Quest Diagnostics Inc Stock Price, News & Analysis

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 An archived version will be available later on the Quest Diagnostics Investor Relations website.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.

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.