Quest Diagnostics Q2 rev $2.45B (-3.8% YoY); raises FY22 adj EPS guidance to $9.55-$9.95

QUEST DIAGNOSTICS INC

2022-Q2 EPS reported $4.88 revenue$5,064,000,000

Q2 reported diluted EPS $1.96 (down 60.5% YoY); adjusted diluted EPS $2.36 (down 25.8% YoY).
Base business revenue $2.10B (+2.9% YoY); COVID testing revenue $355M (-30.5% YoY).
Raises FY22 guidance: net revenues $9.50B-$9.75B, adjusted EPS $9.55-$9.95 (prior $9.00-$9.50).
CEO-elect Jim Davis cites base business growth and expanded COVID molecular testing share.
Company supports SALSA legislation to fix PAMA clinical lab fee schedule cuts.

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