Quest Diagnostics Reports Second Quarter 2022 Financial Results; Raises Guidance for Full Year 2022

Rhea-AI Summary

Quest Diagnostics reported second quarter revenues of $2.45 billion, a decline of 3.8% compared to 2021. Reported diluted earnings per share (EPS) dropped 60.5% to $1.96, while adjusted diluted EPS decreased 25.8% to $2.36. Base business revenues grew 2.9% to $2.10 billion. The full year 2022 guidance was raised, with projected reported diluted EPS between $8.24 and $8.64. CEO Steve Rusckowski emphasized ongoing investments in growth despite softer utilization trends across the healthcare industry.

Positive

• Full year 2022 guidance raised for reported diluted EPS to $8.24 - $8.64.
• Base business revenues increased by 2.9% in Q2 2022.
• Continued growth in COVID-19 molecular testing due to expanded retail relationships.

Negative

• Second quarter revenues declined 3.8% year-over-year.
• Reported diluted EPS fell 60.5% compared to the same quarter in 2021.
• COVID-19 testing revenues decreased 30.5% compared to Q2 2021.

• Second quarter revenues of $2.45 billion, down 3.8% from 2021
• Second quarter reported diluted earnings per share ("EPS") of $1.96, down 60.5% from 2021; and adjusted diluted EPS of $2.36, down 25.8% from 2021
• Second quarter base business revenues of $2.10 billion, up 2.9% from 2021
• Full year 2022 reported diluted EPS now expected to be between $8.24 and $8.64; and adjusted diluted EPS expected to be between $9.55 and $9.95

SECAUCUS, N.J., July 21, 2022 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic information services, announced today financial results for the second quarter ended June 30, 2022.

"In the second quarter our base business revenues grew year over year while we increased our share of COVID-19 molecular testing thanks largely to our expanded retail relationships," said Jim Davis, CEO-elect. "Our base business performed well despite softer utilization trends which we believe impacted us and the rest of the health care industry. We also continued to ramp our investments to accelerate growth in the base business, particularly in the areas of advanced diagnostics and direct to consumer testing."

Steve Rusckowski, Chairman, CEO and President said: "We have raised our full year guidance based on our performance in the quarter and our expectations for the remainder of 2022.

"Finally, we appreciate the bipartisan efforts of the members of Congress who introduced the Saving Access to Laboratory Services Act (SALSA). If enacted, SALSA would fix PAMA and put the Medicare Clinical Laboratory Fee Schedule back on a sustainable path. The COVID-19 pandemic has demonstrated the clear need for patient access to timely, accurate and reliable clinical laboratory testing for the diagnosis, monitoring, and screening for all diseases. The excessive cuts under the flawed implementation of PAMA could make it far more challenging for the clinical laboratory community to invest in testing capacity and infrastructure to meet the health care needs of the country, especially in medically underserved communities and during a time when many patients are resuming routine care."

 

	Three Months Ended June 30,						Six Months Ended June 30,
	2022		2021		Change		2022		2021		Change
	(dollars in millions, except per share data)
Reported:
Net revenues	$       2,453		$       2,550		(3.8) %		$     5,064		$     5,270		(3.9) %
Base business revenues (a)	$       2,098		$       2,039		2.9 %		$     4,110		$     3,931		4.6 %
COVID-19 testing revenues	$          355		$          511		(30.5) %		$        954		$     1,339		(28.7) %
Diagnostic information services revenues	$       2,384		$       2,474		(3.6) %		$     4,925		$     5,117		(3.8) %
Revenue per requisition					(2.6) %						(3.9) %
Requisition volume					(1.4) %						— %
Organic requisition volume					(2.4) %						(1.1) %
Operating income (b)	$          388		$          533		(27.2) %		$         901		$     1,193		(24.5) %
Operating income as a percentage of net revenues (b)	15.8 %		20.9 %		(5.1) %		17.8 %		22.6 %		(4.8) %
Net income attributable to Quest Diagnostics (b)	$          234		$          631		(62.9) %		$         589		$     1,100		(46.4) %
Diluted EPS (b) (c)	$         1.96		$         4.96		(60.5) %		$        4.88		$       8.38		(41.8) %
Cash provided by operations	$          402		$          460		(12.8) %		$         882		$     1,191		(26.0) %
Capital expenditures	$            76		$            84		(9.3) %		$         139		$        170		(18.1) %
Adjusted (b):
Operating income	$          435		$          584		(25.5) %		$         989		$     1,292		(23.5) %
Operating income as a percentage of net revenues	17.7 %		22.9 %		(5.2) %		19.5 %		24.5 %		(5.0) %
Net income attributable to Quest Diagnostics	$          281		$          405		(30.5) %		$         673		$        913		(26.3) %
Diluted EPS (c)	$         2.36		$         3.18		(25.8) %		$        5.58		$       6.96		(19.8) %

