Welcome to our dedicated page for Quest Diagnostics news (Ticker: DGX), a resource for investors and traders seeking the latest updates and insights on Quest Diagnostics stock.
Quest Diagnostics Incorporated (DGX) provides essential diagnostic insights and testing services across the U.S. healthcare system. This news hub aggregates official press releases, financial updates, and strategic developments from one of America's leading clinical laboratory networks.
Investors and healthcare professionals will find timely updates on earnings reports, partnership announcements, and technological advancements in diagnostic testing. Our curated news feed includes regulatory milestones, service expansions, and innovations leveraging DGX's vast clinical database.
Key updates cover emerging trends in precision diagnostics, laboratory network growth, and healthcare collaborations. Users can track the company's progress in cancer detection, genomic testing, and data-driven health solutions through verified primary sources.
Bookmark this page for direct access to DGX's latest financial performance data, leadership changes, and operational developments. Visit regularly to stay informed about how Quest Diagnostics continues shaping diagnostic medicine through clinical excellence and strategic initiatives.
Quest Diagnostics announced its first quarter financial results for 2023, reporting revenues of $2.33 billion, a decline of 10.7% from 2022. The diluted earnings per share (EPS) stood at $1.78, down 39.0% year-over-year, while adjusted diluted EPS was $2.04, down 36.6%. Despite these declines, base business revenues rose by 10.0% to $2.21 billion. The company also updated its full-year 2023 revenue guidance to between $8.93 billion and $9.08 billion, anticipating continued strong base business performance, although COVID-19 testing revenues showed a steep decline of 80.2%. Quest Diagnostics highlighted its acquisition of Haystack Oncology to bolster its molecular genomics strategy.
Quest Diagnostics has announced its agreement to acquire Haystack Oncology for $300 million in cash, with potential for up to $150 million based on future performance milestones. This acquisition aims to enhance patient care through advanced minimal residual disease (MRD) testing technology, focusing on early detection of cancer recurrence. Haystack's expertise in ctDNA technology, developed from research at Johns Hopkins University, is expected to integrate with Quest's existing oncology, genomics, and pathology services. The deal is projected to be modestly dilutive in the short term but accretive by 2026. Quest plans to launch new clinical lab services based on Haystack's technology in 2024, targeting colorectal, breast, and lung cancers.
Quest Diagnostics has prioritized the safety of its workforce during the COVID-19 pandemic, implementing various measures to facilitate a safe return to on-site work. The company established a cross-functional taskforce to develop safety protocols, including testing, vaccination events, and PPE requirements. As a result, workplace transmission of the virus has remained low among its nearly 50,000 employees. A phased return-to-office process began in March 2022, continually guided by CDC recommendations. Multiple vaccination events were organized across the country in collaboration with local health services, ensuring that all employees had access to vaccinations. Overall, the company’s proactive measures have allowed it to maintain and expand its services during the pandemic.
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