Wed, Jul 24, 8:46 PM (45 days ago)
Quest Diagnostics Inc. reported a 2.5% increase in net revenues for Q2 2024, reaching $2,397 million, driven by a 2.8% rise in Diagnostic Information Services (DIS) revenues. The DIS segment saw a 1.1% increase in volume and a 1.6% rise in revenue per requisition. However, Diagnostic Solutions (DS) revenues fell by 8.8%. Operating income slightly improved to $355 million, despite higher costs for services and interest expenses. Net income attributable to Quest Diagnostics was $229 million, down 2.4% from the previous year. The company incurred $10 million in restructuring charges related to its Invigorate program. Cash flow from operations decreased to $514 million, impacted by the timing of cash collections and payments. The company completed acquisitions of Lenco Diagnostic Laboratories and PathAI Diagnostics, and announced further acquisitions expected to close in the second half of 2024.