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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 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.
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Quest Diagnostics (DGX) reported preliminary financial results for Q2 2020, revealing a revenue estimate of $1.83 billion, down 6% year-over-year. The number of requisitions fell 18%, and base testing volumes (excluding COVID-19 tests) declined 34%. Diluted EPS from continuing operations is projected between $1.33 and $1.36, down from $1.51 in 2019. The company received $65 million from the CARES Act, which influenced financials. The final results will be reported on July 23, 2020.
Quest Diagnostics' recent Health Trends™ study conducted with UPMC shows that the HPV screening test is significantly less effective in detecting cervical cancer than cotesting, which combines HPV and Pap tests. Analyzing nearly 19 million results from women aged 30 and older, the study finds that HPV testing alone misses 28.4% of cervical cancers. In contrast, cotesting detects 86.9% of cases. The research emphasizes the importance of cotesting in reducing cervical cancer mortality rates, which remain high despite advancements in screening methods.
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Quest Diagnostics (NYSE: DGX) announced a definitive agreement to acquire its joint venture partners' interests in Mid America Clinical Laboratories (MACL), the largest independent clinical lab provider in Indiana. This all-cash equity transaction aims to optimize diagnostic service delivery in the state. Following the acquisition, Quest will wholly own MACL's Indianapolis lab and about 50 patient service centers. The deal also includes long-term agreements for hospital lab services. Completion is expected in Q3 2020, pending regulatory review.