(a)	Excludes COVID-19 testing.
(b)	For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below.
(c)	The sum of reported and adjusted diluted EPS for the first two quarters of 2021 did not equal the totals for the six months ended June 30, 2021 due to both quarterly fluctuations in the company's earnings and in the weighted average common shares outstanding throughout the period as a result of the impact of accelerated share repurchase agreements ("ASRs") that the company entered into during April 2021.

Updated Guidance for Full Year 2022

The company raises its Full Year 2022 guidance as follows:  

	Updated Guidance				Prior Guidance
	Low		High		Low		High
Net revenues	$9.50 billion		$9.75 billion		$9.2 billion		$9.5 billion
Net revenues decrease	(11.9) %		(9.6) %		(14.7) %		(11.9) %
Base business revenues (a)	$8.35 billion		$8.45 billion		$8.35 billion		$8.50 billion
Base business revenues increase	4.1 %		5.4 %		4.1 %		6.0 %
COVID-19 testing revenues	$1.15 billion		$1.30 billion		$0.85 billion		$1.00 billion
COVID-19 testing revenues decrease	(58.5) %		(53.1) %		(69.3) %		(63.9) %
Reported diluted EPS	$8.24		$8.64		$7.88		$8.38
Adjusted diluted EPS	$9.55		$9.95		$9.00		$9.50
Cash provided by operations	At least $1.7 billion				At least $1.6 billion
Capital expenditures	Approximately $400 million				Approximately $400 million

(a)	Excludes COVID-19 testing

Note on Non-GAAP Financial Measures

As used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, certain financial impacts resulting from the COVID-19 pandemic, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, costs associated with donations, contributions, and other financial support through Quest for Health Equity (our initiative with the Quest Diagnostics Foundation to reduce health disparities in underserved communities), gains and losses associated with changes in the carrying value of our strategic investments, a gain on sale of an ownership interest in a joint venture, and other items.

Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures.

Conference Call Information

Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today.  The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on our website at www.QuestDiagnostics.com/investor.  We suggest participants dial in approximately 10 minutes before the call.

A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or, from approximately 10:30 a.m. Eastern Time on July 21, 2022 until midnight Eastern Time on August 4, 2022, by phone at 888-566-0439 for domestic callers or 203-369-3045 for international callers.  Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.

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 nearly 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.

Forward Looking Statements

The statements in this press release which are not historical facts may be forward-looking statements.  Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, impacts of the COVID-19 pandemic and measures taken in response, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, the complexity of billing, reimbursement and revenue recognition for clinical laboratory testing, changes in government regulations, changing relationships with customers, payers, suppliers or strategic partners and other factors discussed in the company's most recently filed Annual Report on Form 10-K and in any of the company's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the "Business," "Risk Factors," "Cautionary Factors that May Affect Future Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of those reports.

This earnings release, including the attached financial tables, is available online in the Newsroom section at www.QuestDiagnostics.com.

ADDITIONAL TABLES FOLLOW

 

Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2022 and 2021 (in millions, except per share data) (unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net revenues	$    2,453		$    2,550		$    5,064		$    5,270
Operating costs and expenses and other operating income:
Cost of services	1,611		1,565		3,257		3,191
Selling, general and administrative	422		429		847		836
Amortization of intangible assets	27		25		54		52
Other operating expense (income), net	5		(2)		5		(2)
Total operating costs and expenses, net	2,065		2,017		4,163		4,077
Operating income	388		533		901		1,193
Other income (expense):
Interest expense, net	(36)		(38)		(73)		(76)
Other (expense) income, net	(29)		322		(53)		326
Total non-operating (expense) income, net	(65)		284		(126)		250
Income before income taxes and equity in earnings of equity method investees	323		817		775		1,443
Income tax expense	(77)		(177)		(187)		(330)
Equity in earnings of equity method investees, net of taxes	4		10		35		27
Net income	250		650		623		1,140
Less: Net income attributable to noncontrolling interests	16		19		34		40
Net income attributable to Quest Diagnostics	$       234		$       631		$       589		$    1,100
Earnings per share attributable to Quest Diagnostics' common stockholders:
Basic	$      2.00		$      5.05		$      4.97		$      8.52
Diluted	$      1.96		$      4.96		$      4.88		$      8.38
Weighted average common shares outstanding:
Basic	117		125		118		129
Diluted	119		127		120		131

