Quest Diagnostics Inc. - DGX STOCK NEWS

Quest Diagnostics (DGX) reported third quarter revenues of $2.49 billion, down 10.4% from 2021. Reported diluted earnings per share (EPS) were $2.17, a decline of 46.0%, while adjusted diluted EPS was $2.36, down 40.4%. Base business revenues increased by 5.1% to $2.17 billion. The company raised full-year 2022 EPS guidance to a range of $8.52 to $8.72 and adjusted EPS to $9.75 to $9.95. CEO-elect Jim Davis emphasized growth in the base business despite challenges, including Hurricane Ian.

Decode Health announced a new collaboration phase with Quest Diagnostics (NYSE: DGX) to advance drug and diagnostics research in metabolic disease and autoimmune neurology. This phase will focus on RNA sequencing and specimen collection through Quest's extensive network, including 2,100 patient service centers. The partnership aims to enhance biomarker discovery, crucial for developing novel diagnostic tests and drug therapies. The initial targets include multiple sclerosis and non-alcoholic fatty liver disease, with plans for future expansion into other clinical areas.

Quest Diagnostics (NYSE: DGX) launched a new campaign, "Put Your ___ To The Test," encouraging consumers to take charge of their health with over 50 lab tests available online without requiring a doctor's visit. This campaign, developed by R/GA, highlights the ease of accessing high-quality tests. Quest aims to educate consumers on the value of lab testing, offering categories such as general wellness and sexual health. The campaign will utilize digital media and TV advertisements throughout 2023, aiming to transform Quest into an emerging lifestyle brand.

Quest Diagnostics (NYSE: DGX) announced significant leadership changes to support its strategy for growth and operational excellence. CEO-Elect Jim Davis appointed Karthik Kuppusamy as Senior VP of Clinical Solutions, Mark Gardner as Senior VP of Molecular Genomics and Oncology, and Kristin Wallace as Senior VP of Compliance. These seasoned executives are expected to bolster the company’s innovation and compliance leadership post-pandemic. The appointments reflect Quest's commitment to enhancing its market position in diagnostic services.

A Quest Diagnostics study reveals that cancer diagnoses, particularly breast and prostate cancers, remain significantly below pre-pandemic levels, with a nearly 30% decline observed in early 2020. The analysis of over 1.1 million test results indicates that undiagnosed cancer cases have risen since the pandemic, leading to potential adverse outcomes and higher healthcare costs. Key findings include an 11% decline in diagnoses from April 2021 to March 2022, with breast and prostate cancer diagnoses still down by 11% and 17%, respectively. The study underscores the importance of routine screenings to mitigate rising health risks.

Quest Diagnostics (NYSE: DGX) has announced a definitive agreement to acquire select assets of Summa Health's LabCare Plus outreach laboratory services in an all-cash transaction. This acquisition aims to broaden access to innovative, quality laboratory services in Ohio, enhancing care affordability. Post-transaction, Quest will provide testing through its labs in Twinsburg and Pittsburgh, while Summa will maintain its hospital labs. The transaction, expected to close in Q4 2022, follows a competitive bid process, though financial details remain undisclosed.

Quest Diagnostics (NYSE: DGX) will report its third quarter 2022 financial results on October 20, 2022, before the market opens. The company will hold a conference call at 8:30 a.m. ET to discuss these results. Investors can access the call by dialing 888-455-0391 (U.S./Canada) or 773-756-0467 (international) with the passcode 7895081. Earnings release and live webcast will be available on the company's investor website. A replay of the call will be accessible until November 3, 2022.

Quest Diagnostics (NYSE: DGX) partners with Lee Health to enhance diagnostic services, aiding patient care amid post-COVID challenges. This collaboration will leverage Quest's supply chain expertise to streamline lab operations across five Lee Health hospitals and selected outpatient centers. The partnership is expected to improve efficiency and quality of care, with Quest providing procurement support and continuing reference testing services. This strategic alliance reflects Quest's commitment to advancing healthcare outcomes for patients in Southwest Florida.

Achievers and Quest Diagnostics have jointly won a Gold award from Brandon Hall Group for the Best Advance in Employee Recognition Program in the Talent Management category. This accolade recognizes their effective workplace strategy in enhancing employee performance through recognition. The collaboration emphasizes Quest's commitment to fostering a culture of appreciation, especially after relaunching RecognitionQuest in 2020. The award ceremony is set for the HCM Excellence Conference from Jan. 31-Feb. 2, 2023, in West Palm Beach, Florida.