Quest Diagnostics said net revenues for 2023 decreased 6.4% from the prior year, and DIS revenues decreased 6.6%. The company cited a decline in COVID-19 testing as the driver. It said base business DIS revenues increased 7.3%.

10-KAnnual reportFiled Feb 22, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

Quest Diagnostics said net revenues for 2023 decreased 6.4% from the prior year, and DIS revenues decreased 6.6%. The company cited a decline in COVID-19 testing as the driver. It said base business DIS revenues increased 7.3%.
The company said it acquired select assets of the laboratory services business of New York-Presbyterian in an all-cash transaction for $275 million on April 17, 2023. It said it acquired Haystack Oncology, Inc. on June 20 for $392 million, net of $1 million of cash acquired.
The company said net cash provided by operating activities for 2023 was $1,272 million, down $446 million from the prior year. It said net cash used in investing activities was $1,061 million, up $518 million from $543 million in the prior year.
The company said it issued $750 million of 6.40% senior notes due 2033 in November 2023. It repurchased 2.0 million shares of its common stock for $276 million in 2023. It said its quarterly dividend in 2023 was $0.71 per share and that it approved an increase to $0.75 beginning with the payment in April 2024.

Key figures

Fiscal year ended December 31, 2023

Revenue: $9.3B
Operating income: $1.3B
Net income: $854M
EPS: $7.49
Operating cash flow: $1.3B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

2023 Net Revenues and DIS Revenues Decline; Base Business Grows

Quest Diagnostics said net revenues for 2023 decreased 6.4% from the prior year, and DIS revenues decreased 6.6%. The company cited a decline in COVID-19 testing as the driver. It said base business DIS revenues increased 7.3%.

Source · Based on the MD&A text of the filing

New York-Presbyterian Assets and Haystack Oncology Acquisition

The company said it acquired select assets of the laboratory services business of New York-Presbyterian in an all-cash transaction for $275 million on April 17, 2023. It said it acquired Haystack Oncology, Inc. on June 20 for $392 million, net of $1 million of cash acquired.

Source · Based on the MD&A text of the filing

Operating Cash Flow and Investing Cash Outflow

The company said net cash provided by operating activities for 2023 was $1,272 million, down $446 million from the prior year. It said net cash used in investing activities was $1,061 million, up $518 million from $543 million in the prior year.

Source · Based on the MD&A text of the filing

Senior Notes Issuance, Share Repurchases and Dividend

The company said it issued $750 million of 6.40% senior notes due 2033 in November 2023. It repurchased 2.0 million shares of its common stock for $276 million in 2023. It said its quarterly dividend in 2023 was $0.71 per share and that it approved an increase to $0.75 beginning with the payment in April 2024.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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