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QUEST DIAGNOSTICS (DGX)

Quest Diagnostics Incorporated is a leading provider of diagnostic information services, primarily operating through its Diagnostic Information Services (DIS) and Diagnostic Solutions (DS) segments. The company offers diagnostic insights from laboratory testing, serving a diverse clientele that includes physicians, hospitals, patients, health plans, employers, and government agencies . Additionally, Quest Diagnostics provides risk assessment services for insurers and healthcare information technology solutions for healthcare providers and payers . The company conducts most of its business in the United States but has recently expanded into the Canadian market through acquisitions .

  1. Diagnostic Information Services (DIS) - Provides diagnostic insights from laboratory testing, serving a wide range of customers including physicians, hospitals, patients, health plans, employers, and government agencies. This segment is characterized by a high volume of relatively low-dollar transactions, with revenues recognized primarily upon completion of the testing process .
  2. Diagnostic Solutions (DS) - Offers risk assessment services for insurers and healthcare information technology solutions for healthcare providers and payers. This segment includes solutions under various brands, such as:
    • AmeriPath - Specializes in anatomic pathology services.
    • Dermpath Diagnostics - Focuses on dermatopathology services.
    • ExamOne - Provides risk assessment services for the insurance industry.
    • Quanum - Delivers healthcare information technology solutions .

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NamePositionExternal RolesShort Bio

James E. Davis

ExecutiveBoard

Chairman, CEO, and President

None

Joined DGX in 2013. Became CEO on Nov 1, 2022, and Chairman on Apr 1, 2023. Previously held leadership roles at GE and InSightec.

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Catherine T. Doherty

Executive

Senior Vice President, Regional Businesses

None

Joined DGX in 1990. Held multiple leadership roles, including SVP of Clinical Franchise Solutions and Marketing.

Karthik Kuppusamy

Executive

Senior Vice President, Clinical Solutions

None

Joined DGX in 2014. Oversees clinical franchises and pharmaceutical services. Formerly worked at GE Healthcare.

Mark A. Gardner

Executive

Senior Vice President, Molecular Genomics and Oncology

None

Joined DGX in October 2022. Previously held leadership roles at Corza Medical, OmniSeq, and Thermo Fisher Scientific.

Mark E. Delaney

Executive

Senior Vice President and Chief Commercial Officer

None

Joined DGX in March 2022. Previously held leadership roles at Hill-Rom Holdings and GE Healthcare.

Michael E. Prevoznik

Executive

Senior Vice President and General Counsel

None

Joined DGX in 1999. Oversees legal, compliance, and governmental affairs. Previously worked at SmithKline Beecham.

Patrick Plewman

Executive

Senior Vice President, Diagnostics Services

None

Joined DGX in 2013. Oversees data-driven analytics and services offerings. Formerly CEO of diaDexus, Inc.

Sam A. Samad

Executive

Executive Vice President and CFO

None

Joined DGX in July 2022. Former CFO of Illumina and held senior roles at Cardinal Health and Eli Lilly.

Denise M. Morrison

Board

Director

Board Member at MetLife, Inc. and Visa, Inc.; Founder of Denise Morrison & Associates

Joined DGX board in 2019. Former CEO of Campbell Soup Company.

Gary M. Pfeiffer

Board

Director

None

Joined DGX board in 2004. Former CFO of DuPont and Secretary of Finance for Delaware.

Luis A. Diaz, Jr.

Board

Director

Head of Solid Tumor Oncology at Memorial Sloan Kettering Cancer Center

Joined DGX board in 2023. Renowned oncologist known for pioneering work in cancer biomarkers and immunotherapy.

Robert B. Carter

Board

Director

Board Member at New York Life; Trustee at University of Memphis

Joined DGX board in May 2024. Former CIO of FedEx Corporation.

Timothy L. Main

Board

Director

Non-Executive Chairman of WNS (Holdings) Limited

Joined DGX board in 2014. Extensive experience in capital markets, technology, and corporate governance.

Timothy M. Ring

Board

Lead Independent Director

Board Member at Becton, Dickinson and Company; Co-founder of TeamFund, Inc.

Joined DGX board in 2011. Former CEO of C.R. Bard, Inc.

Tracey C. Doi

Board

Director

Board Member at Pentair plc; Trustee at SunAmerica Series Trust and Season Series Trust

Joined DGX board in 2021. Former CFO of Toyota Motor North America.

Vicky B. Gregg

Board

Director

Cofounder of Guidon Partners LLC; Board Member at Acadia Healthcare and Erlanger Health System

Joined DGX board in 2014. Former CEO of BlueCross BlueShield of Tennessee.

Wright L. Lassiter III

Board

Director

CEO of CommonSpirit Health; Board Member at Fortive Corporation

Joined DGX board in 2020. Former CEO of Henry Ford Health System.

