Quest Diagnostics Inc Stock Price, News & Analysis

Quest Diagnostics reports a significant rise in workforce drug positivity, reaching a 16-year high of 4.5% in 2019. This figure marks a 28% increase compared to the historical low of 3.5% recorded between 2010 and 2012. The Midwest shows notable increases in methamphetamine, cocaine, and marijuana positivity rates. The report indicates rising drug-related fatalities, correlating trends with the impact of COVID-19. The findings precede the SAPAA virtual conference on August 25, 2020, suggesting ongoing challenges in workplace safety due to increasing drug misuse.

Quest Diagnostics (NYSE: DGX) has launched a multi-year initiative to tackle health disparities in underserved communities, especially those affected by COVID-19. This initiative, valued at over $100 million, includes donated testing services, educational programs, and partnerships with Federally Qualified Health Centers. Key goals include improving access to COVID-19 testing and raising awareness about diagnostic insights' importance. The effort primarily targets people of color, the elderly, and the homeless across the U.S.

Quest Diagnostics (NYSE: DGX) has declared a quarterly cash dividend of $0.56 per share, scheduled for payment on October 21, 2020. Shareholders of record as of October 6, 2020 will receive this dividend, reflecting the company's commitment to returning value to its shareholders. Quest Diagnostics is a leading provider of diagnostic information services, serving a significant portion of adult Americans and healthcare providers across the U.S. The company also plays a crucial role in COVID-19 testing, contributing to public health efforts.

Quest Diagnostics (NYSE: DGX) has released its Annual Environmental, Social & Governance Report for 2019, highlighting efforts to enhance patient care and community support. Key achievements include expanded consumer health services, partnerships to improve care access, and COVID-19 testing initiatives. The company also focused on reducing its environmental footprint and investing in employee development. The report underscores Quest's commitment to creating a healthier world through its 47,000 employees.

Quest Diagnostics (NYSE: DGX) has successfully completed its acquisition of Mid America Clinical Laboratories (MACL), previously a joint venture partner. Quest now fully owns MACL's Indianapolis laboratory and around 50 patient service centers in Indiana. Additionally, the company provides lab management services for nearly 30 hospitals linked to Community Health Network and Ascension St. Vincent in Indiana. This acquisition enhances the availability of clinical laboratory and pathology services for local patients and healthcare providers.

Quest Diagnostics has unveiled a new automation in genetic sequencing that enhances the accuracy and speed of genetic testing related to inherited diseases, particularly through AncestryHealth, launched on August 3, 2020. This next-generation sequencing (NGS) technology offers a cost-effective solution, achieving 80-90% detection rates for inherited health risks. It significantly improves risk detection for conditions like breast and ovarian cancer compared to traditional methods. The initiative empowers individuals to better understand their health, potentially leading to proactive healthcare decisions.

Quest Diagnostics (NYSE:DGX) announced that the FDA has granted emergency use authorization for a new laboratory method to expedite viral RNA extraction, enhancing COVID-19 testing capacity. This innovation allows five laboratories nationwide to perform 150,000 tests daily, with a goal of reaching 185,000 by Labor Day. The new technique includes specimen pooling, addressing supply issues and increasing turnaround times for 'Priority 1' patients to one day. The company continues to lead in diagnostic testing amid the pandemic.

Quest Diagnostics (DGX) reported second-quarter financial results for 2020, highlighting a 6.4% decline in net revenues to $1.827 billion and a 10.1% drop in income from continuing operations to $185 million, compared to the previous year. The company has reinstated its financial outlook, projecting 2020 net revenues between $8.0 billion and $8.6 billion and EPS in the range of $5.66 to $7.66. Although COVID-19 testing has seen an increase, the overall base testing volume has declined. Quest aims to expand COVID-19 testing capacity while continuing to adapt to the pandemic's challenges.

Quest Diagnostics (NYSE: DGX) received FDA emergency use authorization (EUA) for specimen pooling with its COVID-19 diagnostic test, making it the first lab provider to gain this approval in the U.S. This technique allows multiple samples to be tested as a batch, enhancing testing efficiency in low-prevalence areas. In clinical trials, none of the 3,091 pooled specimens were falsely classified as negative. Quest aims to implement this at its Chantilly, VA, and Marlborough, MA, labs shortly. The company is also authorized to expand self-collection testing for COVID-19.