Quest Diagnostics Inc Stock Price, News & Analysis

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.

Quest Diagnostics reported its financial results for Q4 and FY 2021, showing record revenues and earnings due to increased demand for COVID-19 testing services. For the full year, net revenues rose by 14.3% to $10.79 billion, while base business revenues grew 19.4%. However, Q4 revenues dropped 8.6% compared to 2020. The company provided guidance for 2022, anticipating a significant decrease in COVID-19 testing revenue and a modest increase in base business revenues. Additionally, a 6.5% dividend increase was announced, marking the company’s eleventh increase since 2011.

Quest Diagnostics (NYSE: DGX) has teamed up with Walmart to launch a new consumer-initiated laboratory testing service powered by QuestDirect™. This initiative enables individuals to purchase over 50 types of laboratory tests online, including those for general health, digestive health, and infectious diseases. Customers can access testing through a user-friendly website and arrange appointments at one of Quest's 2,220 Patient Service Centers. This development aims to enhance healthcare accessibility, particularly for those who may have delayed in-person medical services during the COVID-19 pandemic.

Quest Diagnostics (NYSE: DGX) announced an at-home COVID-19 rapid antigen test service via QuestDirect™, in collaboration with eMed™. This service allows users to conduct self-administered tests under the supervision of a telehealth proctor, providing results in 15 minutes. Each test kit, priced at $70, includes two tests and is intended for various uses such as travel and workplace safety. Customers can expect delivery within two to three business days. The offering is also available in bulk for small employers, expanding Quest's COVID-19 testing capabilities.

Quest Diagnostics has introduced the Comprehensive Health Profile, a virtual preventive care service allowing adults nationwide to access over 100 health evaluations without a doctor's visit. Priced at $299 for a Standard Panel and $349 for specialized panels, the service combines laboratory tests, behavioral health assessments, and biometric measurements. Customers receive a personalized Health Quotient Score, offering insights into their health status. This initiative addresses pandemic-related healthcare delays, enabling proactive health management.

Quest Diagnostics (NYSE: DGX) announced its acquisition of Pack Health in an all-cash equity transaction, aiming to enhance its patient engagement capabilities. Pack Health, which focuses on chronic condition management and personalized patient support, will be integrated into Quest's Extended Care services. This move is intended to connect diagnostic insights to actionable healthcare solutions, emphasizing the company's commitment to addressing social determinants of health. Financial terms were undisclosed, with completion expected in Q1 2022.

Quest Diagnostics (DGX) announced preliminary financial results for Q4 and FY 2021, revealing Q4 revenue of approximately $2.74 billion, down 9% from $3.00 billion in 2020. Total base testing volumes rose by 10% compared to Q4 2019. The diluted EPS for Q4 is expected to be $3.12, a decrease from $4.21 in the previous year. However, for FY 2021, reported revenue is projected at $10.79 billion, a 14% increase from $9.44 billion in 2020. The company anticipates exceeding adjusted EPS of $8.00 in 2022.