  1. With COVID-19 revenues becoming insignificant and impacting growth by only about 50 basis points , how does Quest plan to compensate for this decline and maintain or accelerate organic growth going forward?
  2. Considering that M&A contributed approximately 4% to revenue growth in the quarter and that LifeLabs alone added about $70 million , is the company's growth overly reliant on acquisitions, and what risks do you see in integrating multiple acquisitions, especially in new markets like Canada?
  3. As you expand into new geographies where health systems previously limited your reach , what challenges do you anticipate in gaining market share in these areas, and how might this affect pricing and relationships with local providers?
  4. Given the anticipated increase in interest expense due to recent debt issuance and the plan to retire lower coupon senior notes in 2025 , how will this higher interest burden impact your margins and ability to invest in growth initiatives?
  5. With the dilution from the Haystack MRD acquisition being approximately $0.20 this year and expected improvements next year , can you detail when you expect this investment to become accretive and what is the plan if reimbursement does not meet expectations?

Research analysts who have asked questions during QUEST DIAGNOSTICS earnings calls.

Andrew Brackmann

William Blair & Company, L.L.C.

4 questions for DGX

Also covers: ADPT, AWH, BDSX +11 more

David Westenberg

Piper Sandler

4 questions for DGX

Also covers: ADPT, AKYA, CTKB +12 more

Elizabeth Anderson

Evercore ISI

4 questions for DGX

Also covers: AGL, ALGN, CAH +22 more

Jack Meehan

Nephron Research LLC

4 questions for DGX

Also covers: A, AVTR, BIO +17 more

Kevin Caliendo

UBS

4 questions for DGX

Also covers: AHCO, ALGN, AMWL +14 more

Michael Cherny

Leerink Partners

4 questions for DGX

Also covers: ACCD, ALGN, CAH +18 more

Patrick Donnelly

Citi

4 questions for DGX

Also covers: A, AVTR, BIO +20 more

Pito Chickering

Deutsche Bank

4 questions for DGX

Also covers: ACHC, AHCO, AVAH +17 more

Erin Wilson Wright

Morgan Stanley

3 questions for DGX

Also covers: ALGN, CAH, CI +14 more

Ann Hynes

Mizuho Financial Group

2 questions for DGX

Also covers: ARDT, BTSG, CI +17 more

Luke Sergott

Barclays

2 questions for DGX

Also covers: A, AVTR, BRKR +17 more

Michael Ryskin

Bank of America Merrill Lynch

2 questions for DGX

Also covers: A, ALGN, AVTR +28 more

Noah Kava

Jefferies

2 questions for DGX

Aaron

Bank of America

1 question for DGX

Anna Krasinski

Barclays

1 question for DGX

Erin Wright

Morgan Stanley

1 question for DGX

Also covers: ALGN, BTSG, CAH +15 more

Lisa Gill

JPMorgan Chase & Co.

1 question for DGX

Also covers: AGL, CAH, CI +13 more

Meghan Holtz

Jefferies Financial Group Inc.

1 question for DGX

Also covers: AHCO, AVAH, EHAB +4 more

Stephanie Davis

Barclays

1 question for DGX

Also covers: ACCD, CAH, COR +19 more

Tycho Peterson

Jefferies

1 question for DGX

Also covers: A, AVTR, BIO +21 more
Program DetailsProgram 1
Approval DateN/A
End Date/DurationNo expiration
Total additional amount$13 billion
Remaining authorization$1.0 billion
DetailsAuthorized since May 2003
YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
2025$600 3.50% Senior Notes 3.50% 9.6% = (600 / 6,251) * 100
2026$501 Unspecified Not specified 8.0% = (501 / 6,251) * 100
2027$400 4.60% Senior Notes 4.60% 6.4% = (400 / 6,251) * 100
2028$1 Unspecified Not specified 0.0% = (1 / 6,251) * 100
2029$600 Unspecified 4.625% 9.6% = (600 / 6,251) * 100
2034$850 Unspecified 5.00% 13.6% = (850 / 6,251) * 100
2037Not specified Unspecified 6.95% N/A
2040Not specified Unspecified 5.75% N/A
Thereafter$4,789 Unspecified Not specified 76.6% = (4,789 / 6,251) * 100

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

The largest commercial clinical laboratory competitor in the diagnostic information services industry, competing primarily in the fragmented and highly competitive clinical testing market.

NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP1995 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

OhioHealth

2024

Quest Diagnostics acquired select assets from OhioHealth in an all‐cash deal valued at $200 million, completed on October 13, 2024; the deal expands cost-effective laboratory services with a shift of outreach testing to Quest’s Pittsburgh facility while preserving OhioHealth’s hospital lab operations.

