Quest Diagnostics said net revenues for the 3 months ended June 30, 2024 rose 2.5% from the prior year period, with DIS revenues up 2.8% and DS revenues down 8.8%.

1. 01

   Quest Diagnostics said net revenues for the 3 months ended June 30, 2024 rose 2.5% from the prior year period, with DIS revenues up 2.8% and DS revenues down 8.8%.

2. 02

   The company said DIS revenues for Q2 rose on growth in the base business (excluding COVID-19 testing) and recent acquisitions, which contributed approximately 0.7%, partially offset by a decline in COVID-19 testing. Revenue per requisition increased 1.6%.

3. 03

   Quest Diagnostics said that for Q2 2024, certain items reflected in its results, on a net basis, decreased diluted earnings per share by $0.32. Of this, amortization expense of intangible assets was $29 million pre-tax, or $0.19 per share.

4. 04

   Quest Diagnostics said net cash provided by operating activities for the 6 months ended June 30, 2024 was $514 million (compared with $538 million in the prior year period). As of June 30, 2024, available borrowing capacity under its existing credit facilities was $1.2 billion.

Key figures

Quarter ended June 30, 2024

Revenue

$2.4B

Operating income

$355M

Net income

$229M

EPS

$2.03

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

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Original filing

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