 

Quest Diagnostics Incorporated and Subsidiaries Consolidated Balance Sheets June 30, 2022 and December 31, 2021 (in millions, except per share data) (unaudited)
	June 30, 2022		December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$                 790		$                872
Accounts receivable, net	1,293		1,438
Inventories	187		208
Prepaid expenses and other current assets	156		223
Total current assets	2,426		2,741
Property, plant and equipment, net	1,664		1,707
Operating lease right-of-use assets	599		597
Goodwill	7,195		7,095
Intangible assets, net	1,144		1,167
Investments in equity method investees	147		141
Other assets	137		163
Total assets	$            13,312		$           13,611
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses	$              1,420		$             1,600
Current portion of long-term debt	2		2
Current portion of long-term operating lease liabilities	155		151
Total current liabilities	1,577		1,753
Long-term debt	3,983		4,010
Long-term operating lease liabilities	497		494
Other liabilities	728		792
Redeemable noncontrolling interest	77		79
Stockholders' equity:
Quest Diagnostics stockholders' equity:
Common stock, par value $0.01 per share; 600 shares authorized as of both June 30, 2022 and December 31, 2021; 162 shares issued as of both June 30, 2022 and December 31, 2021	2		2
Additional paid-in capital	2,250		2,260
Retained earnings	8,083		7,649
Accumulated other comprehensive loss	(23)		(14)
Treasury stock, at cost; 45 and 43 shares as of June 30, 2022 and December 31, 2021, respectively	(3,901)		(3,453)
Total Quest Diagnostics stockholders' equity	6,411		6,444
Noncontrolling interests	39		39
Total stockholders' equity	6,450		6,483
Total liabilities and stockholders' equity	$            13,312		$           13,611

 

Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2022 and 2021 (in millions) (unaudited)
	Six Months Ended June 30,
	2022		2021
Cash flows from operating activities:
Net income	$              623		$           1,140
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	213		201
Provision for credit losses	1		2
Deferred income tax benefit	(20)		(89)
Stock-based compensation expense	37		39
Gain on disposition of investment	—		(314)
Other, net	33		1
Changes in operating assets and liabilities:
Accounts receivable	150		265
Accounts payable and accrued expenses	(201)		(199)
Income taxes payable	(4)		85
Other assets and liabilities, net	50		60
Net cash provided by operating activities	882		1,191
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(106)		(231)
Capital expenditures	(139)		(170)
Proceeds from disposition of investment	—		755
Increase in investments and other assets	(6)		(10)
Net cash (used in) provided by investing activities	(251)		344
Cash flows from financing activities:
Repayments of debt	(1)		(1)
Purchases of treasury stock	(573)		(1,910)
Exercise of stock options	68		68
Employee payroll tax withholdings on stock issued under stock-based compensation plans	(27)		(22)
Dividends paid	(152)		(156)
Distributions to noncontrolling interest partners	(36)		(53)
Other financing activities, net	8		(59)
Net cash used in financing activities	(713)		(2,133)
Net change in cash and cash equivalents and restricted cash	(82)		(598)
Cash and cash equivalents and restricted cash, beginning of period	872		1,158
Cash and cash equivalents and restricted cash, end of period	$              790		$              560
Cash paid during the period for:
Interest	$                78		$                78
Income taxes	$              182		$              335

 

Notes to Financial Tables
1)  The computation of basic and diluted earnings per common share is as follows:
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in millions, except per share data)
Amounts attributable to Quest Diagnostics' common stockholders:
Net income attributable to Quest Diagnostics	$           234		$           631		$           589		$        1,100
Less: earnings allocated to participating securities	1		3		2		4
Earnings available to Quest Diagnostics' common stockholders - basic and diluted	$           233		$           628		$           587		$        1,096
Weighted average common shares outstanding - basic	117		125		118		129
Effect of dilutive securities:
Stock options and performance share units	2		2		2		2
Weighted average common shares outstanding - diluted	119		127		120		131
Earnings per share attributable to Quest Diagnostics' common stockholders:
Basic	$          2.00		$          5.05		$          4.97		$          8.52
Diluted	$          1.96		$          4.96		$          4.88		$          8.38

 

