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 is launching the "Es Tu Poder" initiative to enhance healthcare access for the Hispanic community in Texas, targeting cities like San Antonio and Houston. The program aims to combat higher disease rates among Hispanics, offering educational tools and resources in collaboration with healthcare organizations. Dr. Romeo Solano emphasizes the initiative's role in addressing health disparities exacerbated by COVID-19, particularly in areas like the Rio Grande Valley. With over 10 million Hispanics in Texas, this project focuses on empowering individuals to take control of their health.
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A recent Quest Diagnostics study highlights that only 1 in 3 patients with latent tuberculosis (TB) were also tested for chronic hepatitis B (HBV), despite shared risk factors. The analysis evaluated nearly 23 million lab tests from 2016 to 2020, revealing a significant gap in concurrent testing.
This raises concerns as TB therapies can induce liver damage in co-infected patients. Notably, 19.6% of those with chronic HBV also had latent TB, emphasizing the need for routine HBV screening prior to TB treatment.
Quest Diagnostics reported second quarter revenues of $2.45 billion, a decline of 3.8% compared to 2021. Reported diluted earnings per share (EPS) dropped 60.5% to $1.96, while adjusted diluted EPS decreased 25.8% to $2.36. Base business revenues grew 2.9% to $2.10 billion. The full year 2022 guidance was raised, with projected reported diluted EPS between $8.24 and $8.64. CEO Steve Rusckowski emphasized ongoing investments in growth despite softer utilization trends across the healthcare industry.
Rite Aid has teamed up with Quest Diagnostics to enhance COVID-19 testing access. Qualified insured individuals can obtain testing at no cost at Rite Aid drive-thru locations. At other Rite Aid stores, customers may pick up at-home specimen collection kits. The collaboration enables PCR testing for adults and children over 2 years old, with results delivered electronically through the MyQuest platform. Quest Diagnostics has conducted over 69 million COVID-19 molecular tests since March 2020, supporting community health during the pandemic.
Quest Diagnostics announced the nationwide launch of a lab-developed molecular diagnostic test for monkeypox, expected to process approximately 30,000 tests weekly by the end of July 2022. This dual-target PCR test differentiates monkeypox virus DNA from other orthopoxviruses and is validated under CLIA regulations. Additionally, the company is set to introduce a CDC orthopoxvirus test by mid-August. The initiative collaborates with the CDC, enhancing public health responses to the monkeypox outbreak in the U.S.
Quest Diagnostics (DGX) released its 2021 Corporate Responsibility Report, detailing its ESG initiatives and COVID-19 response efforts. Key highlights include over $15 million in corporate giving, the launch of its first materiality assessment, and an extensive commitment to health equity. The company also emphasized workforce diversity, with over 56% of employees identifying as people of color and 71% as female. Notably, more than 27,000 volunteer hours were contributed by employees, showcasing commitment to community engagement.
Quest Diagnostics is partnering with the CDC to provide free COVID-19 testing at around 1,200 of its patient service centers for uninsured individuals. This initiative aims to enhance accessibility in communities heavily impacted by the pandemic. Eligible individuals must complete an online screening via QuestDirect and meet specific criteria, including symptoms or exposure. Previous collaborations between Quest and CDC have focused on public health initiatives, including variant sequencing and serology testing.
Quest Diagnostics (NYSE: DGX) will release its second quarter 2022 financial results on July 21, 2022, before market opening. A conference call is scheduled for 8:30 a.m. ET on the same day to discuss these results. Participants can access the call by dialing the appropriate numbers based on their location. The earnings release and live webcast will be available on the company's investor relations website. Additionally, replays of the call will be accessible for a limited time post-event.
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