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August 01, 2015 5:13 AM ET

Healthcare Providers and Services

Company Overview of Quest Diagnostics Inc.

Company Overview

Quest Diagnostics Incorporated provides diagnostic testing information services in the United States and internationally. The company offers clinical testing services, such as routine testing, gene-based and esoteric testing, anatomic pathology services, and drugs-of-abuse testing, as well as related services and insights; laboratory testing services for new drugs, vaccines, and medical devices; analytic, on-site prevention, and wellness services; and risk assessment services for the life insurance industry. It also develops, manufactures, and markets diagnostic products, including Simplexa molecular chemistries for testing infectious disease and hospital-acquired infections; HerpeSelect HSV...

3 Giralda Farms

Madison, NJ 07940

United States

Founded in 1967

45,000 Employees

Phone:

973-520-2700

Key Executives for Quest Diagnostics Inc.

Chief Executive Officer, President, Director and Member of Executive Committee
Age: 58
Total Annual Compensation: $1.1M
Chief Financial Officer and Senior Vice President
Age: 53
Total Annual Compensation: $550.0K
Senior Vice President of Operations
Age: 52
Total Annual Compensation: $536.5K
Chief Medical Officer, Senior Vice President and Group Executive of Diagnostic Solutions Businesses
Age: 60
Total Annual Compensation: $573.9K
Senior Vice President and Group Executive of Clinical Franchise Solutions
Age: 52
Total Annual Compensation: $534.6K
Compensation as of Fiscal Year 2014.

Quest Diagnostics Inc. Key Developments

Quest Diagnostics Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Full Year 2015

Quest Diagnostics Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net revenues of $1,925 million compared to $1,902 million a year ago. Operating income was $301 million compared to $262 million a year ago. Income before income taxes was $207 million compared to $229 million a year ago. Net income attributable to company was $118 million or $0.81 per diluted share compared to $133 million or $0.92 per diluted share a year ago. Adjusted operating income was $321 million compared to $296 million a year ago. The improvement of 120 basis points in adjusted operating income can be primarily attributed to the benefits of tests and business mix, Invigorate program and continued integration synergies from 2014 acquisitions. Adjusted net income was $170 million or $1.25 per diluted share excluding amortization expense compared to $157 million or $1.19 per diluted share excluding amortization expense a year ago. Adjusted cash provided by operations was $324 million compared to $280 million a year ago. Reported cash provided by operations in the second quarter of 2015 was $275 million and was negatively impacted by cash charges of $49 million associated with the early retirement of debt in connection with the company's debt refinancing. Capital expenditures were $61 million in the quarter compared to $49 million a year ago. For the six months, the company reported net revenues of $3,764 million compared to $3,648 million a year ago. Operating income was $529 million compared to $470 million a year ago. Income before income taxes was $319 million compared to $405 million a year ago. Net income attributable to company was $179 million or $1.23 per diluted share compared to $237 million or $1.63 per diluted share a year ago. Net cash provided by operating activities was $327 million compared to $364 million a year ago. Capital expenditures were of $117 million compared to $117 million a year ago. Adjusted operating income was $590 million compared to $532 million a year ago. Adjusted net income was $311 million or $2.30 per diluted share excluding amortization expense compared to $279 million or $2.12 per diluted share excluding amortization expense a year ago. Adjusted cash provided by operations was $454 million compared to $364 million a year ago. The company provided earnings guidance for the full year 2015. Full year 2015 revenue now expected to be between $7.49 billion and $7.57 billion. Revenue for 2014 on an equivalent basis excludes clinical trials revenue reported in the third and fourth quarter of 2014 of $41 million and $46 million, respectively. Updated 2015 revenue guidance is an increase of 2% to 3% versus 2014 on an equivalent revenue basis. Previous 2015 revenue guidance was an increase of 2% to 3% versus 2014 reported revenue. Adjusted diluted EPS excluding amortization is to be between $4.70 and $4.85, unchanged. Adjusted cash provided by operations to exceed $850 million, versus previous guidance that adjusted cash would approximate $850 million. Capital expenditures to approximate $300 million, unchanged.

Quest Diagnostics Mulls Acquisitions

Quest Diagnostics Inc. (NYSE:DGX) is seeking acquisitions. Steve Rusckowski, President and Chief Executive Officer of Quest Diagnostics, said, “So our growth strategy is both organic and through acquisitions. So it's an important part of our strategy. And because of that, we've been actively engaged on it. We announced the Memorial deal already. We said that we have more in our pipeline. So you should expect that there will be something else to come.”

Quintiles and Quest Diagnostics Launch Second Quarter Solutions

Quintiles and Quest Diagnostics announced the launch of Second Quarter Solutions, their new combined clinical trials laboratory services organization. Second Quarter Solutions brings together the clinical trials laboratory operations of the two parent organizations to provide biopharmaceutical customers with the diverse capabilities and end-to-end services required in the rapidly evolving biopharmaceutical industry. The launch of Second Quarter Solutions is the result of the close of the previously announced global clinical trials laboratory services joint-venture transaction.

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