Quest Diagnostics Reports Second Quarter 2024 Financial Results; Raises Guidance for Full Year 2024

Original from: Quest Diagnostics

·    Second quarter revenues of $2.40 billion, up 2.5% from 2023

·    Second quarter reported diluted earnings per share ("EPS") of $2.03, down 1.0% from 2023; and adjusted diluted EPS of $2.35, up 2.2% from 2023

·    Full year 2024 revenues now expected to be between $9.50 billion and $9.58 billion; reported diluted EPS now expected to be between $7.57 and $7.77; and adjusted diluted EPS expected to be between $8.80 and $9.00

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Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, today announced financial results for the second quarter ended June 30, 2024.

"We delivered another strong quarter, with base business revenue growth of nearly 4% and total revenue growth of 2.5% as well as continued improvement in productivity and profitability in the base business," said Jim Davis, Chairman, CEO and President. "This performance is due to growth of new physician and hospital customers, more favorable test mix that includes greater adoption of advanced diagnostics and continued strength in healthcare utilization. We also made progress improving our operational quality and efficiency through greater use of automation and AI."

Mr. Davis added: "In addition, we are excited to announce four acquisitions that meet our criteria for growth, profitability and returns, and that will enable us to expand in strategic growth areas. Our planned acquisition of LifeLabs will position us to help this trusted lab leader grow and better serve Canada's growing and aging population. The acquisitions we recently announced of select outreach lab assets of Allina Health in Minnesota and Wisconsin and OhioHealth in Ohioreflect our ability to partner with high-quality health systems and extend our presence in key geographies. Our recently completed PathAI Diagnostics acquisition positions us to rapidly scale digital pathology innovation to help health systems and other providers improve cancer diagnoses."

Updated Guidance for Full Year 2024

The company updates its full year 2024 guidance as follows:  

The company's updated guidance does not include the impact of the pending LifeLabs acquisition given the uncertainty around when the transaction will close. The company continues to expect to complete the transaction by the end of the year, subject to certain customary closing conditions and approvals, including Canadian regulatory approvals.​

Source: Quest Diagnostics Reports Second Quarter 2024 Financial Results; Raises Guidance for Full Year 2024