2)  The following tables reconcile reported GAAP results to non-GAAP adjusted results:
	Three Months Ended June 30, 2022
	(dollars in millions, except per share data)
	Operating income		Operating income as a percentage of net revenues		Income tax expense (f)		Equity in earnings of equity method investees, net of taxes		Net income attributable to Quest Diagnostics		Diluted EPS
As reported	$               388		15.8 %		$                (77)		$                     4		$               234		$             1.96
Restructuring and integration charges (a)	12		0.5		(3)		—		9		0.08
Gains and losses on investments (b)	—		—		(5)		9		16		0.13
Other (c)	8		0.3		(2)		—		6		0.05
Amortization expense	27		1.1		(7)		—		20		0.17
ETB	—		—		(4)		—		(4)		(0.03)
As adjusted	$               435		17.7 %		$                (98)		$                   13		$               281		$             2.36
	Six Months Ended June 30, 2022
	(dollars in millions, except per share data)
	Operating income		Operating income as a percentage of net revenues		Income tax expense (f)		Equity in earnings of equity method investees, net of taxes		Net income attributable to Quest Diagnostics		Diluted EPS
As reported	$               901		17.8 %		$              (187)		$                   35		$               589		$              4.88
Restructuring and integration charges (a)	24		0.5		(6)		—		18		0.15
Gains and losses on investments (b)	—		—		(9)		9		28		0.23
Other (c)	10		0.2		(3)		—		7		0.06
Amortization expense	54		1.0		(14)		—		40		0.33
ETB	—		—		(9)		—		(9)		(0.07)
As adjusted	$               989		19.5 %		$              (228)		$                   44		$               673		$              5.58
	Three Months Ended June 30, 2021
	(dollars in millions, except per share data)
	Operating income		Operating income as a percentage of net revenues		Income tax expense (f)		Equity in earnings of equity method investees, net of taxes		Net income attributable to Quest Diagnostics		Diluted EPS
As reported	$               533		20.9 %		$              (177)		$                   10		$               631		$              4.96
Restructuring and integration charges (a)	21		0.9		(5)		—		16		0.12
Other (c)	5		0.1		(1)		—		4		0.03
Gain on sale of ownership in joint venture (d)	—		—		55		—		(259)		(2.04)
Amortization expense	25		1.0		(7)		—		18		0.15
ETB	—		—		(5)		—		(5)		(0.04)
As adjusted	$               584		22.9 %		$              (140)		$                   10		$               405		$             3.18
	Six Months Ended June 30, 2021
	(dollars in millions, except per share data)
	Operating income		Operating income as a percentage of net revenues		Income tax expense (f)		Equity in earnings of equity method investees, net of taxes		Net income attributable to Quest Diagnostics		Diluted EPS
As reported	$            1,193		22.6 %		$              (330)		$                   27		$            1,100		$              8.38
Restructuring and integration charges (a)	38		0.7		(9)		—		29		0.22
Gains and losses on investments (b)	—		—		(3)		8		5		0.04
Other (c)	5		0.1		(1)		—		4		0.03
Gain on sale of ownership in joint venture (d)	—		—		55		—		(259)		(1.98)
COVID-19 impacts (e)	4		0.1		(1)		—		3		0.03
Amortization expense	52		1.0		(14)		2		40		0.31
ETB	—		—		(9)		—		(9)		(0.07)
As adjusted	$            1,292		24.5 %		$              (312)		$                   37		$               913		$              6.96

	(a)	For both the three and six months ended June 30, 2022 and 2021, the pre-tax impact represents costs primarily associated with workforce reductions, systems conversions and integration incurred in connection with further restructuring and integrating our business.  The following table summarizes the pre-tax impact of restructuring and integration charges on our consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(dollars in millions)
Cost of services	$              4		$            12		$              7		$            19
Selling, general and administrative	8		9		17		19
Operating income	$            12		$            21		$            24		$            38

	(b)	For both the three and six months ended June 30, 2022, the pre-tax impact represents net losses associated with changes in the carrying value of our strategic investments.  For the six months ended June 30, 2021, the pre-tax impact represents a non-cash impairment to the carrying value of an equity method investment.  The following table summarizes the pre-tax impact of gains and losses on investments on our consolidated statement of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(dollars in millions)
Other (expense) income, net	$            12		$            —		$            28		$            —
Equity in earnings of equity method investees, net of taxes	$              9		$            —		$              9		$              8

