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.
Genalyte and Sonora Quest Laboratories have announced a strategic partnership with Cigna Medicare Arizona to enhance health outcomes using predictive analytics. This collaboration aims to reduce costs while improving care for patients enrolled in Cigna's Medicare Advantage plans. Through Genalyte's analytic models, healthcare providers can identify patients needing clinical oversight, enabling timely interventions. Cigna's goal is to leverage advanced analytics to foster informed decision-making, ultimately driving better health outcomes for customers.
Quest Diagnostics (NYSE: DGX) has launched a new COVID-19 semi-quantitative serology test. This service provides insights into an individual's immune response from prior SARS-CoV-2 infections or vaccinations, offering both positive/negative results and numerical data on antibody levels. With about 40% of COVID-19 cases being asymptomatic, this test can identify antibodies two weeks post-infection. The testing aims to enhance public health monitoring by contributing to herd immunity research. It's currently available through Quest's network of over 2,200 patient service centers in the U.S.
Quest Diagnostics (NYSE: DGX) announced leadership changes in its Board of Directors. Dr. Daniel C. Stanzione will step down as Lead Independent Director and not seek reelection in May 2021, after serving since 1997. Timothy M. Ring will succeed him, bringing valuable experience from his time as former Chairman and CEO of C.R. Bard. Vicky Gregg will take over as Chair of the Compensation Committee. Stanzione expressed optimism for the company's future, highlighting the strength of the leadership team.
GRAIL has partnered with Quest Diagnostics (NYSE: DGX) to provide phlebotomy services for its Galleri multi-cancer early detection blood test. This partnership leverages Quest's extensive network, including 2,200 patient service centers and 5,000 mobile phlebotomists, to facilitate blood collection across the U.S. Galleri can detect over 50 types of cancers, with a low false positive rate of less than 1%. Scheduled for introduction in Q2 2021, Galleri will be available through healthcare partners and aims to transform cancer diagnostics and outcomes.
Quest Diagnostics (NYSE: DGX) is set to present at Citi's 2021 Healthcare Services Conference on February 24, 2021, at 1:30 p.m. Eastern Time. Mark Guinan, Executive Vice President & CFO, will discuss the company's vision and capital strategies. The presentation will be available via live webcast and archived for later viewing until March 26, 2021, on their investor relations page. Quest Diagnostics provides critical diagnostic insights, aiding in public health responses, including COVID-19 testing.
Quest Diagnostics (NYSE: DGX) has renewed its strategic partnership with EmblemHealth, one of the largest non-profit health insurers in the U.S., serving over 3 million members. This renewed agreement ensures Quest remains the sole national laboratory for EmblemHealth's HIP products throughout 2021, enhancing patient care through improved diagnostic testing. CEO Steve Rusckowski emphasized the commitment to reducing care costs and improving member outcomes. Quest will also collaborate with AdvantageCare Physicians, supporting nine patient service centers.
Quest Diagnostics (NYSE: DGX) will host a virtual Investor Day on March 11, 2021, at 9:00 a.m. ET for institutional investors and financial analysts. Key executives, including CEO Steve Rusckowski and CFO Mark Guinan, will discuss the U.S. laboratory market and the company's growth strategies. Participants can register for the live webcast here. An archived version will be available later on the Quest Diagnostics Investor Relations website.
Quest Diagnostics (NYSE: DGX) reported strong financial results for Q4 and full year 2020, driven by high demand for COVID-19 testing. Q4 net revenues reached $3.002 billion, a 55.8% increase year-over-year, while full year revenues rose to $9.437 billion, up 22.1%. Operating income for Q4 was $795 million, a 119.1% increase. Diluted EPS was $4.21, a 126.9% increase. The company anticipates Q1 2021 revenues of $4.85-$5.15 billion, with adjusted EPS between $5.90 and $6.90. The dividend has been increased, and share repurchase authorization is maintained.
Quest Diagnostics (DGX) announced a 10.7% increase in its quarterly dividend, raising it from $0.56 to $0.62 per share, effective April 21, 2021. This marks the Company's tenth dividend increase since 2011, bringing the annual dividend total to $2.48 per share. In addition, the Board authorized a $1 billion increase in the Company's share repurchase program, supplementing the $917 million still available as of December 31, 2020. Quest repurchased 2.0 million shares for $250 million in the last quarter.
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