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Quest Diagnostics Inc. - DGX STOCK NEWS

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Quest Diagnostics Inc. (NYSE: DGX) is a leading provider of diagnostic testing, information, and services in the United States, enabling people to make informed health decisions. The company provides diagnostic insights derived from the world’s largest database of clinical lab results, which aids in identifying and treating diseases, promoting healthy behaviors, and improving healthcare management.

Quest Diagnostics serves one in three adult Americans and half of the physicians and hospitals in the United States. Its workforce of nearly 50,000 employees is dedicated to transforming lives by providing actionable diagnostic insights. The company offers the broadest test menu available, with over 3,000 different tests, and has a strong focus on cancer diagnostics, anatomic pathology, and interpretive consultations through its medical and scientific staff of approximately 900 M.D.s and Ph.D.s.

In recent years, Quest Diagnostics has been at the forefront of innovation in diagnostic testing. The company has significantly invested in AI and digital pathology to enhance the accuracy and efficiency of cancer diagnoses. A notable collaboration with PathAI aims to accelerate the adoption of digital and AI pathology technologies, thereby improving the quality, speed, and efficiency of diagnosing cancer and other diseases. This partnership includes the acquisition of PathAI Diagnostics’ state-of-the-art digitized laboratory in Memphis, Tennessee, which will serve as Quest’s AI and digital R&D and solutions center.

Financially, Quest Diagnostics has shown robust performance, with annual revenues reaching $7.4 billion in 2014. The company continues to strengthen its market presence through strategic acquisitions and partnerships, expanding its services and enhancing its capabilities in specialized pathology services. The integration of digital and AI technologies across its operations has improved quality, efficiency, and customer satisfaction, positioning Quest Diagnostics as a leader in the diagnostic services industry.

Quest Diagnostics' extensive clinical testing network includes roughly 2,300 patient service centers, numerous doctors' offices, and hospitals nationwide. The company also provides clinical trials testing, risk assessment services, and information technology solutions through its diagnostic solutions segment.

By leveraging its comprehensive diagnostic insights, Quest Diagnostics aims to empower individuals and healthcare providers to make informed decisions that lead to better health outcomes, ultimately contributing to a healthier world.

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Quest Diagnostics (NYSE: DGX) announced that its Board of Directors has declared a quarterly cash dividend of $0.75 per share. The dividend will be payable on January 29, 2025 to shareholders of record as of January 14, 2025. This announcement demonstrates the company's continued commitment to returning value to shareholders through regular dividend payments.

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A former corrections worker shares her journey joining Quest Diagnostics as a logistics driver between Longview, Texas and Shreveport, Louisiana. The employee highlights the independence of her role, the importance of logistics in patient care, and the supportive work environment at Quest. She appreciates the professional atmosphere, knowledge sharing among experienced colleagues, and the opportunity to coordinate social activities between hubs.

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Quest Diagnostics through its philanthropic initiative Quest for Health Equity partnered with Choose Healthy Life to address health disparities in Black and brown communities. The collaboration emerged following observations of disproportionate COVID-19 impact on underserved populations. Quest provided COVID-19 testing support and funding to help bridge healthcare gaps. Rev. Kimberly L. Williams, Choose Healthy Life's executive director, highlighted that pre-existing conditions contributed to higher mortality rates in these communities.

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Quest Diagnostics highlights the career progression of Jessie Hutchens Maxwell, who evolved from a manual sample processor to a Bio-Analytical Instrument Technician over nearly 7 years. Starting as a temp at Oxford Immunotec before Quest's acquisition, Jessie advanced to the project team, helping develop automated processing systems. In her current role, she maintains and troubleshoots essential automated equipment. The journey showcases Quest's support for employee growth through tuition reimbursement and leadership encouragement, emphasizing the company's commitment to continuous improvement and employee development.

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Martha Baer shares her 31-year journey with Quest Diagnostics, starting in 1993 as a courier at Nichols Institute. Through various company transitions and acquisitions, including Corning Clinical Laboratories and Smith Kline Beecham Clinical Laboratories, she experienced significant professional growth. The acquisition of Smith Kline Beecham marked a major expansion, moving operations to a larger facility in Kansas City, MO. Baer progressed from courier to stock clerk, Group Lead, and eventually to her current role as Network Planner and Route Optimization Specialist for the Greater Midwest Region. Her career particularly advanced during the LabOne acquisition in Lenexa, KS, where she took on increased responsibilities.

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Quest Diagnostics (NYSE: DGX) has secured CDC contracts to develop tests for avian influenza and Oropouche virus. The company will introduce a molecular test for avian influenza A H5 virus detection by month-end at its San Juan Capistrano laboratory. The agreements support national preparedness by ensuring commercial laboratory capacity can supplement public health labs during potential outbreaks.

The new H5 test will be available with a prescription for clinical purposes, using respiratory or conjunctiva specimens. While avian influenza is currently widespread in wild birds and causing outbreaks in U.S. poultry and dairy cows, the public health risk remains low. The contracts include funding for maintaining testing readiness and necessary supplies.

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Quest Diagnostics (NYSE: DGX) reported strong third quarter 2024 financial results, with revenues of $2.49 billion, up 8.5% from 2023. The company's performance was driven by new customer wins, expanded business, and recent acquisitions. Reported diluted EPS increased 1.5% to $1.99, while adjusted diluted EPS rose 3.6% to $2.30.

