Quest Diagnostics Inc. - DGX STOCK NEWS

Paige partners with Sonora Quest Laboratories to implement a digital pathology workflow in Arizona, enhancing diagnostic processes and patient care. The initiative aims to streamline diagnostics and reduce errors through Paige's advanced AI solutions, including the FDA-approved Paige Prostate Detect. Sonora Quest, part of a leading integrated laboratory system, conducts over 97 million tests annually with a robust test menu. This collaboration is expected to improve the overall healthcare experience and accelerate precision diagnoses.

Quest Diagnostics (NYSE: DGX) declared a quarterly cash dividend of $0.66 per share, payable on October 19, 2022. Shareholders of record on October 4, 2022 will receive this dividend, reflecting the company's commitment to returning value to its investors. Quest Diagnostics continues to lead in diagnostic information services, supporting health outcomes with insights derived from its extensive database. This dividend announcement indicates confidence in ongoing business performance and the company's financial health.

Quest Diagnostics is launching the "Es Tu Poder" initiative to enhance healthcare access for the Hispanic community in Texas, targeting cities like San Antonio and Houston. The program aims to combat higher disease rates among Hispanics, offering educational tools and resources in collaboration with healthcare organizations. Dr. Romeo Solano emphasizes the initiative's role in addressing health disparities exacerbated by COVID-19, particularly in areas like the Rio Grande Valley. With over 10 million Hispanics in Texas, this project focuses on empowering individuals to take control of their health.

A recent Quest Diagnostics study highlights that only 1 in 3 patients with latent tuberculosis (TB) were also tested for chronic hepatitis B (HBV), despite shared risk factors. The analysis evaluated nearly 23 million lab tests from 2016 to 2020, revealing a significant gap in concurrent testing.

This raises concerns as TB therapies can induce liver damage in co-infected patients. Notably, 19.6% of those with chronic HBV also had latent TB, emphasizing the need for routine HBV screening prior to TB treatment.

Quest Diagnostics reported second quarter revenues of $2.45 billion, a decline of 3.8% compared to 2021. Reported diluted earnings per share (EPS) dropped 60.5% to $1.96, while adjusted diluted EPS decreased 25.8% to $2.36. Base business revenues grew 2.9% to $2.10 billion. The full year 2022 guidance was raised, with projected reported diluted EPS between $8.24 and $8.64. CEO Steve Rusckowski emphasized ongoing investments in growth despite softer utilization trends across the healthcare industry.

Rite Aid has teamed up with Quest Diagnostics to enhance COVID-19 testing access. Qualified insured individuals can obtain testing at no cost at Rite Aid drive-thru locations. At other Rite Aid stores, customers may pick up at-home specimen collection kits. The collaboration enables PCR testing for adults and children over 2 years old, with results delivered electronically through the MyQuest platform. Quest Diagnostics has conducted over 69 million COVID-19 molecular tests since March 2020, supporting community health during the pandemic.

Quest Diagnostics announced the nationwide launch of a lab-developed molecular diagnostic test for monkeypox, expected to process approximately 30,000 tests weekly by the end of July 2022. This dual-target PCR test differentiates monkeypox virus DNA from other orthopoxviruses and is validated under CLIA regulations. Additionally, the company is set to introduce a CDC orthopoxvirus test by mid-August. The initiative collaborates with the CDC, enhancing public health responses to the monkeypox outbreak in the U.S.

Quest Diagnostics (DGX) released its 2021 Corporate Responsibility Report, detailing its ESG initiatives and COVID-19 response efforts. Key highlights include over $15 million in corporate giving, the launch of its first materiality assessment, and an extensive commitment to health equity. The company also emphasized workforce diversity, with over 56% of employees identifying as people of color and 71% as female. Notably, more than 27,000 volunteer hours were contributed by employees, showcasing commitment to community engagement.