Healthcare Providers and Services
Company Overview of Quest Diagnostics Inc.
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
Founded in 1967
Key Executives for Quest Diagnostics Inc.
Chief Executive Officer, President, Director and Member of Executive Committee
Total Annual Compensation: $1.1M
Chief Financial Officer and Senior Vice President
Total Annual Compensation: $550.0K
Senior Vice President of Operations
Total Annual Compensation: $536.5K
Chief Medical Officer, Senior Vice President and Group Executive of Diagnostic Solutions Businesses
Total Annual Compensation: $573.9K
Senior Vice President and Group Executive of Clinical Franchise Solutions
Total Annual Compensation: $534.6K
Compensation as of Fiscal Year 2014.
Quest Diagnostics Inc. Key Developments
Newman Ferrara Announces Class Action Against Quest Diagnostics Following Patient Medical Data Breach
Nov 20 15
Newman Ferrara LLP announced that on November 16, 2015, the firm filed a class action lawsuit in the United States District Court for the Southern District of New York against Quest Diagnostics Inc. (Quest) and others for their role in a massive breach of patient privacy. The lawsuit, entitled Jane Doe v. Quest Diagnostics Inc., alleges that, for as long as a year, hundreds of medical records, containing the personal and protected data of patients in and around the New York area, were being transmitted to a Brooklyn-based marketing firm -- rather than to Quest, the intended recipient. Although Quest was alerted early on to the breach, the company did nothing to prevent the continued transmissions, failed to alert medical providers and patients, and failed to report the breach to authorities. As a result, the personal and sensitive medical information of hundreds of patients was disclosed to unauthorized third-parties, putting their security and privacy at great risk. Under both federal and state law, it is a violation of law to send protected medical data to unauthorized third-parties. When breaches are discovered, medical service providers such as Quest are required to provide immediate notice to individuals affected. Entities are also required to report such breaches to the Department of Health and Human Services, notify other providers affected or involved in the breach, and alert major media outlets when greater than 500 people are affected. In this case, Quest did nothing.
Medivo, Inc. Forms Nonexclusive Laboratory Data Licensing Agreement with Quest Diagnostics
Nov 3 15
Medivo Inc. announced that it has formed a nonexclusive laboratory data licensing agreement with Quest Diagnostics. The agreement is designed to enhance Medivo's ability to identify opportunities to educate physicians about new and potentially under-utilized drug therapies that could improve outcomes for patients. Under the agreement, Quest Diagnostics will provide clinical and bioinformatics expertise as well as analysis of its de-identified laboratory data to Medivo, in order to identify patterns in test ordering and result values in specific clinical disease categories. Medivo uses these results, in conjunction with other datasets, to identify physicians whose patients may benefit from FDA approved drugs.
Quest Diagnostics Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year of 2015
Oct 22 15
Quest Diagnostics Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net revenues of $1,880 million against $1,904 million a year ago. Operating income was $631 million against $256 million a year ago. Net income attributable to the company was $342 million or $2.35 per diluted share against $129 million or $0.88 per diluted share a year ago. Adjusted operating income was $325 million against $304 million a year ago. Adjusted net income was $172 million against $161 million a year ago. Adjusted diluted EPS excluding amortization expense was $1.28 against $1.20 per share a year ago. Adjusted cash provided by operations was $188 million against $271 million a year ago. Reported net income in the third quarter of 2015 benefitted from the previously discussed gain on the contribution to Q Squared Solutions, the clinical trials joint venture with Quintiles, totaling $189 million after tax, or $1.30 per diluted share. Reported cash provided by operations was $212 million in the third quarter of 2015. Adjusted cash provided by operations was $188 million in the quarter. In the third quarter of 2014, reported cash provided by operations was $271 million. Capital expenditures were $52 million in the quarter, compared to $102 million a year ago.
For the nine months, the company reported net revenues of $5,644 million against $5,552 million a year ago. Operating income was $1,160 million against $726 million a year ago. Net income attributable to the company was $521 million or $3.58 per diluted share against $366 million or $2.51 per diluted share a year ago. Net cash provided by operating activities was $539 million against $635 million a year ago. Capital expenditures were $169 million against $219 million a year ago. Adjusted operating income was $915 million against $836 million a year ago. Adjusted net income was $483 million against $440 million a year ago. Adjusted diluted EPS excluding amortization expense was $3.58 against $3.32 per share a year ago. Adjusted cash provided by operations was $642 million against $635 million a year ago. On a reported basis, operating income was $1.16 billion, or 20.5% of revenues, benefitting from the gain on the contribution to the clinical trials joint venture. Reported cash provided by operations for the nine months of 2015 was $539 million and was negatively impacted by after tax cash charges associated with the company's debt refinancing as well as the previously mentioned payment against certain tax reserves.
For the full year of 2015, the company expects diluted earnings per share of $4.65 to $4.70; adjusted cash provided by operations of $850 million. Revenue expected to approximate $7.49 billion, compared to previous guidance of between $7.49 billion and $7.57 billion. Adjusted diluted EPS excluding amortization to be between $4.75 and $4.80, compared to previous guidance of $4.70 to $4.85. Capital expenditures to approximate $275 million, compared to previous guidance of $300 million.
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