Q2 2024 Quest Diagnostics Inc Earnings Call Transcript
Key Points
- Quest Diagnostics Inc (DGX) reported a strong quarter with base business revenue growth of nearly 4% and total revenue growth of 2.5%.
- The company announced four strategic acquisitions, including LifeLabs in Canada, which will expand their market presence.
- Quest Diagnostics Inc (DGX) saw significant growth in advanced diagnostics, particularly in brain health, women's health, and advanced cardiometabolic health.
- The company's consumer-facing platform, questhealth.com, grew total revenues nearly 40%, with base business revenues growing more than 50% year-over-year.
- Operational improvements through automation and AI have enhanced productivity, service levels, and quality.
- The company's employer-based businesses, including employee drug testing and population health services, showed meaningful declines.
- The recent worldwide IT outage and Hurricane Beryl in Texas are expected to impact Q3 earnings by approximately $0.06 to $0.08 per share.
- Lower revenues from COVID-19 testing services partially offset the strong growth in base testing revenues.
- The integration of recent acquisitions may take time and involve significant effort from dedicated teams.
- The regulatory environment remains uncertain, particularly with ongoing issues related to PAMA and the new LPT rule.
Welcome to the Quest Diagnostics Second Quarter 2024 Conference Call. At the request of the company, this call is being recorded. The entire contents of the call, including the presentation and question-and-answer session that will follow, are the copyrighted property of Quest Diagnostics with all rights reserved. Any redistribution, retransmission or rebroadcast of this call in any form without the written consent of Quest Diagnostics is strictly prohibited.
Now I'd like to introduce Shawn Bevec, Vice President of Investor Relations for Quest Diagnostics. Please go ahead, sir.
Thank you, and good morning. I'm joined by Jim Davis, our Chairman, Chief Executive Officer and President; and Sam Samad, our Chief Financial Officer.
During this call, we may make forward-looking statements and will discuss non-GAAP measures. We provide a reconciliation of non-GAAP measures to comparable GAAP measures in the tables to our earnings press release.
Actual results may
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