Quest Diagnostics Inc. - DGX STOCK NEWS

Quest Diagnostics (NYSE: DGX) has released its Annual Environmental, Social & Governance Report for 2019, highlighting efforts to enhance patient care and community support. Key achievements include expanded consumer health services, partnerships to improve care access, and COVID-19 testing initiatives. The company also focused on reducing its environmental footprint and investing in employee development. The report underscores Quest's commitment to creating a healthier world through its 47,000 employees.

Quest Diagnostics (NYSE: DGX) has successfully completed its acquisition of Mid America Clinical Laboratories (MACL), previously a joint venture partner. Quest now fully owns MACL's Indianapolis laboratory and around 50 patient service centers in Indiana. Additionally, the company provides lab management services for nearly 30 hospitals linked to Community Health Network and Ascension St. Vincent in Indiana. This acquisition enhances the availability of clinical laboratory and pathology services for local patients and healthcare providers.

Quest Diagnostics has unveiled a new automation in genetic sequencing that enhances the accuracy and speed of genetic testing related to inherited diseases, particularly through AncestryHealth, launched on August 3, 2020. This next-generation sequencing (NGS) technology offers a cost-effective solution, achieving 80-90% detection rates for inherited health risks. It significantly improves risk detection for conditions like breast and ovarian cancer compared to traditional methods. The initiative empowers individuals to better understand their health, potentially leading to proactive healthcare decisions.

Quest Diagnostics (NYSE:DGX) announced that the FDA has granted emergency use authorization for a new laboratory method to expedite viral RNA extraction, enhancing COVID-19 testing capacity. This innovation allows five laboratories nationwide to perform 150,000 tests daily, with a goal of reaching 185,000 by Labor Day. The new technique includes specimen pooling, addressing supply issues and increasing turnaround times for 'Priority 1' patients to one day. The company continues to lead in diagnostic testing amid the pandemic.

Quest Diagnostics (DGX) reported second-quarter financial results for 2020, highlighting a 6.4% decline in net revenues to $1.827 billion and a 10.1% drop in income from continuing operations to $185 million, compared to the previous year. The company has reinstated its financial outlook, projecting 2020 net revenues between $8.0 billion and $8.6 billion and EPS in the range of $5.66 to $7.66. Although COVID-19 testing has seen an increase, the overall base testing volume has declined. Quest aims to expand COVID-19 testing capacity while continuing to adapt to the pandemic's challenges.

Quest Diagnostics (NYSE: DGX) received FDA emergency use authorization (EUA) for specimen pooling with its COVID-19 diagnostic test, making it the first lab provider to gain this approval in the U.S. This technique allows multiple samples to be tested as a batch, enhancing testing efficiency in low-prevalence areas. In clinical trials, none of the 3,091 pooled specimens were falsely classified as negative. Quest aims to implement this at its Chantilly, VA, and Marlborough, MA, labs shortly. The company is also authorized to expand self-collection testing for COVID-19.

Quest Diagnostics (DGX) reported preliminary financial results for Q2 2020, revealing a revenue estimate of $1.83 billion, down 6% year-over-year. The number of requisitions fell 18%, and base testing volumes (excluding COVID-19 tests) declined 34%. Diluted EPS from continuing operations is projected between $1.33 and $1.36, down from $1.51 in 2019. The company received $65 million from the CARES Act, which influenced financials. The final results will be reported on July 23, 2020.

Quest Diagnostics' recent Health Trends™ study conducted with UPMC shows that the HPV screening test is significantly less effective in detecting cervical cancer than cotesting, which combines HPV and Pap tests. Analyzing nearly 19 million results from women aged 30 and older, the study finds that HPV testing alone misses 28.4% of cervical cancers. In contrast, cotesting detects 86.9% of cases. The research emphasizes the importance of cotesting in reducing cervical cancer mortality rates, which remain high despite advancements in screening methods.