Quest has updated its full-year 2024 guidance, now expecting revenues between $9.80 billion and $9.85 billion. Reported diluted EPS is projected to be between $7.60 and $7.70, with adjusted diluted EPS between $8.85 and $8.95. The guidance reflects recent acquisitions and the impact of Hurricane Milton in Q4, which is expected to negatively affect net revenues by approximately $15 million and EPS by about 8 cents.

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Adam Slough shares his 29-year journey with Quest Diagnostics in St. Louis, Missouri. Starting as a Specimen Processor in 1995, he progressed to become a driver for the Logistics team, recently winning an employee recognition award. His experience includes roles as an independent courier and swing driver, serving parts of 4 states. Adam highlights Quest's role in his personal growth and mentions his family's involvement with the company, including his aunt, mother, and wife.

Adam emphasizes the importance of understanding how individual roles support the bigger picture at Quest, focusing on patient care. He expresses gratitude for the support he's received and hopes to continue serving for many more years. His story underscores Quest Diagnostics' commitment to employee development and patient-centered service.

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Quest Diagnostics' Quest for Health Equity (Q4HE) initiative, launched in 2020, made significant strides in 2023 to address healthcare inequities in underserved communities. The program focuses on improving access to testing and diagnostic services through strategic coalition building and targeted funding.

Key achievements in 2023 include:

  • Supporting two community-based coalitions in Baltimore
  • Granting $38M to over 70 initiatives across 30 states
  • Donating over $1M in testing services
  • Extending internships to 11 American Heart Association scholars
  • Collaborating with Choose Healthy Life to provide health screenings in five major cities
  • Supporting Experience Camps' first site in Maryland for grieving children
  • Partnering with Americares to implement health equity clinical metrics and telehealth services

Q4HE's approach involves deep analysis of local healthcare needs, coalition-building, and maintaining long-term relationships with grantees to develop sustainable solutions for reducing health disparities.

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Quest Diagnostics (NYSE: DGX) has introduced a first-of-its-kind service allowing patients to self-collect specimens for common genital tract infection (GTI) testing at its nationwide network of 2,000 patient service centers. This new offering enables more convenient and discreet access to testing for conditions such as vaginitis, chlamydia, gonorrhea, trichomoniasis, and Mycoplasma genitalium.

The service utilizes the FDA-cleared Aptima® Multi-test swab for patient-collected vaginal specimens in clinical settings. It's available at no extra charge with a physician's order or through Quest's consumer-initiated test platform at questhealth.com. This initiative aims to increase access to important sexual health testing, supporting patient care and empowerment in healthcare.

The self-collection option is expected to appeal to many female patients as an alternative to provider-performed collection, while maintaining comparable accuracy. It covers testing for six common infections and causes of vaginitis, which affects one in three women in their lifetime.

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FAQ

What is the current stock price of Quest Diagnostics (DGX)?

The current stock price of Quest Diagnostics (DGX) is $160.44 as of November 15, 2024.

What is the market cap of Quest Diagnostics (DGX)?

The market cap of Quest Diagnostics (DGX) is approximately 18.0B.

What does Quest Diagnostics do?

Quest Diagnostics provides diagnostic testing, information, and services that help healthcare providers and patients make informed health decisions. The company offers a broad range of tests and diagnostic insights derived from the world’s largest database of clinical lab results.

How many people does Quest Diagnostics serve annually?

Quest Diagnostics serves one in three adult Americans and half of the physicians and hospitals in the United States each year.

What are some recent achievements of Quest Diagnostics?

Recently, Quest Diagnostics has partnered with PathAI to enhance its AI and digital pathology capabilities. The acquisition of PathAI Diagnostics' digital laboratory will serve as a new AI and digital R&D center, improving cancer diagnosis quality and efficiency.

What kind of tests does Quest Diagnostics offer?

Quest Diagnostics offers over 3,000 different tests, including clinical testing, anatomic pathology, esoteric testing, and substance abuse testing.

What is the company's approach to innovation?

Quest Diagnostics focuses on incorporating AI and digital technologies into its diagnostic services to enhance accuracy, efficiency, and accessibility of its offerings. The company also pilots new technologies and expands its capabilities through strategic partnerships and acquisitions.

How extensive is Quest Diagnostics' clinical testing network?

Quest Diagnostics operates an extensive clinical testing network with approximately 2,300 patient service centers, as well as numerous doctor’s offices and hospitals across the United States.

What role do partnerships play at Quest Diagnostics?

Partnerships, such as the recent collaboration with PathAI, play a crucial role in Quest Diagnostics' strategy to integrate advanced technologies and expand its capabilities in specialized diagnostic services.

How does Quest Diagnostics contribute to healthcare management?

Quest Diagnostics provides diagnostic insights that help identify and treat diseases, inspire healthy behaviors, and improve healthcare management. These insights support more informed decision-making by both patients and healthcare providers.

What are the company’s future plans?

Quest Diagnostics plans to continue expanding its capabilities in AI and digital pathology, enhance its clinical testing services, and maintain its leadership in diagnostic information services. The company aims to leverage its diagnostic insights to empower better healthcare outcomes globally.

How does Quest Diagnostics ensure the quality of its services?

Quest Diagnostics employs nearly 50,000 dedicated professionals, including about 900 M.D.s and Ph.D.s, and integrates cutting-edge technology and rigorous quality control measures across its operations to ensure high-quality diagnostic services.

Quest Diagnostics Inc.

NYSE:DGX

DGX Rankings

DGX Stock Data

18.01B
111.62M
0.43%
90.98%
2.08%
Diagnostics & Research
Services-medical Laboratories
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United States of America
SECAUCUS