	(c)	For both the three and six months ended June 30, 2022, the pre-tax impact primarily represents a loss associated with the increase in the fair value of the contingent consideration accruals associated with previous acquisitions, and costs associated with donations, contributions and other financial support through Quest for Health Equity.  For both the three and six months ended June 30, 2021, the pre-tax impact primarily represents costs associated with donations, contributions and other financial support through Quest for Health Equity.  The following table summarizes the pre-tax impact of these other items on our consolidated statement of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(dollars in millions)
Selling, general and administrative	$              2		$              5		$              4		$              5
Other operating expense (income), net	6		—		6		—
Operating income	$              8		$              5		$            10		$              5

	(d)	For both the three and six months ended June 30, 2021, the pre-tax impact represents a gain of $314 million recorded in other (expense) income, net following the sale of our 40% ownership interest in Q2 Solutions®, our clinical trials central laboratory services joint venture, to IQVIA Holdings, Inc., our joint venture partner, for $760 million in an all-cash transaction.
	(e)	For the six months ended June 30, 2021, represents the impact of certain items resulting from the COVID-19 pandemic including incremental costs incurred to protect the health and safety of our employees and customers, recorded in cost of services.
	(f)	For restructuring and integration charges, gains and losses on investments, other items, amortization expense and COVID-19 impacts, income tax impacts, where recorded, were primarily calculated using combined statutory income tax rates of 25.5% for both 2022 and 2021. For the gain on sale of ownership in joint venture, income tax expense on the transaction resulted in an effective income rate of 17.6%.
3)	For the three months ended June 30, 2022, we repurchased 1.4 million shares of our common stock for $200 million.  For the six months ended June 30, 2022, we repurchased 4.0 million shares of our common stock for $550 million. In February 2022, our Board of Directors increased the size of our share repurchase program by $1 billion. As of June 30, 2022, $1.1 billion remained available under our share repurchase authorization.
4)	The outlook for adjusted diluted EPS represents management's estimates for the full year 2022 before the impact of special items. Further impacts to earnings related to special items may occur throughout 2022. Additionally, the amount of ETB is dependent upon employee stock option exercises and our stock price, and changes in the carrying value of our strategic investments are based on fluctuations in the investee's stock price, both of which are difficult to predict. The following table reconciles our 2022 outlook for diluted EPS under GAAP to our outlook for adjusted diluted EPS:

	Low		High
Diluted EPS	$          8.24		$          8.64
Restructuring and integration charges (a)	0.32		0.32
Amortization expense (b)	0.68		0.68
Costs associated with Quest for Health Equity (c)	0.19		0.19
Gains and losses on investments (d)	0.23		0.23
Other (e)	0.04		0.04
ETB	(0.15)		(0.15)
Adjusted diluted EPS	$          9.55		$          9.95

(a)	Represents estimated pre-tax charges of $50 million primarily associated with workforce reductions, systems conversions and integration costs incurred in connection with further restructuring and integrating our business.  Income tax benefits were calculated using a combined statutory income tax rate of 25.5%.
(b)	Represents estimated pre-tax amortization expenses of $110 million.  Income tax benefits were calculated using a combined statutory income tax rate of 25.5%.
(c)	Represents estimated pre-tax charges of $30 million associated with donations, contributions and other financial support through Quest for Health Equity.  Income tax benefits were calculated using a combined statutory income tax rate of 25.5%.
(d)	Represents $37 million of pre-tax losses associated with changes in the carrying value of our strategic investments.  Income tax impacts were calculated using a combined statutory income tax rate of 25.5%.
(e)	Represents a $6 million pre-tax loss associated with the increase in the fair value of the contingent consideration accruals associated with previous acquisitions.  Income tax impacts were calculated using a combined statutory income tax rate of 25.5%.

 

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SOURCE Quest Diagnostics

FAQ

What were Quest Diagnostics' Q2 2022 revenue figures?

Quest Diagnostics reported second quarter revenues of $2.45 billion, marking a 3.8% decrease from 2021.

How did Quest Diagnostics' earnings per share change in Q2 2022?

The reported diluted EPS for Q2 2022 was $1.96, a 60.5% decline from the previous year.

What is the full year 2022 earnings guidance for Quest Diagnostics?

Quest Diagnostics raised its full year 2022 guidance for reported diluted EPS to between $8.24 and $8.64.

How did base business revenues perform in Q2 2022 for Quest Diagnostics?

Base business revenues increased by 2.9% in the second quarter of 2022.

What impact did COVID-19 testing have on Quest Diagnostics' revenues in Q2 2022?

COVID-19 testing revenues decreased by 30.5% compared to Q2 2021.