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Quest Diagnostics Inc. (NYSE: DGX) is a leading provider of diagnostic testing, information, and services in the United States, enabling people to make informed health decisions. The company provides diagnostic insights derived from the world’s largest database of clinical lab results, which aids in identifying and treating diseases, promoting healthy behaviors, and improving healthcare management.
Quest Diagnostics serves one in three adult Americans and half of the physicians and hospitals in the United States. Its workforce of nearly 50,000 employees is dedicated to transforming lives by providing actionable diagnostic insights. The company offers the broadest test menu available, with over 3,000 different tests, and has a strong focus on cancer diagnostics, anatomic pathology, and interpretive consultations through its medical and scientific staff of approximately 900 M.D.s and Ph.D.s.
In recent years, Quest Diagnostics has been at the forefront of innovation in diagnostic testing. The company has significantly invested in AI and digital pathology to enhance the accuracy and efficiency of cancer diagnoses. A notable collaboration with PathAI aims to accelerate the adoption of digital and AI pathology technologies, thereby improving the quality, speed, and efficiency of diagnosing cancer and other diseases. This partnership includes the acquisition of PathAI Diagnostics’ state-of-the-art digitized laboratory in Memphis, Tennessee, which will serve as Quest’s AI and digital R&D and solutions center.
Financially, Quest Diagnostics has shown robust performance, with annual revenues reaching $7.4 billion in 2014. The company continues to strengthen its market presence through strategic acquisitions and partnerships, expanding its services and enhancing its capabilities in specialized pathology services. The integration of digital and AI technologies across its operations has improved quality, efficiency, and customer satisfaction, positioning Quest Diagnostics as a leader in the diagnostic services industry.
Quest Diagnostics' extensive clinical testing network includes roughly 2,300 patient service centers, numerous doctors' offices, and hospitals nationwide. The company also provides clinical trials testing, risk assessment services, and information technology solutions through its diagnostic solutions segment.
By leveraging its comprehensive diagnostic insights, Quest Diagnostics aims to empower individuals and healthcare providers to make informed decisions that lead to better health outcomes, ultimately contributing to a healthier world.
GRAIL has partnered with Quest Diagnostics (NYSE: DGX) to provide phlebotomy services for its Galleri multi-cancer early detection blood test. This partnership leverages Quest's extensive network, including 2,200 patient service centers and 5,000 mobile phlebotomists, to facilitate blood collection across the U.S. Galleri can detect over 50 types of cancers, with a low false positive rate of less than 1%. Scheduled for introduction in Q2 2021, Galleri will be available through healthcare partners and aims to transform cancer diagnostics and outcomes.
Quest Diagnostics (NYSE: DGX) is set to present at Citi's 2021 Healthcare Services Conference on February 24, 2021, at 1:30 p.m. Eastern Time. Mark Guinan, Executive Vice President & CFO, will discuss the company's vision and capital strategies. The presentation will be available via live webcast and archived for later viewing until March 26, 2021, on their investor relations page. Quest Diagnostics provides critical diagnostic insights, aiding in public health responses, including COVID-19 testing.
Quest Diagnostics (NYSE: DGX) has renewed its strategic partnership with EmblemHealth, one of the largest non-profit health insurers in the U.S., serving over 3 million members. This renewed agreement ensures Quest remains the sole national laboratory for EmblemHealth's HIP products throughout 2021, enhancing patient care through improved diagnostic testing. CEO Steve Rusckowski emphasized the commitment to reducing care costs and improving member outcomes. Quest will also collaborate with AdvantageCare Physicians, supporting nine patient service centers.
Quest Diagnostics (NYSE: DGX) will host a virtual Investor Day on March 11, 2021, at 9:00 a.m. ET for institutional investors and financial analysts. Key executives, including CEO Steve Rusckowski and CFO Mark Guinan, will discuss the U.S. laboratory market and the company's growth strategies. Participants can register for the live webcast here. An archived version will be available later on the Quest Diagnostics Investor Relations website.
Quest Diagnostics (NYSE: DGX) reported strong financial results for Q4 and full year 2020, driven by high demand for COVID-19 testing. Q4 net revenues reached $3.002 billion, a 55.8% increase year-over-year, while full year revenues rose to $9.437 billion, up 22.1%. Operating income for Q4 was $795 million, a 119.1% increase. Diluted EPS was $4.21, a 126.9% increase. The company anticipates Q1 2021 revenues of $4.85-$5.15 billion, with adjusted EPS between $5.90 and $6.90. The dividend has been increased, and share repurchase authorization is maintained.
Quest Diagnostics (DGX) announced a 10.7% increase in its quarterly dividend, raising it from $0.56 to $0.62 per share, effective April 21, 2021. This marks the Company's tenth dividend increase since 2011, bringing the annual dividend total to $2.48 per share. In addition, the Board authorized a $1 billion increase in the Company's share repurchase program, supplementing the $917 million still available as of December 31, 2020. Quest repurchased 2.0 million shares for $250 million in the last quarter.
Quest Diagnostics (NYSE: DGX) participated in the inaugural "Choose Healthy Life" event on January 25, 2021, at Abyssinian Baptist Church, aiming to address COVID-19's severe effects on Black and underserved communities. The initiative emphasizes the need for accessible COVID-19 testing, despite vaccine availability. As cases rise, testing remains crucial for public health strategies, impacting the economy and community health. Partners like the United Way and Black clergy support these efforts to combat health disparities.
A new Quest Diagnostics Health Trends study reveals that Black and Hispanic/Latinx Americans perceive their access to COVID-19 vaccines and healthcare as significantly worse than White Americans. Nearly 21% of Black and 17% of Hispanic/Latinx individuals report inferior access to vaccines, compared to 9% of White Americans. The study highlights a lack of trust in receiving life-saving care, with only 64% of Black and 67% of Hispanic/Latinx Americans confident in equitable treatment. Importantly, 52% of Americans expect progress in addressing healthcare disparities post-COVID-19.
Quest Diagnostics (NYSE: DGX) has partnered with the Centers for Disease Control and Prevention (CDC) to provide genomic sequencing aimed at identifying mutations and transmission patterns of SARS-CoV-2, the virus responsible for COVID-19. This collaboration will utilize samples from Quest's labs nationwide to support a large-scale longitudinal genomic survey. The data will enhance the CDC's public health response to evolving virus variants. Financial terms of the agreement are undisclosed, but the collaboration reflects Quest's ongoing commitment to improve public health through extensive testing data.
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