Quest Diagnostics Q3 revenue $2.30B (-7.7% YoY); adjusted EPS $2.22; base business up 4.6%

QUEST DIAGNOSTICS INC

2023-Q3 EPS reported $5.79 revenue$6,964,000,000

Reported diluted EPS $1.96 (down 9.7% YoY); adjusted diluted EPS $2.22 (down 5.9% YoY).
Base business revenue $2.27B (+4.6% YoY); COVID-19 testing revenue $26M (down 92% YoY).
FY2023 guidance: revenue $9.19B-$9.24B, adjusted EPS $8.65-$8.75, raised low end from prior.
Successfully negotiated all strategic health plan renewals for 2023; cites strong physician/hospital channels.
Operating cash flow $207M in Q3 vs $502M year ago; capex $105M.

item 2.02 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 reported the quarter ended September 30, 2023 results: revenue $2,295, net income $225, EPS $1.96.

Period: the quarter ended September 30, 2023
Revenue: $2,295
Net income: $225
EPS: $1.96
Result: reported results

Exact text from the filing

growth.” Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 Change 2023 2022 Change (dollars in millions, except per share data) Reported: Net revenues $ 2,295 $ 2,486 (7.7) % $ 6,964 $ 7,550 (7.8) % Base business revenues (a) $ 2,269 $ 2,170 4.6 % $ 6,778 $ 6,280 7.9 % COVID-19 testing revenues $ 26 $ 316 (92.0) % $ 186 $ 1,270 (85.4) %

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

QUEST DIAGNOSTICS INC updated its Full Year 2023 guidance (reaffirmed).

Period: Full Year 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

The company updates its Full Year 2023 guidance as follows: Updated Guidance Prior Guidance Low High Low High Net revenues $9.19 billion $9.24 billion $9.12 billion $9.22 billion Net revenues decrease (7.0)% (6.5)% (7.7)% (6.7)% Base business revenues (a) $8.99 billion $9.04 billion $8.92 billion $9.02 billion Base business revenues increase 6.7% 7.3% 5.8% 7.0% COVID-19 testing revenues Approximately $200 million Approximately $200 million COVID-19 testing revenues decrease (86.2)% (86.2)% Reported diluted EPS $7.61 $7.71 $7.52 $7.92 Adjusted diluted EPS $8.65 $8.75 $8.50 $8.90 Cash provided by operations Approximately $1.3 billion At least $1.3 billion Capital expenditures Approximately $400 million Approximately $400 million

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Source: SEC EDGAR

accession 0001022079-23-000154

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