Quest Diagnostics Completes Acquisition of the Outreach Lab Services Business of University Hospitals

Rhea-AI Summary

Quest Diagnostics (NYSE: DGX) has completed its previously announced acquisition of select assets from University Hospitals, a leading nonprofit health system and academic medical center. The acquisition expands Quest's presence in Ohio, providing broader access to its diagnostic testing services, patient access sites, and health plan coverage network.

Testing for University Hospitals' providers and patients using Quest's services will be performed at Quest's laboratories in Twinsburg, Ohio and Pittsburgh, Pennsylvania. University Hospitals will maintain operation of its hospital-based labs for inpatient and select outpatient testing. Financial terms of the acquisition were not disclosed.

Positive

• Expansion of Quest's market presence in Ohio
• Addition of new patient access points
• Integration with broader health plan network
• Acquisition of established outreach lab services business

Negative

• Financial terms not disclosed, preventing assessment of acquisition value and impact

News Market Reaction – DGX

+3.02%

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+3.02% News Effect

On the day this news was published, DGX gained 3.02%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Physicians and patients to benefit from access to Quest's industry-leading test menu and broad health plan relationships in Ohio

SECAUCUS, N.J. and CLEVELAND, Jan. 27, 2025 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), a leading provider of diagnostic information services, today announced it has completed its previously announced acquisition of select assets of University Hospitals, one of the nation's leading nonprofit health systems and academic medical centers. Financial terms were not disclosed.

With the acquisition, Quest broadens access to its industry-leading and innovative test menu, network of convenient patient access sites and broad health plan coverage in Ohio.

For University Hospitals' providers and patients using Quest for lab services, Quest's laboratories in Twinsburg, Ohio and Pittsburgh, Pennsylvania will perform the testing. University Hospitals will continue to provide all inpatient and select outpatient testing from its hospital-based labs.

About Quest Diagnostics
Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, Quest's diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest Diagnostics annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our more than 50,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world. www.QuestDiagnostics.com.

About University Hospitals / Cleveland, Ohio
Founded in 1866, University Hospitals serves the needs of patients through an integrated network of more than 20 hospitals (including five joint ventures), more than 50 health centers and outpatient facilities, and over 200 physician offices in 16 counties throughout northern Ohio. The system's flagship quaternary care, academic medical center, University Hospitals Cleveland Medical Center, is affiliated with Case Western Reserve University School of Medicine, Northeast Ohio Medical University, Oxford University, Taiwain University and the Technion Israel Institute of Technology. The main campus also includes the UH Rainbow Babies & Children's Hospital, ranked among the top children's hospitals in the nation; UH MacDonald Women's Hospital, Ohio's only hospital for women; and UH Seidman Cancer Center, part of the NCI-designated Case Comprehensive Cancer Center. UH is home to some of the most prestigious clinical and research programs in the nation, with more than 3,000 active clinical trials and research studies underway. UH Cleveland Medical Center is perennially among the highest performers in national ranking surveys, including "America's Best Hospitals" from U.S. News & World Report. UH is also home to 19 Clinical Care Delivery and Research Institutes. UH is one of the largest employers in Northeast Ohio with more than 30,000 employees. Follow UH on LinkedIn, Facebook and Twitter. For more information, visit UHhospitals.org. 

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SOURCE Quest Diagnostics

FAQ

What assets did Quest Diagnostics (DGX) acquire from University Hospitals in January 2025?

Quest Diagnostics acquired the outreach lab services business from University Hospitals, expanding its diagnostic testing services network in Ohio.

Which Quest Diagnostics facilities will process University Hospitals' lab testing?

Testing will be performed at Quest's laboratories in Twinsburg, Ohio and Pittsburgh, Pennsylvania.

Will University Hospitals retain any laboratory testing services after the Quest Diagnostics acquisition?

Yes, University Hospitals will continue to provide all inpatient and select outpatient testing from its hospital-based labs.

How does the University Hospitals acquisition expand Quest Diagnostics' (DGX) presence in Ohio?

The acquisition broadens access to Quest's test menu, increases patient access sites, and expands health plan coverage network in Ohio.