Three Physician Groups in New York

2024

Quest Diagnostics completed an all‐cash transaction for $300 million to acquire the laboratory business of three New York-based physician groups, integrating $243 million in goodwill and $57 million in customer-related intangible assets into its Diagnostic Information Services business to strengthen its regional presence.

Allina Health

2024

The acquisition of select assets from Allina Health’s outreach laboratory services was executed as an all‐cash transaction for $230 million, incorporating $55 million in customer-related intangible assets and $175 million in goodwill, aimed at expanding high-quality lab services in Minnesota and western Wisconsin within Quest’s DIS segment.

LifeLabs Inc.

2024

Quest Diagnostics acquired LifeLabs Inc. for approximately CAN $1.35 billion (around USD $1 billion) by combining cash on hand with proceeds from a $1.85 billion senior notes offering, with the deal expected to enhance diagnostic innovation in Canada while preserving LifeLabs’ brand and management team.

PathAI Diagnostics

2024

Completed on June 10, 2024, this all‐cash acquisition for $100 million involved acquiring select assets including $55 million of tax-deductible goodwill and customer-related intangibles, with efforts to rebrand the Memphis laboratory as Quest’s national AI/digital R&D center to support enhanced pathology services.

Lenco Diagnostic Laboratories, Inc. (Lenco)

2024

In an all‐cash transaction valued at $111 million on February 12, 2024, Quest Diagnostics acquired Lenco Diagnostic Laboratories, integrating $75 million of tax-deductible goodwill and $43 million in customer-related intangible assets, thereby strengthening its Diagnostic Information Services services in New York.

Haystack Oncology, Inc.

2023

Quest Diagnostics’ acquisition of Haystack Oncology, completed on June 20, 2023, was an all‐cash transaction for $392 million (with additional contingent payments up to $150 million based on revenue targets and CMS milestones), aimed at bolstering its capabilities in minimal residual disease testing and liquid biopsy technology with significant goodwill and technology-related intangible assets acquired.

New York-Presbyterian Laboratory Services

2023

The company acquired select assets of New York-Presbyterian’s laboratory services on April 17, 2023, in an all‐cash deal for $275 million, which included $222 million of tax-deductible goodwill and $53 million in customer-related intangible assets, integrating the business into its Diagnostic Information Services segment to expand its health system partnerships.

Pack Health, LLC

2022

Acquired on February 1, 2022, for a net transaction value of $123 million (comprising $105 million cash and $18 million contingent on future revenues), the deal enhanced Quest Diagnostics’ extended care capabilities by integrating a patient engagement platform, with significant goodwill and intangible asset components recognized under the acquisition method.

Recent press releases and 8-K filings for DGX.

