Welcome to our dedicated page for Quest Diagnostics news (Ticker: DGX), a resource for investors and traders seeking the latest updates and insights on Quest Diagnostics stock.
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.
Quest Diagnostics has initiated a proactive "Back to Life" program to assist communities as they transition from pandemic conditions to a new normal. This initiative focuses on encouraging employees to safely return to onsite work, facilitating children’s return to in-school learning, and promoting recreational activities. With varying COVID-19 levels across regions, Quest's partnerships aim to support safe transitions in public spaces. Their efforts have led to successful outcomes in bringing employees back to work, aiding children in resuming school, and enhancing recreational opportunities nationwide.
Quest Diagnostics (DGX) reported fourth quarter revenues of $2.33 billion, a 15.0% decline from 2021. Reported diluted EPS stood at $0.87, down 72.1%, while adjusted diluted EPS was $1.98, a 40.5% decrease. Base business revenues rose 6.3% to $2.15 billion, contrasting with a 74.6% drop in COVID-19 testing revenues to $184 million. For the full year, total revenues were $9.88 billion, an 8.4% decrease, with an adjusted diluted EPS of $9.95, down 30.1%. Looking ahead, 2023 guidance estimates diluted EPS between $7.61 and $8.21 with a focus on base business growth and productivity.
On February 2, 2023, Quest Diagnostics (NYSE: DGX) announced a 7.6% increase in its quarterly dividend, raising it from
Additionally, Quest's Board of Directors approved a $1 billion increase in its share repurchase authorization, supplementing the
Salud Integral en la Montaña, an FQHC in Puerto Rico, has launched the island's first post-COVID-19 Care Clinic to address the needs of those suffering from long COVID. Supported by Q4HE funding, the clinic offers integrated care from a multidisciplinary team specializing in various medical fields. The initiative aims to serve at least 2,450 patients in its first year, reflecting a commitment to medically underserved communities. This model sets a precedent for similar clinics globally, ensuring comprehensive treatment for ongoing symptoms affecting COVID-19 survivors.
Quest Diagnostics recently supported a community COVID-19 testing event in Newark, NJ, as part of its Quest for Health Equity (Q4HE) initiative. This program, established in 2020, aims to address health disparities exacerbated by the pandemic, particularly among marginalized groups. Q4HE focuses on providing essential resources through education, engagement, empowerment, and access. Key strategies include COVID-19 testing and vaccinations, funding programs to tackle health inequities, and partnering with organizations to drive lasting change. The initiative underscores Quest's commitment to improving health outcomes for underserved communities.
Agilent Technologies (NYSE: A) has entered into a strategic agreement with Quest Diagnostics (NYSE: DGX) to facilitate access to the ctDx FIRST liquid biopsy next-generation sequencing test for advanced non-small cell lung cancer (NSCLC) patients in the U.S. This FDA-approved test will provide healthcare providers with a minimally invasive option to determine if patients could benefit from KRAZATI™ treatment. The collaboration aims to enhance the implementation of precision medicine in oncology, allowing healthcare providers to electronically order the test through Quest’s platform and utilize its extensive patient network.
Quest Diagnostics (NYSE: DGX) will announce its fourth quarter and full year 2022 financial results on February 2, 2023, prior to market opening. A conference call detailing these results will begin at 8:30 a.m. ET on the same day. Participants can dial in at 888-455-0391 (U.S. and Canada) or 773-756-0467 (international) with the passcode '7895081'. The earnings release and a live webcast will be available on www.QuestDiagnostics.com/investor. A replay of the call will be accessible from 10:30 a.m. ET on February 2 until midnight ET on February 16, 2023.
Quest Diagnostics, in a recent statement by Ruth Clements, highlighted the achievements of the Quest for Health Equity (Q4HE) program on its one-year anniversary. The initiative aims to reduce health disparities in underserved communities by enhancing access to diagnostic testing and educational resources. Clements noted the importance of ongoing collaboration with local and national partners to foster long-term health equity. Additionally, she emphasized the critical role Quest has played during the COVID-19 pandemic, particularly in supporting low-income and minority populations with testing and information. The commitment to addressing health inequities continues to be a priority for Quest Diagnostics.
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