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Sep 30, 2022
Quest Diagnostics Q3 2022 Earnings Report
Reported a decrease in revenue and EPS due to decline in COVID-19 testing revenues, while base business revenues increased.
Key Takeaways
Quest Diagnostics reported a decrease in revenue and EPS for Q3 2022 compared to Q3 2021. The decrease was primarily due to a decline in COVID-19 testing revenues. However, the base business revenues increased by 5.1%. The company has raised its outlook for the remainder of 2022 based on this performance.
Third quarter revenues were $2.49 billion, a 10.4% decrease from 2021.
Reported diluted EPS was $2.17, a 46.0% decrease from 2021.
Base business revenues were $2.17 billion, a 5.1% increase from 2021.
Full year 2022 reported diluted EPS is now expected to be between $8.52 and $8.72.
Forward Guidance
The company raises its Full Year 2022 guidance.
Positive Outlook
- Net revenues between $9.72 billion and $9.86 billion.
- Base business revenues between $8.38 billion and $8.45 billion.
- Base business revenues increase 4.5% to 5.4%.
- COVID-19 testing revenues between $1.34 billion and $1.41 billion.
- Adjusted diluted EPS between $9.75 and $9.95.
Challenges Ahead
- Net revenues decrease (9.9)% to (8.6)%.
- COVID-19 testing revenues decrease (51.6)% to (49.1)%.
- Capital expenditures 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 our stock price, both of which are difficult to predict.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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