Quest Diagnostics Inc Stock Price, News & Analysis

Quest Diagnostics (NYSE: DGX) reported strong Q2 2024 financial results, with revenues of $2.40 billion, up 2.5% from 2023. The company's reported diluted EPS was $2.03, down 1.0%, while adjusted diluted EPS increased 2.2% to $2.35. Quest raised its full-year 2024 guidance, now expecting revenues between $9.50 billion and $9.58 billion. The company's performance was driven by base business revenue growth of nearly 4%, new customer acquisitions, and increased adoption of advanced diagnostics. Quest also announced four strategic acquisitions, including LifeLabs in Canada and select outreach lab assets in the U.S., to expand its presence in key markets and enhance digital pathology capabilities.

The Quest Diagnostics Foundation, through its Quest for Health Equity (Q4HE) initiative, is expanding its collaboration with March of Dimes to address maternal and infant healthcare disparities in Houston, Miami, and Chicago. The partnership aims to increase access to critical healthcare and education by:

1. Increasing the number of trained community health workers (CHWs) and doulas
2. Enhancing access to maternal and infant health education and basic needs

The grant will fund recruiting and training initiatives for CHWs and doulas, as well as support local community outreach efforts to distribute critical maternal health information at various events. This collaboration aligns with both organizations' goals of advancing health equity for mothers and babies, regardless of race, wealth, or geography.

Quest Diagnostics (NYSE: DGX) announced an agreement to acquire select outreach laboratory services from OhioHealth, aiming to broaden access to cost-effective and innovative lab services in Ohio. The deal is expected to close in Q3 2024, pending customary regulatory reviews. OhioHealth will continue to operate its hospital labs independently, while most outreach testing will transition to Quest's Pittsburgh lab. Quest aims to leverage its economies of scale to provide more affordable services and expand its presence in Ohio. Financial terms were not disclosed.

Quest Diagnostics (NYSE: DGX) announced a definitive agreement to acquire LifeLabs from OMERS for approximately CAD 1.35 billion (USD 985 million), including net debt. The acquisition aims to enhance diagnostic services for Canadians by leveraging Quest's expertise and innovations. LifeLabs will retain its brand, headquarters, and management post-acquisition, while Quest expects to introduce improvements in service efficiency and data security. The transaction is expected to generate CAD 970 million (USD 710 million) in annual revenues for Quest and be accretive to adjusted EPS within the first 12 months after closing. The deal is anticipated to close by the end of the year, subject to customary closing conditions and regulatory approvals.

Quest Diagnostics (NYSE: DGX) released its 2023 Corporate Responsibility Report, emphasizing its ESG initiatives under the theme 'Care at Our Core'. The report highlights the company's four strategic pillars: Employee and Community Engagement, Equity and Health Access, Governance and Ethics, and Environmental Sustainability.

Key achievements in 2023 include over $16 million in corporate giving, approximately 950,000 donated or discounted test requisitions, and more than 30,000 employee volunteer hours. The company also launched the HealthyQuest Employee Business Network and received ISO 14001 certification for its laboratories in Cleveland, OH, and Chantilly, VA.

Quest Diagnostics continues to enhance its processes and capabilities to support its ESG goals, aiming to create a healthier world through collaboration with various stakeholders.

Quest Diagnostics (NYSE: DGX) announced a definitive agreement to acquire select laboratory assets from Allina Health. This acquisition aims to enhance access to Quest's cost-effective and innovative laboratory services throughout Minnesota and western Wisconsin.

According to Quest's Chairman, CEO, and President Jim Davis, the transaction aligns with Quest's strategy to expand its service offerings and generate growth through accretive acquisitions.

The deal, expected to close in Q3 2024 pending regulatory approval, will allow Quest to serve Allina Health clinic physicians and outreach provider clients across the region. Financial details of the transaction were not disclosed.

Quest Diagnostics (NYSE: DGX), a prominent player in diagnostic information services, announced it will release its Q2 2024 financial results on July 23, 2024, before the market opens.

The company will also hold a conference call at 8:30 a.m. ET to discuss the results. Interested parties in the U.S. and Canada can dial 888-455-0391, while international participants can use 773-756-0467, with the passcode '7895081'.

The earnings release and live webcast will be available on www.QuestDiagnostics.com/investor. A replay of the call will be accessible online and by phone until midnight ET on August 6, 2024.

Listeners are encouraged to review periodic reports filed with the SEC for additional discussions on risk factors and financial conditions.

Mark Hamilton, a STAT driver for Quest Diagnostics, shares his career journey and experiences in a recent press release. Mark highlights his transition from the airline industry to healthcare, emphasizing the importance of handling specimens with care and precision. He describes his commitment to ensuring that samples such as blood, urine, tissue, and skin grafts are transported under optimal conditions and correctly labeled. Mark also stresses the significance of communication and collaboration with clients to improve services and ensure long-term satisfaction. Through his work at Quest, he finds personal fulfillment and values the role he plays in patient care.

Quest Diagnostics (NYSE: DGX) has completed the acquisition of PathAI Diagnostics from PathAI to accelerate AI and digital pathology adoption for cancer diagnosis. PathAI will remain independent, advancing AI solutions for biopharmaceutical companies and pathology labs. The Memphis lab is rebranded as AmeriPath, serving as Quest’s national AI and digital R&D center. Quest will license PathAI's AISight™ system and collaborate on AI development for research and clinical applications. Quest aims to enhance quality and efficiency through AI integration in its services.