Quest Diagnostics Inc. - DGX STOCK NEWS

A Quest Diagnostics Health Trends® report indicated that the COVID-19 pandemic significantly impacted hepatitis C virus (HCV) testing and treatment. The study, in collaboration with the CDC, revealed a 59% drop in HCV antibody testing in April 2020, with treatments falling by 43% in May 2020. Despite minor rebounds, HCV diagnoses and treatments remain 40% below pre-pandemic levels. The report emphasizes the urgent need for increased HCV testing to prevent advanced disease and transmission. An estimated 2.4 million adults in the U.S. are living with HCV, highlighting ongoing healthcare challenges.

Ginkgo Bioworks has partnered with Quest Diagnostics (NYSE:DGX) to offer COVID-19 testing services for K-12 schools across the U.S. This initiative aligns with the K-12 National Testing Action Program and leverages Quest's capacity to conduct up to 300,000 tests daily. Ginkgo’s Concentric platform will facilitate easy testing management, currently supporting around 1,000 schools. Both companies aim to enhance safety in classrooms by ensuring weekly testing for students and staff, with results typically available within a day.

Quest Diagnostics (DGX), a leader in diagnostic services, will present at the BofA Securities 2021 Virtual Healthcare Conference on May 11, 2021, at 12:30 p.m. ET. Mark Guinan, Executive VP & CFO, will outline the company’s vision, goals, and capital strategies. The live webcast can be accessed on the company’s investor relations page and will be archived for later viewing until June 10, 2021. Quest Diagnostics plays a vital role in health management, serving a significant portion of adults and healthcare providers in the U.S.

Quest Diagnostics (NYSE: DGX) reported its Q1 2021 financial results, showcasing a remarkable recovery with net revenues reaching $2.72 billion, a 49.3% increase year-over-year. The diagnostic services segment contributed $2.64 billion, reflecting a 51.5% growth. Key metrics included a 375.8% surge in diluted EPS to $3.46 and operating income of $660 million, representing a 277.2% increase. The company also announced an accelerated share repurchase plan worth $1.5 billion, indicating strong cash flow and operations.

Quest Diagnostics (NYSE: DGX) and Blueprint Genetics are presenting findings at the 2021 ACMG Annual Meeting, showcasing 10 studies on genomic sequencing's role in diagnosing inherited disorders. Notable research includes mitochondrial genome analysis improving diagnosis rates, especially in mitochondrial diseases, and next-generation sequencing (NGS) techniques enhancing hearing loss testing accuracy. These advancements exemplify the collaboration's commitment to improving patient care through innovative diagnostics and broadened access to genetic insights.

Quest Diagnostics (NYSE: DGX) will report its first quarter 2021 financial results on April 22, 2021, before markets open. The company will host a conference call at 8:30 a.m. Eastern Time to discuss these results. Interested participants can join by calling 888-455-0391 in the U.S. or 773-756-0467 internationally, using passcode '7895081.' A replay will be available online and via phone after the call. Quest Diagnostics continues to lead in diagnostic information services, impacting healthcare management for millions.

Quest Diagnostics (NYSE: DGX) has announced the sale of its minority share in Q² Solutions to IQVIA (NYSE: IQV) for $760 million in cash. This divestiture aligns with Quest's strategy to focus on diagnostic information services. Since 2015, Q² Solutions operated as a joint venture, with IQVIA owning 60% and Quest 40%. Despite the sale, Quest will remain the preferred laboratory provider for Q² Solutions under a multi-year agreement, allowing them to continue offering complementary lab testing services.

On March 15, 2021, Zora Biosciences Oy announced a license agreement with Quest Diagnostics (NYSE: DGX) for its ceramide-analysis technology. This collaboration aims to develop a test service to identify patients at risk for cardiovascular diseases. Ceramides may indicate cardiovascular death risk, enhancing diagnostic precision beyond LDL cholesterol levels. Quest plans to offer this service through its Cardiometabolic Center of Excellence in the U.S. next year, aiming to alleviate heart disease burdens, which affect nearly half of the American population by 2035.

Quest Diagnostics (NYSE: DGX) outlined its growth strategy at a recent virtual Investor Day, highlighting its responsiveness during the COVID-19 pandemic. The company reports a long-term revenue CAGR of 4-5% for its base business and 7-9% for total earnings. Key initiatives include increasing market share in advanced diagnostics and consumer testing, as well as capital investments of $900 million in share repurchases in 2021. The net revenue forecast for the first half of 2021 ranges from $4.85 billion to $5.15 billion, with a projected net revenue increase of 32.9% to 41.1%.