Quest Diagnostics Inc Stock Price, News & Analysis

Quest Diagnostics reported a significant rise in drug test positivity rates in the U.S. workforce, reaching the highest levels since 2001. The overall positivity rate for urine tests increased to 4.6% in 2021, up 31.4% from an all-time low in 2010-2012. Notably, federally mandated safety-sensitive workers' positivity remained steady at 2.2%. Marijuana positivity in the general workforce rose to 3.9%, marking a 50% increase over five years. Employers face challenges in recruitment while ensuring workplace safety amidst these trends.

Quest Diagnostics (NYSE: DGX) has secured a $19.5 million contract from the Centers for Disease Control and Prevention (CDC) to provide COVID-19 antibody testing and data analytics services across 45 states and Puerto Rico. The contract aims to assist the CDC in understanding SARS-CoV-2 seroprevalence, evaluating the population proportion infected or vaccinated. Quest will utilize clinical testing serum remnants to enhance public health analysis and reporting, demonstrating its ongoing commitment to effective pandemic response.

Quest Diagnostics Foundation announced a $500,000 donation to Project HOPE to aid humanitarian efforts in Ukraine and support Ukrainian refugees in Eastern Europe. The donation aims to deliver medical supplies and urgent assistance amidst the ongoing crisis, with more than two million refugees displaced. Quest Diagnostics' employees are also contributing, and the Foundation will match these donations. Project HOPE expressed gratitude, emphasizing the urgent need for medical supplies in affected regions including Poland, Moldova, and Romania.

Quest Diagnostics (NYSE: DGX) announced the appointment of James E. Davis as its new CEO, effective November 1, 2022, succeeding Steve Rusckowski, who served over a decade. Davis, currently Executive Vice President of General Diagnostics, has been with the company since 2013 and has played a key role in the company’s growth, overseeing significant revenue and earnings increases during his tenure. Additionally, Mark Guinan, CFO, plans to retire in 2022, initiating a search for his successor.

Quest Diagnostics reported its financial results for Q4 and FY 2021, showing record revenues and earnings due to increased demand for COVID-19 testing services. For the full year, net revenues rose by 14.3% to $10.79 billion, while base business revenues grew 19.4%. However, Q4 revenues dropped 8.6% compared to 2020. The company provided guidance for 2022, anticipating a significant decrease in COVID-19 testing revenue and a modest increase in base business revenues. Additionally, a 6.5% dividend increase was announced, marking the company’s eleventh increase since 2011.

Quest Diagnostics (NYSE: DGX) has teamed up with Walmart to launch a new consumer-initiated laboratory testing service powered by QuestDirect™. This initiative enables individuals to purchase over 50 types of laboratory tests online, including those for general health, digestive health, and infectious diseases. Customers can access testing through a user-friendly website and arrange appointments at one of Quest's 2,220 Patient Service Centers. This development aims to enhance healthcare accessibility, particularly for those who may have delayed in-person medical services during the COVID-19 pandemic.

Quest Diagnostics (NYSE: DGX) announced an at-home COVID-19 rapid antigen test service via QuestDirect™, in collaboration with eMed™. This service allows users to conduct self-administered tests under the supervision of a telehealth proctor, providing results in 15 minutes. Each test kit, priced at $70, includes two tests and is intended for various uses such as travel and workplace safety. Customers can expect delivery within two to three business days. The offering is also available in bulk for small employers, expanding Quest's COVID-19 testing capabilities.