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Dec 31, 2021
Quest Diagnostics Q4 2021 Earnings Report
Reported a decrease in revenue and EPS compared to the previous year, but base business revenues grew. The company provided full year 2022 guidance and increased its quarterly dividend.
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.
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)%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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