Quest Diagnostics Inc. - DGX STOCK NEWS

Quest Diagnostics (NYSE: DGX) has announced a multi-year partnership with Tower Health, a prominent healthcare system in Pennsylvania, to enhance diagnostic service quality and value. Under the agreement, Quest will provide laboratory supply chain expertise, including capital equipment purchasing and ongoing reference testing. This collaboration aims to support three of Tower Health's hospitals: Reading Hospital, Phoenixville Hospital, and Pottstown Hospital. Quest's CEO, Jim Davis, emphasized the importance of their expertise in helping hospitals navigate post-COVID-19 challenges and improve patient care.

Quest Diagnostics has expanded its support for Mobile Care Chicago through a grant that enables the organization to reach 10 new locations in the Chicago area. This initiative aims to provide essential healthcare services, including pediatric immunizations and asthma management, for underserved children. Mobile Care Chicago has been operational for 21 years, previously using two asthma vans and a dental van to assist children with complex health needs. The grant enhances their capability to serve vulnerable communities and demonstrates Quest Diagnostics' commitment to health equity in the region.

Quest Diagnostics (NYSE: DGX) and NewYork-Presbyterian announced a strategic agreement to enhance access to laboratory services in New York and the Tri-State Area. Under the agreement, Quest will acquire select assets of NewYork-Presbyterian's laboratory services, while the hospital will continue to operate its renowned labs, including anatomic pathology services. The transaction aims to leverage Quest's innovative clinical laboratory capabilities to improve patient care. Expected to close in Q2 2023, the deal is pending regulatory approvals, and financial details remain undisclosed.

Quest Diagnostics (NYSE: DGX) will hold an Investor Day on March 16, 2023, at the New York Stock Exchange, aimed at institutional investors and financial analysts. Key executives, including CEO Jim Davis and CFO Sam Samad, will discuss insights into the U.S. laboratory market, the company’s business strategy, capital priorities, and long-term outlook. Advance registration is required, and a live webcast will be available through Quest's Investor Relations website. An archived version of the event will also be accessible post-event, further emphasizing Quest’s commitment to transparency and investor engagement.

Cleveland Diagnostics has partnered with Quest Diagnostics (NYSE: DGX) to enhance access to its innovative prostate cancer test, IsoPSA. This arrangement enables patients to submit blood samples at over 2,100 Quest locations, with testing expected to commence in Q2 2023. IsoPSA aims to improve the identification of high-grade prostate cancer, reducing unnecessary biopsies by up to 55%. This collaboration aligns with Quest's commitment to oncology testing and aims to empower physicians with better diagnostic tools.

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 $0.66 to $0.71 per share, effective for shareholders on record as of April 10, 2023. This elevates the annual dividend to $2.84 per share. The company has consistently raised its dividend since 2011.
Additionally, Quest's Board of Directors approved a $1 billion increase in its share repurchase authorization, supplementing the $311 million available as of December 31, 2022.