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Jun 30, 2022
Quest Diagnostics Q2 2022 Earnings Report
Revenue decreased by 3.8% year over year, with diluted EPS down 60.5% and adjusted diluted EPS down 25.8%.
Key Takeaways
Quest Diagnostics reported a decrease in revenue and earnings per share for the second quarter of 2022 compared to the previous year, while base business revenues experienced growth. The company has raised its full year guidance based on its performance in the quarter and expectations for the remainder of 2022.
Second quarter revenues were $2.45 billion, a 3.8% decrease from 2021.
Reported diluted EPS for the second quarter was $1.96, a 60.5% decrease from 2021.
Adjusted diluted EPS for the second quarter was $2.36, a 25.8% decrease from 2021.
Second quarter base business revenues were $2.10 billion, a 2.9% increase from 2021.
Quest Diagnostics
Quest Diagnostics
Quest Diagnostics Revenue by Segment
Revenue by Segment
Diagnostic Information Services Revenue
CapyFin.com Forward Guidance
Quest Diagnostics raises its Full Year 2022 guidance.
Positive Outlook
- Net revenues are now expected to be between $9.50 billion and $9.75 billion.
- Base business revenues are expected to be between $8.35 billion and $8.45 billion.
- COVID-19 testing revenues are expected to be between $1.15 billion and $1.30 billion.
- Reported diluted EPS is now expected to be between $8.24 and $8.64.
- Adjusted diluted EPS is expected to be between $9.55 and $9.95.
Challenges Ahead
- Net revenues are expected to decrease by (11.9)% to (9.6)%.
- COVID-19 testing revenues are expected to decrease by (58.5)% to (53.1)%.
- Capital expenditures are expected to be approximately $400 million.
- Further impacts to earnings related to special items may occur throughout 2022.
- The amount of ETB is dependent upon employee stock option exercises and the company's stock price, both of which are difficult to predict.