Welcome to our dedicated page for Quest Diagnostics news (Ticker: DGX), a resource for investors and traders seeking the latest updates and insights on Quest Diagnostics stock.
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.
Quest Diagnostics (DGX) reported strong Q3 2020 results, with net revenues of $2.786 billion, a 42.5% increase from the previous year. The company attributed growth to heightened demand for COVID-19 testing and a recovery in healthcare utilization. Operating income reached $718 million, up 129.5%. Diluted EPS soared to $4.14, marking a 164.6% increase. Quest raised its full-year revenue outlook to a range of $8.8 to $9.1 billion, reflecting confidence in ongoing demand and operational recovery.
Quest Diagnostics released a Health Trends study revealing a significant rise in misuse of fentanyl, heroin, and nonprescribed opioids, attributed to the COVID-19 pandemic's impact on healthcare access. Analysis of over 872,000 lab results showed a 35% increase in fentanyl positivity and 44% for heroin during the pandemic. Notably, drug mixing incidents surged significantly, presenting greater risks. The study highlights men as the most affected demographic, with a 51% increase in illicit fentanyl use. However, gabapentin misuse saw a 21% decline.
Quest Diagnostics (NYSE: DGX) has been honored with the C. Everett Koop National Health Award for 2020, recognizing its exemplary employee health programs. This prestigious award, given by The Health Project, is awarded to organizations demonstrating significant health improvements and business results. Quest Diagnostics' employee health strategy has saved over $40 million in healthcare costs while also improving health outcomes, such as reducing risks of diabetes and cardiovascular diseases. The award presentation took place virtually during the HERO Forum.
Quest Diagnostics (NYSE: DGX) and CLEAR announced a partnership to integrate COVID-19 testing with CLEAR's Health Pass technology. This collaboration aims to enhance public safety as organizations can access verified health insights. CLEAR's Health Pass will connect users to their COVID-19 test results, which can be accessed through the MyQuest app. Quest Diagnostics has conducted over 16 million COVID-19 tests, leading in the U.S. pandemic response. This initiative is designed to help individuals and organizations make informed decisions regarding health and safety during the ongoing pandemic.
Quest Diagnostics (NYSE: DGX) will announce its Q3 2020 financial results on October 22, 2020, before market opening. A conference call to discuss these results will commence at 8:30 a.m. ET. Investors can join via phone at 888-455-0391 domestically or 773-756-0467 internationally, using passcode 7895081. The earnings release and live webcast will be accessible at www.QuestDiagnostics.com/investor. A replay will also be available online and via phone.
Quest Diagnostics has introduced three new tests to enhance COVID-19 diagnosis and differentiate it from seasonal respiratory infections, including influenza. Each test allows for a single specimen to expedite testing and reduce specimen collection device demand. The cobas® SARS-CoV-2 & Influenza A/B test received Emergency Use Authorization from the FDA. In light of potentially severe respiratory virus outbreaks this fall and winter, effective testing is crucial for patient care. Quest aims to provide rapid diagnosis while managing limited specimen collection resources.
Quest Diagnostics has launched the QuestDirect COVID-19 Active Infection test, available for online purchase without a doctor's visit. The test can be collected at home or at over 500 Walmart drive-thru locations nationwide. Utilizing FDA-authorized molecular diagnostic technology, the test caters to individuals with COVID-19 symptoms or exposure. Test results are accessible via the MyQuest patient portal, with a telehealth option for result interpretation. This initiative complements an earlier antibody test and emphasizes accessible, high-quality testing amid the pandemic.
On September 11, 2020, Quest Diagnostics (NYSE: DGX) announced its participation in the Morgan Stanley 18th Annual Global Healthcare Conference. The presentation will feature Steve Rusckowski and Jim Davis, who will outline the company's growth strategies and discuss the impacts of COVID-19. The live webcast is scheduled for September 16, 2020, at 10:15 a.m. ET and will be accessible on their investor relations page. An archived version will be available for viewing until October 10, 2020.
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