Quest Diagnostics Q3 2023 Earnings Report
Key Takeaways
Quest Diagnostics reported a decrease in revenue and EPS for Q3 2023 compared to Q3 2022. Total revenues were $2.30 billion, a 7.7% decrease, while reported EPS was $1.96, a 9.7% decrease. However, base business revenues grew by 4.6%. The company has updated its full-year 2023 guidance, expecting revenues between $9.19 billion and $9.24 billion and adjusted diluted EPS between $8.65 and $8.75.
Third quarter revenues decreased by 7.7% to $2.30 billion compared to 2022.
Reported diluted EPS for the third quarter decreased by 9.7% to $1.96 compared to 2022.
Base business revenues for the third quarter increased by 4.6% from 2022.
Full year 2023 revenue guidance updated to $9.19 billion - $9.24 billion; adjusted diluted EPS guidance updated to $8.65 - $8.75.
Quest Diagnostics
Quest Diagnostics
Quest Diagnostics Revenue by Segment
Forward Guidance
The company has updated its Full Year 2023 guidance with revenue expected to be between $9.19 billion and $9.24 billion and adjusted diluted EPS expected to be between $8.65 and $8.75.
Positive Outlook
- Net revenues between $9.19 billion and $9.24 billion
- Base business revenues between $8.99 billion and $9.04 billion
- Base business revenues increase 6.7% to 7.3%
- COVID-19 testing revenues approximately $200 million
- Adjusted diluted EPS between $8.65 and $8.75
Challenges Ahead
- Net revenues decrease (7.0)% to (6.5)%
- COVID-19 testing revenues decrease (86.2)%
- Reported diluted EPS $7.61 to $7.71
- Cash provided by operations Approximately $1.3 billion
- Capital expenditures Approximately $400 million