Quest Diagnostics Inc. - DGX STOCK NEWS

Quest Diagnostics has enhanced its education assistance and career growth programs, achieving record engagement in 2023. The company's My Quest for Education program offers up to $5,250 annually for career-related learning and up to $8,000 for business-critical degrees. The redesigned program led to over 1,000 employees enrolling, the highest rate in 5 years. From 2019 to 2023, ~64% of participants made at least one career move within Quest, and ~50% received at least one promotion.

Quest also implemented various leadership development initiatives, including the 90-Day Employee Experience Pilot, Stay Interviews, and LeadingQuest programs. The company's Employee Engagement Index Score was above the healthcare industry average in 2023. Quest's culture is guided by its 5Cs: Customer first, Care, Collaboration, Continuous improvement, and Curiosity, which are integrated into leadership development, peer recognition, and performance assessments.

Quest Diagnostics (NYSE: DGX), a leading diagnostic information services company, has announced its participation in the Morgan Stanley 22nd Annual Global Healthcare Conference. Jim Davis, Chairman, CEO and President, will represent the company in a fireside chat on September 6, 2024, at 10:45 a.m. Eastern Time in New York City.

During the session, Davis will discuss Quest's strategy, performance, and current market trends. The event will be webcast live and made available on Quest's investor relations page at ir.QuestDiagnostics.com. For those unable to attend, an archived version of the webcast will be accessible within 24 hours after the event and remain available until October 6, 2024.

Blair Rule, an 18-year veteran at Quest Diagnostics, shares her career progression from entry-level phlebotomist to Manager of Field Operations in the Southwest Region. Her journey highlights the importance of continuous improvement and career development opportunities within the company. Blair utilized Quest's resources such as tuition reimbursement, EMPower trainings, and the LQSM program to enhance her leadership skills. She emphasizes the value of open communication with leaders, seeking growth opportunities, and maintaining an open mindset for career advancement. Blair's story showcases Quest's commitment to employee development and the potential for long-term career growth within the organization.

Quest Diagnostics grantee Bread of Life, Inc. hosted its third annual Community Baby Shower in Houston, supporting 100 expectant moms with essential baby items and health education. The event, part of the Quest for Health Equity (Q4HE) initiative, provided car seats, diaper bags, and other necessities to parents who may not have access to traditional baby showers.

Bread of Life Academy, which assists Houston's vulnerable population through education and workforce development, partnered with Community Health Choice to invite parents from their monthly distributions and outreach programs. The organization's community health workers addressed social determinants of health and provided connections to services.

This event is part of the ongoing collaboration between Bread of Life and the Quest Diagnostics Foundation, which began in 2022 with the launch of the Healthy Houston Collective program. The initiative aims to improve access to affordable healthcare and reduce health disparities in marginalized communities in Houston and surrounding areas.

Quest Diagnostics has completed its acquisition of LifeLabs from OMERS for approximately CAN $1.35 billion (USD $1 billion), including net debt. The transaction aims to enhance access to diagnostic innovation in North America. LifeLabs will continue to operate under its brand with the same management team and headquarters, while benefiting from Quest's expertise and resources.

The acquisition is expected to generate about CAN $970 million (USD $710 million) in annual revenues. It is anticipated to be slightly dilutive to GAAP EPS but $0.10-$0.15 accretive to adjusted EPS in the first 12 months after closing. Quest will provide updated financial guidance for 2024 in its Q3 earnings call in October.

Pat Beall shares her 32-year career journey at Quest Diagnostics, starting as a route service representative (RSR) and progressing to a supervisory role. She highlights the company's growth through acquisitions, emphasizing teamwork and client relationships in the Dallas-Fort Worth and northeastern Texas areas. Beall stresses the importance of patient service and personal initiative for career advancement at Quest. She values the opportunity to mentor new employees and encourages finding fulfillment in one's chosen career path. The story showcases Quest's employee development and long-term retention, reflecting positively on the company's work culture and growth opportunities.

Quest Diagnostics (NYSE: DGX) has announced a definitive agreement to acquire select assets of University Hospitals' outreach laboratory services business in Ohio. This strategic move aims to broaden access to Quest's innovative diagnostic services and extensive test menu across the state. The acquisition is expected to enhance operating efficiency and ensure continued access to affordable care.

Key points of the transaction include:

• Streamlined operations and quality maintenance
• Expanded patient access to Quest's convenient testing sites
• Broader health plan coverage
• Expected completion in Q4 2024, subject to regulatory approval

Financial terms were not disclosed, but the deal aligns with Quest's strategy to optimize laboratory services for quality, innovation, and affordability.

Quest Diagnostics' 2023 Corporate Responsibility Report, themed 'Care at Our Core', highlights the company's commitment to creating a healthier world. CEO Jim Davis emphasizes Quest's role in healthcare innovation and expansion of disease-state testing. Key achievements include:

- Acquisition of Haystack Oncology to improve cancer detection
- Expansion of Alzheimer's test portfolio
- Progress in Quest for Health Equity (Q4HE) initiative with 55 active programs
- Introduction of Quest Mobile™ phlebotomy service
- Relaunch of HealthyQuest employee health program

The report underscores Quest's focus on growth, efficiency, and new solutions to meet customer needs while expanding access to diagnostic services and reducing health disparities.

Quest Diagnostics (NYSE: DGX) has priced a public offering of $1.85 billion in senior notes, consisting of $400 million due 2027 at 4.600%, $600 million due 2029 at 4.625%, and $850 million due 2034 at 5.000%. The offering is expected to close on August 19, 2024. The proceeds will primarily fund the acquisition of LifeLabs, Inc. and for general corporate purposes, potentially including the redemption of $600 million in 3.50% senior notes due 2025. The 2027 and 2029 notes are subject to a special mandatory redemption at 101% of the principal amount if the LifeLabs acquisition is not completed. This offering provides Quest Diagnostics with significant financial flexibility for its strategic initiatives and debt management.