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February 09, 2016 7:57 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; laboratory outreach 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-acquir...

3 Giralda Farms

Madison, NJ 07940

United States

Founded in 1967

44,000 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 Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Guidance for the Year 2016

Quest Diagnostics Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net revenues of $1,849 million against $1,883 million a year ago. Operating income was $239 million against $257 million a year ago. Net income attributable to the company was $188 million or $1.29 per diluted share against $190 million or $1.29 per diluted share a year ago. Income from continuing operations before income taxes and equity in earnings of equity method investees was $206 million against $216 million a year ago. Income from continuing operations was $200 million against $195 million a year ago. Diluted earnings per share attributable to company’s common stock holders from continuing operations were $1.29 against $1.26 a year ago. Adjusted operating income was $288 million against $283 million a year ago. Adjusted income from continuing operations was $157 million against $158 million a year ago. Adjusted diluted EPS excluding amortization expense was $1.19 against $1.18 a year ago. Adjusted cash provided by operations was $257 million against $303 million a year ago. Reported income from continuing operations in the fourth quarter of 2015 benefitted from the recognition of deferred tax benefits totaling $58 million, or $0.40 per diluted share.  This benefit was partially offset by $27 million after tax, or $0.19 per diluted share, of charges primarily related to restructuring and integration costs and ongoing efforts to drive operational excellence.  Reported cash provided by operations was $271 million compared to $303 million in the fourth quarter of 2014. Capital expenditures were $94 million compared to $89 million a year ago. For the year, the company reported net revenues of $7,493 million against $7,435 million a year ago. Operating income was $1,399 million against $983 million a year ago. Net income attributable to the company was $709 million or $4.87 per diluted share against $556 million or $3.81 per diluted share a year ago. Income from continuing operations before income taxes and equity in earnings of equity method investees was $1,103 million against $823 million a year ago. Income from continuing operations was $753 million against $592 million a year ago. Diluted earnings per share attributable to company’s common stock holders from continuing operations were $4.87 against $3.78 a year ago. Adjusted operating income was $1,203 million against $1,119 million a year ago. Adjusted income from continuing operations was $640 million against $598 million a year ago. Adjusted diluted EPS excluding amortization expense was $4.77 against $4.50 a year ago. Adjusted cash provided by operations was $899 million against $938 million a year ago. Reported income from continuing operations in 2015 benefitted from the net gain on the contribution to the clinical trials joint venture and recognition of deferred tax benefits which were partially offset by restructuring and integration charges as well as debt refinancing and other charges. Net cash provided by operating activities was $810 million against $938 million a year ago. Capital expenditures were $263 million against $308 million a year ago. The company provided earnings guidance for the year 2016. For the year, the company expects revenue to be between $7.52 billion and $7.59 billion, an increase of 1.5% to 2.5% over 2015 revenues on an equivalent basis. The company expects adjusted diluted EPS excluding amortization expense to be between $5.02 and $5.17. The company expects cash provided by operations to approximate $1 billion. The company expects capital expenditures to be between $250 million and $300 million.

Quest Diagnostics Incorporated Announces Quarterly Dividend, Payable on April 20, 2016

Quest Diagnostics Incorporated's Board of Directors authorized a 5% increase in its quarterly dividend from $0.38 to $0.40 per share, or $1.60 per share annually, payable on April 20, 2016, to shareholders of record of company's common stock on April 6, 2016.

Quest Diagnostics Seeks Acquisitions

Quest Diagnostics Inc. (NYSE:DGX) is looking for acquisitions. Steve Rusckowski, President, Chief Executive Officer of Quest said "We've done some hospital outreach deals, the most notable one is Hartford's outreach activity in the fourth quarter. We continue to have a nice funnel, and that's consistent with our strategy of 1% to 2% growth through acquisitions. The businesses that we continue to have or will be adding, such as the Hartford acquisition or new partnerships like Barnabas, are included in that"

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