Quest Diagnostics Q4 2021 Earnings Report
Key Takeaways
Quest Diagnostics reported Q4 2021 financial results, with revenues of $2.74 billion, a decrease of 8.6% compared to Q4 2020. Diluted EPS was $3.12, down 25.9% from 2020, and adjusted diluted EPS was $3.33, down 25.7% from 2020. The company provided full year 2022 guidance and increased its quarterly dividend by 6.5% to $0.66 per share.
Fourth quarter revenues decreased by 8.6% versus 2020.
Fourth quarter diluted EPS decreased by 25.9% from 2020; and adjusted diluted EPS decreased by 25.7% from 2020.
Base business revenues grew more than 19 percent year over year, achieving record levels.
Full year 2022 reported diluted EPS is expected to be between $7.63 and $8.33, and adjusted diluted EPS is expected to be between $8.65 and $9.35.
Quest Diagnostics
Quest Diagnostics
Quest Diagnostics Revenue by Segment
Forward Guidance
We estimate full year 2022 guidance as follows: Net revenues $9.0 billion-$9.5 billion Reported diluted EPS $7.63-$8.33 Adjusted diluted EPS $8.65-$9.35 Cash provided by operations At least $1.6 billion Capital expenditures Approximately $400 million
Positive Outlook
- Base business revenues $8.3 billion-$8.5 billion
- Base business revenues increase 3.5%-6.0%
- Adjusted diluted EPS $8.65 - $9.35
- Cash provided by operations At least $1.6 billion
- Capital expenditures Approximately $400 million
Challenges Ahead
- Net revenues $9.0 billion-$9.5 billion
- Net revenues decrease (16.6)%-(11.9)%
- COVID-19 testing revenues $0.7 billion-$1.0 billion
- COVID-19 testing revenues decrease (74.7)%-(63.9)%
- Reported diluted EPS $7.63-$8.33