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 reports developments in diagnostic information services, laboratory testing and related healthcare data offerings. Company news commonly covers financial results, guidance, clinical testing activity, consumer access through questhealth.com and MyQuest, and advanced diagnostics such as Quest AD-Detect blood tests for Alzheimer’s disease and Haystack MRD ctDNA testing for oncology research.
Updates also include health system collaborations, Co-Lab Solutions activity, clinical trial and research partnerships, AI-enabled patient tools, board and executive appointments, dividends, share repurchases, debt financing and shareholder voting matters.
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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.