Quest Diagnostics Inc. - DGX STOCK NEWS

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.

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.

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.

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.

Quest Diagnostics (NYSE: DGX) has completed its acquisition of select laboratory assets from OhioHealth, a not-for-profit integrated health system. The transaction aims to expand access to cost-effective and innovative laboratory services in Ohio. While financial terms were not disclosed, the acquisition is expected to benefit providers and patients through:

1. Access to Quest's extensive test menu
2. Expanded network of patient service sites
3. Broad health plan coverage
4. Lower out-of-pocket costs for many services

Quest's laboratory in Pittsburgh, Pennsylvania will handle most of the outreach testing previously done by OhioHealth. OhioHealth will continue to operate its hospital labs for inpatient and hospital-based outpatient care, as well as anatomic pathology and oncology services.

Branda Burke shares her journey with Quest Diagnostics, highlighting how a chance encounter at her coffee shop job led to a career opportunity. She applied for a driver position, doubling her salary and gaining access to benefits. Despite being a high school dropout with a GED, Branda utilized Quest's Employee Education Assistance program to earn an Associate Degree in Arts in Information Technology with honors.

Branda praises her supervisor's leadership and the company's supportive environment. Her role involves covering routes in East Texas and North Louisiana, interacting with clients, and assisting with office tasks. She emphasizes the importance of both client interactions and behind-the-scenes work in specimen pack-out and supply management.

Quest Diagnostics recently hosted an event at its Secaucus headquarters featuring Stephen Ritz, founder of Green Bronx Machine (GBM). GBM aims to advance health equity in under-resourced communities by growing vegetables in schools. Quest supports this initiative through its Quest for Health Equity (Q4HE) program.

The Quest Diagnostics Foundation has provided grants to help GBM expand to schools in Colorado, Ohio, New York, Baltimore, and Houston. Quest also unveiled its own Tower Garden in the Secaucus lobby, with produce to be donated to Oasis, a nonprofit in Paterson, NJ.

Jim Davis, Chairman, CEO & President of Quest Diagnostics, emphasized the alignment between GBM's mission and Quest's purpose of creating a healthier world. The event included a preview of Ritz's documentary, 'Generation Growth,' showcasing the impact of nutrition education and access to healthy food on community health.

Quest Diagnostics expanded access and affordability of diagnostic services in 2023 through enhanced financial assistance and innovative testing solutions. Key initiatives include:

• Updating the Patient Financial Assistance (PFA) program enrollment process and capping maximum payments for lower-income patients
• Expanding a supplemental PFA program for high-cost testing in genetics and oncology
• Collaborating with the CDC, Sarepta Therapeutics, and other organizations to improve public health strategies and testing capabilities
• Launching a Women and CVD Risk Assessment campaign to address cardiovascular disease risks in women
• Increasing consumer-initiated testing options and registered users on questhealth.com
• Expanding Quest Mobile in-home testing services

These efforts resulted in a 25% increase in patients accessing financial assistance services and improved access to diagnostic insights for various populations.

Quest Diagnostics has enhanced patient-centered care in 2023 through streamlined services, innovative testing, and a commitment to health equity. Key improvements include:

• New training programs for Patient Service Representatives (PSRs) focusing on experience, hospitality, and accessibility
• Streamlined check-in process with self-serve kiosks offering wait-time estimates and multiple language options
• Updated ordering and scheduling systems to capture gender identity
• Expanded testing offerings including the Apolipoprotein (ApoE) Isoform Test for Alzheimer's risk assessment, Minimal Residual Disease (MRD) testing for cancer detection, and a Novel Psychoactive Substances Panel (NPS) for detecting synthetic drugs
• Acquisition of Haystack Oncology to enhance MRD testing capabilities

These initiatives aim to improve patient experience, accessibility, and diagnostic accuracy across Quest's services.