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Jun 30, 2024
Quest Diagnostics Q2 2024 Earnings Report
Quest Diagnostics' Q2 2024 financial results were announced, showing revenue growth and adjusted EPS increase.
Key Takeaways
Quest Diagnostics reported a 2.5% increase in revenue to $2.40 billion for Q2 2024. Reported EPS decreased slightly by 1.0% to $2.03, while adjusted EPS increased by 2.2% to $2.35. The company has raised its full-year 2024 revenue and EPS guidance.
Second quarter revenues increased by 2.5% to $2.40 billion compared to 2023.
Reported diluted EPS decreased by 1.0% to $2.03, while adjusted diluted EPS increased by 2.2% to $2.35.
Base business revenue grew by nearly 4%.
Full year 2024 revenue guidance is now expected to be between $9.50 billion and $9.58 billion.
Quest Diagnostics
Quest Diagnostics
Quest Diagnostics Revenue by Segment
Revenue by Segment
Diagnostic Information Services Revenue
CapyFin.com Forward Guidance
Quest Diagnostics updated its full year 2024 guidance, expecting revenues between $9.50 billion and $9.58 billion, and adjusted diluted EPS between $8.80 and $9.00.
Positive Outlook
- Net revenues are expected to be between $9.50 billion and $9.58 billion.
- Net revenues increase between 2.7% and 3.5%.
- Reported diluted EPS is expected to be between $7.57 and $7.77.
- Adjusted diluted EPS is expected to be between $8.80 and $9.00.
- Cash provided by operations is expected to be approximately $1.3 billion.
Challenges Ahead
- Guidance does not include the impact of the pending LifeLabs acquisition.
- Capital expenditures are expected to be approximately $420 million.
- Uncertainty remains around when the LifeLabs transaction will close.
- The transaction is subject to customary closing conditions and approvals.
- Canadian regulatory approvals are needed for the LifeLabs acquisition.