QUEST DIAGNOSTICS REPORTS THIRD QUARTER 2018 FINANCIAL RESULTS
    

Third quarter revenues of $1.89 billion, up 1.8% from 2017
Third quarter reported diluted EPS of $1.53, up 32.7% from 2017
Third quarter adjusted diluted EPS excluding amortization of $1.68, up 25.4% from 2017
Updates outlook for full-year 2018. Reported revenues now expected to be approximately $7.62 billion. Reported diluted EPS now expected to be between $5.57 and $5.64 and adjusted diluted EPS excluding amortization expense now expected to be between $6.53 and $6.60.

SECAUCUS, N.J., October 23, 2018 - Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic information services, announced today financial results for the third quarter ended September 30, 2018 and updated its outlook for full-year 2018.

“We grew revenues and continued to deliver strong earnings growth in the third quarter," said Steve Rusckowski, Chairman, President and CEO.  “We had a productive quarter, announcing three acquisitions and a Professional Lab Services agreement. We are updating our full-year revenue guidance to reflect lower than expected revenue performance this year, which has been affected in large part by industry headwinds we called out in the previous quarter. Looking ahead, our acquisition pipeline, along with our expanding health plan access, including UnitedHealthcare beginning January 1, position us well for growth in 2019.”

 
Three Months Ended September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
(dollars in millions, except per share data)
Reported:
 
 
 
 
 
 
 
 
 
 
 
Net revenues (a)
$
1,889

 
$
1,856

 
1.8
 %
 
$
5,692

 
$
5,537

 
2.8
 %
Diagnostic Information Services revenues (a)
$
1,810

 
$
1,777

 
1.9
 %
 
$
5,448

 
$
5,283

 
3.1
 %
Revenue per requisition
 
 
 
 
(0.8
)%
 
 
 
 
 
0.3
 %
Requisition volume
 
 
 
 
2.0
 %
 
 
 
 
 
2.3
 %
Operating income (a) (b)
$
304

 
$
298

 
1.8
 %
 
$
881

 
$
896

 
(1.7
)%
Operating income as a percentage of net revenues (a) (b)
16.1
%
 
16.1
%
 
0 bps

 
15.5
%
 
16.2
%
 
(70) bps

Net income attributable to Quest Diagnostics (b)
$
213

 
$
161

 
32.1
 %
 
$
609

 
$
518

 
17.5
 %
Diluted EPS (b)
$
1.53

 
$
1.15

 
32.7
 %
 
$
4.37

 
$
3.68

 
18.8
 %
Cash provided by operations
$
402

 
$
362

 
10.8
 %
 
$
905

 
$
852

 
6.1
 %
Capital expenditures
$
81

 
$
63

 
29.1
 %
 
$
232

 
$
170

 
36.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted:
 
 
 
 
 
 
 
 
 
 
 
Operating income (a)
$
311

 
$
325

 
(4.2
)%
 
$
954

 
$
965

 
(1.1
)%
Operating income as a percentage of net revenues (a)
16.5
%
 
17.5
%
 
(100) bps

 
16.8
%
 
17.4
%
 
(60) bps

Net income attributable to Quest Diagnostics
$
215

 
$
174

 
23.6
 %
 
$
632

 
$
524

 
20.5
 %
Diluted EPS excluding amortization
$
1.68

 
$
1.35

 
25.4
 %
 
$
4.95

 
$
4.02

 
23.4
 %

(a)
Net revenues and selling, general and administrative expenses for the three and nine months ended September 30, 2017 have been restated to reflect the impact of new revenue recognition rules that became effective January 1, 2018 and were adopted on a retrospective basis. Under the new rules, the Company reports uncollectible balances associated with patient responsibility as a reduction in net revenues; historically these amounts were classified as bad debt expense within selling, general and administrative expenses.


1


The following information was filed by Quest Diagnostics Inc (DGX) on Tuesday, October 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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