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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 (NYSE: DGX) has been named to the 2024 Disability Equality Index® Best Places to Work for Disability Inclusion for the seventh consecutive year, achieving a top score of 100. This recognition, awarded by Disability: IN and the American Association of People with Disabilities (AAPD), highlights Quest's commitment to creating a diverse, equitable, inclusive, and accessible workplace.
Quest's success is attributed to initiatives like the DiverseAbilities Employee Business Network (EBN), which supports organizations aiding people with disabilities through employee giving campaigns and community outreach. The company's focus on disability inclusion is seen as vital to its performance, benefiting both employees and customers.
The Disability Equality Index, now in its 10th year, is recognized as the most comprehensive disability inclusion assessment tool in business, measuring various aspects including culture, leadership, access, employment practices, community engagement, and supplier diversity.
Quest Diagnostics celebrated National Logistics Day on June 28th, honoring their logistics professionals who ensure specimen delivery to labs nationwide. The PR highlights Carol Ann Mandichak's journey with Quest since October 2018, starting as a Route Service Representative (RSR) in the STAT position. Carol's career progression led her to become a Specialty RSR, training 17 new STAT RSRs and focusing on customer service excellence.
Carol emphasizes the importance of thorough specimen handling, ensuring correct temperature and never missing pickups. Her personal mantra, 'there is always a way,' aligns with the Quest Way, guiding her daily work. The story underscores Quest's commitment to creating a healthier world through dedicated logistics professionals who treat each specimen as a representation of a patient's life.
Bread of Life Academy, a Quest for Health Equity (Q4HE) grantee, celebrated the graduation of 40 students pursuing careers as phlebotomists and community health workers (CHWs). The academy, part of Bread of Life Inc.'s Healthy Houston Collective, aims to address healthcare disparities in underserved communities. Supported by the Quest Diagnostics Foundation, the program focuses on training individuals from marginalized backgrounds to fill critical shortages in allied health professions.
Dr. Morgan Rasmus Alfred, VP of Education, highlighted the unprecedented demand for allied health jobs in Texas and the graduates' role in bridging healthcare gaps. The Quest Diagnostics Foundation's grant has helped launch the Collective in 2022, aiming to improve healthcare access for over 9,000 people in Houston and Harris County.
Haystack Oncology, a Quest Diagnostics (NYSE: DGX) company, has announced a research collaboration with Dr. Simon Turcotte at the CRCHUM to evaluate treatment effectiveness in metastatic colorectal cancer (mCRC) patients. The study, named eDetect, will use Haystack MRD™ technology to assess circulating tumor DNA (ctDNA) as an early biological marker of treatment response and disease recurrence.
The collaboration aims to leverage Haystack MRD's exceptional sensitivity in detecting ctDNA to measure treatment response in oligometastatic CRC patients. This research could potentially guide future therapy decisions and improve patient care for mCRC, which is the second leading cause of cancer death in Canada and the United States.
BD (NYSE: BDX) and Quest Diagnostics (NYSE: DGX) have announced a global collaboration agreement to develop, manufacture, and commercialize flow cytometry-based companion diagnostics (CDx) for cancer and other diseases. This partnership aims to provide the pharmaceutical industry with an end-to-end solution for CDx development, ranging from exploratory panel development to FDA-approved diagnostic kit distribution.
The collaboration leverages BD's expertise in flow cytometry and Quest's proficiency in biomarker and assay development. Flow cytometry, an established laboratory technology, can rapidly analyze individual cells, potentially improving patient management and clinical outcomes. This initiative is expected to advance personalized medicine and potentially reduce healthcare costs by enabling more precise treatment selection.
Quest Diagnostics (NYSE: DGX) reported strong Q2 2024 financial results, with revenues of $2.40 billion, up 2.5% from 2023. The company's reported diluted EPS was $2.03, down 1.0%, while adjusted diluted EPS increased 2.2% to $2.35. Quest raised its full-year 2024 guidance, now expecting revenues between $9.50 billion and $9.58 billion. The company's performance was driven by base business revenue growth of nearly 4%, new customer acquisitions, and increased adoption of advanced diagnostics. Quest also announced four strategic acquisitions, including LifeLabs in Canada and select outreach lab assets in the U.S., to expand its presence in key markets and enhance digital pathology capabilities.
The Quest Diagnostics Foundation, through its Quest for Health Equity (Q4HE) initiative, is expanding its collaboration with March of Dimes to address maternal and infant healthcare disparities in Houston, Miami, and Chicago. The partnership aims to increase access to critical healthcare and education by:
1. Increasing the number of trained community health workers (CHWs) and doulas
2. Enhancing access to maternal and infant health education and basic needs
The grant will fund recruiting and training initiatives for CHWs and doulas, as well as support local community outreach efforts to distribute critical maternal health information at various events. This collaboration aligns with both organizations' goals of advancing health equity for mothers and babies, regardless of race, wealth, or geography.
Quest Diagnostics (NYSE: DGX) announced an agreement to acquire select outreach laboratory services from OhioHealth, aiming to broaden access to cost-effective and innovative lab services in Ohio. The deal is expected to close in Q3 2024, pending customary regulatory reviews. OhioHealth will continue to operate its hospital labs independently, while most outreach testing will transition to Quest's Pittsburgh lab. Quest aims to leverage its economies of scale to provide more affordable services and expand its presence in Ohio. Financial terms were not disclosed.
Quest Diagnostics (NYSE: DGX) announced a definitive agreement to acquire LifeLabs from OMERS for approximately CAD 1.35 billion (USD 985 million), including net debt. The acquisition aims to enhance diagnostic services for Canadians by leveraging Quest's expertise and innovations. LifeLabs will retain its brand, headquarters, and management post-acquisition, while Quest expects to introduce improvements in service efficiency and data security. The transaction is expected to generate CAD 970 million (USD 710 million) in annual revenues for Quest and be accretive to adjusted EPS within the first 12 months after closing. The deal is anticipated to close by the end of the year, subject to customary closing conditions and regulatory approvals.
Quest Diagnostics (NYSE: DGX) released its 2023 Corporate Responsibility Report, emphasizing its ESG initiatives under the theme 'Care at Our Core'. The report highlights the company's four strategic pillars: Employee and Community Engagement, Equity and Health Access, Governance and Ethics, and Environmental Sustainability.
Key achievements in 2023 include over $16 million in corporate giving, approximately 950,000 donated or discounted test requisitions, and more than 30,000 employee volunteer hours. The company also launched the HealthyQuest Employee Business Network and received ISO 14001 certification for its laboratories in Cleveland, OH, and Chantilly, VA.
Quest Diagnostics continues to enhance its processes and capabilities to support its ESG goals, aiming to create a healthier world through collaboration with various stakeholders.
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