Quest Diagnostics Inc. - DGX STOCK NEWS

Quest Diagnostics has introduced a blood test, QUEST AD-Detect™, to assess the risk of Alzheimer's Disease (AD), amidst rising optimism among physicians and patients for advancements in AD diagnostics and treatment. A recent survey showed 66% of physicians anticipate groundbreaking therapies, with 84% believing early risk testing will enhance disease management. However, cost concerns may hinder widespread adoption. Despite this, 87% of physicians think the blood test will become a standard practice, highlighting an evolving landscape in AD healthcare.

Quest Diagnostics (DGX) reported Q1 2022 revenues of $2.61 billion, a 4.0% decline compared to 2021. Reported diluted EPS was $2.92, down 15.6%, while adjusted diluted EPS was $3.22, a drop of 14.4%. Base business revenues rose 6.3% to $2.01 billion. Despite COVID-19 testing revenue decreasing 27.6% to $599 million, full-year guidance was raised. The new diluted EPS guidance ranges from $7.88 to $8.38, with adjusted EPS expected between $9.00 and $9.50.

Quest Diagnostics (NYSE: DGX) announced key organizational changes to enhance operational efficiency and growth. Catherine T. Doherty has been appointed Senior VP for Regional Businesses, while Carrie E. Eglinton Manner takes on Senior VP for Advanced & General Diagnostics Clinical Solutions. Patrick T. Plewman is now Senior VP for Diagnostic Services, and Mark E. Delaney joins as Chief Commercial Officer. Additionally, Richard F. Adams steps in as VP and GM for Consumer Initiated Testing. The company aims to improve strategy execution and strengthen its leadership team.

Quest Diagnostics has announced a collaboration with IRIS to offer diabetic retinal imaging services at its patient service centers across the United States. This initiative aims to enhance access to screenings for diabetic retinopathy, a leading cause of blindness, particularly for patients identified as high-risk by participating health plans. The collaboration is designed to improve screening rates and health outcomes by enabling early detection and treatment. Training for Quest personnel will ensure images are sent to licensed ophthalmologists for evaluation.

Quest Diagnostics (NYSE: DGX) will announce its first quarter 2022 financial results on April 21, 2022, before market opening. A conference call to discuss the results is scheduled at 8:30 a.m. ET. Interested parties can access the call by dialing 888-455-0391 (U.S. and Canada) or 773-756-0467 (international), using the passcode '7895081'. A replay will be available until May 5, 2022. For further information, visit QuestDiagnostics.com/investor.

Quest Diagnostics reported a significant rise in drug test positivity rates in the U.S. workforce, reaching the highest levels since 2001. The overall positivity rate for urine tests increased to 4.6% in 2021, up 31.4% from an all-time low in 2010-2012. Notably, federally mandated safety-sensitive workers' positivity remained steady at 2.2%. Marijuana positivity in the general workforce rose to 3.9%, marking a 50% increase over five years. Employers face challenges in recruitment while ensuring workplace safety amidst these trends.

Quest Diagnostics (NYSE: DGX) has secured a $19.5 million contract from the Centers for Disease Control and Prevention (CDC) to provide COVID-19 antibody testing and data analytics services across 45 states and Puerto Rico. The contract aims to assist the CDC in understanding SARS-CoV-2 seroprevalence, evaluating the population proportion infected or vaccinated. Quest will utilize clinical testing serum remnants to enhance public health analysis and reporting, demonstrating its ongoing commitment to effective pandemic response.

Quest Diagnostics Foundation announced a $500,000 donation to Project HOPE to aid humanitarian efforts in Ukraine and support Ukrainian refugees in Eastern Europe. The donation aims to deliver medical supplies and urgent assistance amidst the ongoing crisis, with more than two million refugees displaced. Quest Diagnostics' employees are also contributing, and the Foundation will match these donations. Project HOPE expressed gratitude, emphasizing the urgent need for medical supplies in affected regions including Poland, Moldova, and Romania.

Quest Diagnostics (NYSE: DGX) announced the appointment of James E. Davis as its new CEO, effective November 1, 2022, succeeding Steve Rusckowski, who served over a decade. Davis, currently Executive Vice President of General Diagnostics, has been with the company since 2013 and has played a key role in the company’s growth, overseeing significant revenue and earnings increases during his tenure. Additionally, Mark Guinan, CFO, plans to retire in 2022, initiating a search for his successor.