quest Diagnostics Inc Stock Price, News & Analysis

Quest Diagnostics has initiated a proactive "Back to Life" program to assist communities as they transition from pandemic conditions to a new normal. This initiative focuses on encouraging employees to safely return to onsite work, facilitating children’s return to in-school learning, and promoting recreational activities. With varying COVID-19 levels across regions, Quest's partnerships aim to support safe transitions in public spaces. Their efforts have led to successful outcomes in bringing employees back to work, aiding children in resuming school, and enhancing recreational opportunities nationwide.

Quest Diagnostics (DGX) reported fourth quarter revenues of $2.33 billion, a 15.0% decline from 2021. Reported diluted EPS stood at $0.87, down 72.1%, while adjusted diluted EPS was $1.98, a 40.5% decrease. Base business revenues rose 6.3% to $2.15 billion, contrasting with a 74.6% drop in COVID-19 testing revenues to $184 million. For the full year, total revenues were $9.88 billion, an 8.4% decrease, with an adjusted diluted EPS of $9.95, down 30.1%. Looking ahead, 2023 guidance estimates diluted EPS between $7.61 and $8.21 with a focus on base business growth and productivity.

On February 2, 2023, Quest Diagnostics (NYSE: DGX) announced a 7.6% increase in its quarterly dividend, raising it from $0.66 to $0.71 per share, effective for shareholders on record as of April 10, 2023. This elevates the annual dividend to $2.84 per share. The company has consistently raised its dividend since 2011.
Additionally, Quest's Board of Directors approved a $1 billion increase in its share repurchase authorization, supplementing the $311 million available as of December 31, 2022.

Salud Integral en la Montaña, an FQHC in Puerto Rico, has launched the island's first post-COVID-19 Care Clinic to address the needs of those suffering from long COVID. Supported by Q4HE funding, the clinic offers integrated care from a multidisciplinary team specializing in various medical fields. The initiative aims to serve at least 2,450 patients in its first year, reflecting a commitment to medically underserved communities. This model sets a precedent for similar clinics globally, ensuring comprehensive treatment for ongoing symptoms affecting COVID-19 survivors.

Quest Diagnostics recently supported a community COVID-19 testing event in Newark, NJ, as part of its Quest for Health Equity (Q4HE) initiative. This program, established in 2020, aims to address health disparities exacerbated by the pandemic, particularly among marginalized groups. Q4HE focuses on providing essential resources through education, engagement, empowerment, and access. Key strategies include COVID-19 testing and vaccinations, funding programs to tackle health inequities, and partnering with organizations to drive lasting change. The initiative underscores Quest's commitment to improving health outcomes for underserved communities.

Agilent Technologies (NYSE: A) has entered into a strategic agreement with Quest Diagnostics (NYSE: DGX) to facilitate access to the ctDx FIRST liquid biopsy next-generation sequencing test for advanced non-small cell lung cancer (NSCLC) patients in the U.S. This FDA-approved test will provide healthcare providers with a minimally invasive option to determine if patients could benefit from KRAZATI™ treatment. The collaboration aims to enhance the implementation of precision medicine in oncology, allowing healthcare providers to electronically order the test through Quest’s platform and utilize its extensive patient network.

Quest Diagnostics (NYSE: DGX) will announce its fourth quarter and full year 2022 financial results on February 2, 2023, prior to market opening. A conference call detailing these results will begin at 8:30 a.m. ET on the same day. Participants can dial in at 888-455-0391 (U.S. and Canada) or 773-756-0467 (international) with the passcode '7895081'. The earnings release and a live webcast will be available on www.QuestDiagnostics.com/investor. A replay of the call will be accessible from 10:30 a.m. ET on February 2 until midnight ET on February 16, 2023.