Quest Diagnostics Q1 revenue falls 10.7% to $2.33B; acquires Haystack Oncology for $300M

QUEST DIAGNOSTICS INC

Q1 net revenue $2.33B, down 10.7% YoY; base business revenue up 10% to $2.21B.
Reported diluted EPS $1.78 (down 39%); adjusted diluted EPS $2.04 (down 36.6%).
Full-year 2023 guidance: revenue $8.93B-$9.08B, adjusted EPS $8.45-$8.95.
Acquires Haystack Oncology for $300M cash at close plus up to $150M milestones; MRD liquid biopsy tech.
Deal expected to close Q2 2023; modest dilution for 3 years, accretive by 2026.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

QUEST DIAGNOSTICS INC updated its the quarter ended March 31, 2023 guidance (reaffirmed).

Period: the quarter ended March 31, 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On April 27, 2023, Quest Diagnostics Incorporated (the "Company") issued a press release announcing, among other things, its results for the quarter ended March 31, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

QUEST DIAGNOSTICS INC reported Full Year 2023 results: revenue $8.93 billion $9.08 billion, EPS $7.52 $8.02. Guidance lowered.

Period: Full Year 2023
Revenue: $8.93 billion $9.08 billion
EPS: $7.52 $8.02
Guidance: lowered
Result: guidance update

Exact text from the filing

Full year 2023 revenues now expected to be between $8.93 billion and $9.08 billion; reported diluted EPS now expected to be between $7.52 and $8.02

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Source: SEC EDGAR

accession 0001022079-23-000091

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