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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.
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.
Quest Diagnostics (NYSE: DGX) will report its fourth quarter and full year 2020 financial results on February 4, 2021, before the market opens. A conference call to discuss these results will take place at 8:30 a.m. ET on the same day. Participants can access the call by dialing 888-455-0391 within the U.S. or 773-756-0467 internationally. The earnings release and live webcast will be available on Quest's investor website.
Hackensack Meridian Health and Quest Diagnostics announced a partnership to enhance diagnostic services across New Jersey. Under a long-term agreement, Quest will manage lab operations for 11 Hackensack hospitals. The financial details remain undisclosed. Quest aims to improve patient outcomes by utilizing its extensive New Jersey testing infrastructure, including a new flagship lab in Clifton slated for 2021. This collaboration marks Quest's largest laboratory services agreement to date, promising better access and quality of care.
Quest Diagnostics (NYSE: DGX) and The Commons Project announced a collaboration to enhance control over health data access, allowing individuals to view lab results and vaccination records through the CommonHealth app. The initiative aims to facilitate safer international travel and economic recovery by providing digital access to COVID-19 test results. With approximately 55% of U.S. residents using Android, this partnership positions Quest to leverage a significant user base for improving health decision-making.
Quest Diagnostics (DGX) has raised its financial outlook for full year 2020, anticipating net revenues of at least $9.35 billion, up from a previous estimate of $8.8 billion. The company expects a 21.0% revenue increase and reported diluted EPS of at least $9.98. Despite a decline in organic testing volumes in December, COVID-19 molecular testing volumes have exceeded prior expectations. The revised outlook includes cash from operations of at least $1.95 billion and capital expenditures around $420 million.
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