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.
Quest Diagnostics (NYSE: DGX) and NewYork-Presbyterian announced a strategic agreement to enhance access to laboratory services in New York and the Tri-State Area. Under the agreement, Quest will acquire select assets of NewYork-Presbyterian's laboratory services, while the hospital will continue to operate its renowned labs, including anatomic pathology services. The transaction aims to leverage Quest's innovative clinical laboratory capabilities to improve patient care. Expected to close in Q2 2023, the deal is pending regulatory approvals, and financial details remain undisclosed.
Quest Diagnostics (NYSE: DGX) will hold an Investor Day on March 16, 2023, at the New York Stock Exchange, aimed at institutional investors and financial analysts. Key executives, including CEO Jim Davis and CFO Sam Samad, will discuss insights into the U.S. laboratory market, the company’s business strategy, capital priorities, and long-term outlook. Advance registration is required, and a live webcast will be available through Quest's Investor Relations website. An archived version of the event will also be accessible post-event, further emphasizing Quest’s commitment to transparency and investor engagement.
Cleveland Diagnostics has partnered with Quest Diagnostics (NYSE: DGX) to enhance access to its innovative prostate cancer test, IsoPSA. This arrangement enables patients to submit blood samples at over 2,100 Quest locations, with testing expected to commence in Q2 2023. IsoPSA aims to improve the identification of high-grade prostate cancer, reducing unnecessary biopsies by up to 55%. This collaboration aligns with Quest's commitment to oncology testing and aims to empower physicians with better diagnostic tools.
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.
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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.
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