Quest Diagnostics Acquires South Carolina-based Labtech Diagnostics

Rhea-AI Summary

Quest Diagnostics (NYSE: DGX) announced the acquisition of Labtech Diagnostics, enhancing its diagnostic services in the Southeast. This acquisition is significant as it introduces Quest's first full-service laboratory in South Carolina. The move aims to improve healthcare access, particularly for physicians and patients in regions including North Carolina, Georgia, and Florida. Quest's CEO, Steve Rusckowski, emphasizes that this acquisition aligns with their growth strategy and vision for a healthier world, enhancing affordable care and expanding their diagnostic capabilities.

Positive

• Acquisition of Labtech Diagnostics expands Quest's presence in the Southeast.
• Establishes Quest's first laboratory in South Carolina, enhancing local healthcare access.
• Enables direct access to diagnostic services for more physicians in the region.

Negative

• None.

SECAUCUS, N.J. and ANDERSON, S.C., Dec. 14, 2021 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), the nation's leading provider of diagnostic information services, today announced it has acquired substantially all assets of Labtech Diagnostics, an independent clinical diagnostic laboratory provider serving physicians and patients primarily in South and North Carolina, Georgia and Florida.

With the acquisition, Quest broadens access to diagnostic innovation and insights empowering better health for more communities in the Southeast. The Labtech laboratory in Anderson joins the national network of Quest Diagnostics laboratories, making it the first full-service laboratory owned by Quest in South Carolina. The acquisition will also enable more physicians in the state to access diagnostic services directly from Quest through its Cleveland HeartLab cardiometabolic center of excellence and other laboratories in Atlanta, Tampa and Greensboro, North Carolina.

"Our acquisition of Labtech Diagnostics delivers on our Accelerate growth strategy in the Southeast and vision of a healthier world," said Steve Rusckowski, Chairman, CEO and President, Quest Diagnostics. "Establishing a laboratory in South Carolina will enable us to provide diagnostic insights empowering affordable care to more patients and providers while building on our growth aims in the region."

About Quest Diagnostics
Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our approximately 50,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com.

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SOURCE Quest Diagnostics

FAQ

What did Quest Diagnostics acquire on December 14, 2021?

Quest Diagnostics acquired substantially all assets of Labtech Diagnostics.

How will the acquisition of Labtech Diagnostics impact Quest Diagnostics?

The acquisition will broaden access to diagnostic services in the Southeast, particularly in South Carolina.

What is the strategic importance of acquiring Labtech Diagnostics for DGX?

This acquisition aligns with Quest's Accelerate growth strategy by enhancing healthcare access and expanding diagnostic capabilities.

Will Labtech Diagnostics services now be available to more physicians?

Yes, the acquisition allows more physicians in the region to access Quest's diagnostic services directly.

What is the expected impact of the Labtech acquisition on health care management?

The acquisition is expected to empower better health outcomes and affordable care through enhanced diagnostic services.