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23.04.2024 06:45
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Quest Diagnostics Reports First Quarter 2024 Financial Results; Raises Guidance for Full Year 2024
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PR Newswire
SECAUCUS, N.J., April 23, 2024
- First quarter revenues of $2.37 billion, up 1.5% from 2023
- First quarter reported diluted earnings per share ("EPS") of $1.72, down 3.4% from 2023; and adjusted diluted EPS of $2.04, flat with 2023
- Full year 2024 revenues now expected to be between $9.40 billion and $9.48 billion; reported diluted EPS now expected to be between $7.57 and $7.82; and adjusted diluted EPS expected to be between $8.72 and $8.97
SECAUCUS, N.J., April 23, 2024 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, today announced financial results for the first quarter ended March 31, 2024.
"In the first quarter, we delivered nearly 6% base business revenue growth, continuing the strong momentum of recent quarters. We also grew total revenues for the first time since the height of the pandemic nearly three years ago," said Jim Davis, Chairman, CEO and President. "Our strong commercial focus on physicians and hospitals combined with our broad health plan access enabled us to take advantage of sustained high rates of healthcare utilization and drive new customer growth. Our investments within advanced diagnostics also enabled double digit growth within multiple key clinical areas, including brain health, women's health and advanced cardiometabolic health.
"In addition, our Invigorate initiative, which includes ongoing investments in automation and AI, continued to improve productivity as well as service levels and quality. Given the strength of our business, we are raising our revenue and adjusted earnings guidance for the full year," Mr. Davis said.
| | Three Months Ended March 31, | ||||
| | 2024 | | 2023 | | Change |
| | (dollars in millions, except per share data) | ||||
| Reported: | | | | | |
| Net revenues | $ 2,366 | | $ 2,331 | | 1.5 % |
| Diagnostic Information Services revenues | $ 2,298 | | $ 2,259 | | 1.7 % |
| Revenue per requisition | | | | | 0.1 % |
| Requisition volume | | | | | 1.6 % |
| Organic requisition volume | | | | | 1.0 % |
| Operating income (a) | $ 300 | | $ 305 | | (1.7) % |
| Operating income as a percentage of net revenues (a) | 12.7 % | | 13.1 % | | (0.4) % |
| Net income attributable to Quest Diagnostics (a) | $ 194 | | $ 202 | | (3.9) % |
| Diluted EPS (a) | $ 1.72 | | $ 1.78 | | (3.4) % |
| Cash provided by operations | $ 154 | | $ 94 | | 64.8 % |
| Capital expenditures | $ 104 | | $ 127 | | (18.2) % |
| | | | | | |
| Adjusted (a): | | | | | |
| Operating income | $ 349 | | $ 350 | | (0.2) % |
| Operating income as a percentage of net revenues | 14.8 % | | 15.0 % | | (0.2) % |
| Net income attributable to Quest Diagnostics | $ 230 | | $ 232 | | (1.1) % |
| Diluted EPS | $ 2.04 | | $ 2.04 | | — % |
| (a) | For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below. |
Updated Guidance for Full Year 2024
The company updates its full year 2024 guidance as follows:
| | Updated Guidance | | Prior Guidance | ||||
| | Low | | High | | Low | | High |
| Net revenues | $9.40 billion | | $9.48 billion | | $9.35 billion | | $9.45 billion |
| Net revenues increase | 1.6 % | | 2.5 % | | 1.1 % | | 2.1 % |
| Reported diluted EPS | $7.57 | | $7.82 | | $7.69 | | $7.99 |
| Adjusted diluted EPS | $8.72 | | $8.97 | | $8.60 | | $8.90 |
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