Quest Diagnostics outlines strategic initiatives and growth drivers at Jefferies 2025 Healthcare Services Conference
·$DGX
M&A
New Projects/Investments
  • Quest emphasized its consumer health expansion into a $2.5 billion market, targeting $250 million in revenue via questhealth.com and partnerships with WHOOP and Function Health, with margins at or above enterprise averages.
  • In oncology, Quest partners on early-cancer screening (Guardant Health’s Shield, Grail’s Galleri) and is developing its own colorectal tests (Universal DX), while its Haystack Oncology MRD test secured two PLA codes and is on track for Medicare reimbursement by January 2026 at prices similar to Signatera.
  • Its Alzheimer’s blood-based AD Detect LDT portfolio is experiencing high double-digit growth, offering reimbursements over $350 per multi-analyte test, though adoption awaits guideline updates to move directly from positive results to therapy.
  • Quest plans 1–2% annual revenue growth from M&A (deploying ~$500 million per year), highlighted by the Canada LifeLabs deal outperforming margins, and is capturing share through hospital-lab acquisitions; structural utilization and mix shifts have lifted tests per requisition to 4.2.
4 days ago
Quest Diagnostics and Rutgers Cancer Institute launch ctDNA MRD lung cancer trial
·$DGX
New Projects/Investments
  • Quest Diagnostics’ Haystack Oncology and Rutgers Cancer Institute are initiating the MRD-PORT phase II trial (NCT06979661) to evaluate the Haystack MRD circulating tumor DNA test for guiding postoperative radiation and systemic therapy decisions in stage II/III NSCLC patients.
  • The study will use postoperative ctDNA positivity to personalize adjuvant treatment—including chemotherapy, immunotherapy, targeted therapy, and PORT—based on tumor biology and clinical context.
  • This marks the second Rutgers–Haystack collaboration following a 2023 triple-negative breast cancer study; in August 2025, the FDA granted Breakthrough Device Designation to Haystack MRD for stage II colorectal cancer.
  • An April 2025 NEJM study showed Haystack MRD detected clinical complete response at a median of 1.4 months versus 6+ months for imaging, and 96% of oncologists believe MRD testing can identify recurrence earlier than current methods.
Sep 22, 2025, 12:07 PM
Quest Diagnostics enters joint venture for Michigan laboratory
·$DGX
New Projects/Investments
  • Corewell Health and Quest Diagnostics have signed a definitive agreement to form Diagnostic Lab of Michigan, LLC, aiming to expand access to quality, affordable lab services statewide.
  • The joint venture will build a 100,000-square-foot state-of-the-art facility at Corewell’s Southfield Center, with operations slated to begin in Q1 2027.
  • Ownership will be split 51% to Quest and 49% to Corewell Health, aligning with Quest’s growth and profitability criteria; financial terms were not disclosed.
  • Quest will manage its Collaborative Lab Solutions for Corewell’s 21 hospital labs, with supply chain and reference agreements starting in late 2025 and lab management services in 2026.
Aug 26, 2025, 1:00 PM
Quest Diagnostics receives FDA Breakthrough Device Designation for Haystack MRD test
·$DGX
Product Launch
  • Quest Diagnostics secures Breakthrough Device Designation from FDA for its Haystack MRD test to identify MRD-positive patients with stage II colorectal cancer post-surgery.
  • The designation aims to expedite development, assessment and review for premarket approval, 510(k) clearance and De Novo marketing under FDA’s Breakthrough Devices Program.
  • Quest introduced a clinical laboratory-developed version of Haystack MRD in late 2024 and is broadening access for oncologists and pharmaceutical partners.
  • Haystack MRD, a ctDNA-based liquid biopsy test, detects residual or recurrent solid-tumor cancer and is available for clinical use and investigational trials in the U.S., Germany and Finland.
Aug 25, 2025, 12:52 PM
Quest Diagnostics completes acquisition of Spectra Laboratories assets
·$DGX
M&A
  • Quest Diagnostics closed the acquisition of select clinical testing assets from Fresenius Medical Care’s Spectra Laboratories, with additional dialysis-related water testing assets expected by end-2025.
  • Signed a laboratory services agreement to begin providing comprehensive dialysis-related testing for Fresenius-operated clinics serving approximately 200,000 patients annually, with full transition by early 2026.
  • The deal is expected to reduce transport times, optimize lab network utilization, and strengthen Quest’s leadership in chronic kidney disease diagnostics.
Aug 5, 2025, 12:33 PM
Quest Diagnostics raises 2025 guidance after strong Q2 performance
·$DGX
Earnings
Guidance Update
M&A
  • Quest Diagnostics reported Q2 2025 revenue of $2.76 B (up 15.2% YoY), including 5.2% organic growth.
  • Adjusted EPS was $2.62 (up 11.5% YoY), and adjusted operating margin expanded to 16.9% of revenues (vs. 16.6% last year).
  • The company raised its full-year 2025 guidance to $10.80 B–$10.92 B in revenues and $9.63–$9.83 in adjusted EPS.
  • Growth drivers included organic demand for advanced diagnostics, accretive acquisitions (e.g., LifeLabs), and productivity gains from automation and AI.
Jul 22, 2025, 4:31 PM
Quest Diagnostics Updates at William Blair Conference
·$DGX
Guidance Update
M&A
New Projects/Investments
  • Quest Diagnostics highlighted its strong market position in the clinical lab space, emphasizing widespread patient coverage and robust operational scale, including over 350,000 daily patients and serving more than 50% of U.S. hospitals and physicians.
  • The presentation detailed strategic initiatives such as network expansion, productivity improvements, and innovations in high-value tests like the new Alzheimer’s blood-based diagnostic and oncology advancements.
  • The company reaffirmed its long-term guidance of 4-5% revenue CAGR and 7-9% EPS CAGR, alongside updates on significant investments in M&A (including its recent LifeLabs acquisition) and consumer direct channels.
Jun 4, 2025, 2:21 AM
Quest Diagnostics Reports Strong Q1 2025 Earnings and Reaffirms Full-Year Guidance
·$DGX
Earnings
Guidance Update
M&A
Revenue Acceleration/Inflection
  • Q1 2025 revenue reached $2.65 billion, up 12.1% year-over-year, reflecting robust quarterly performance .
  • Reported diluted EPS of $1.94 (up 12.8% YoY) and adjusted EPS of $2.21, underscoring strong operational performance .
  • Reaffirmed full-year guidance with expected revenues between $10.7B and $10.85B and EPS guidance of reported diluted EPS between $8.62 and $8.87 plus adjusted diluted EPS between $9.55 and $9.80 .
  • Strategic investments in advanced diagnostics—including tests like PFAS forever chemicals, Haystack MRD, and an AD-Detect panel for Alzheimer’s—are fueling growth .
  • Operational enhancements through automation, robotics, and AI are boosting quality and productivity .
  • A robust M&A pipeline complemented by strategic acquisitions, enterprise account growth, and favorable regulatory developments (e.g., the court decision on FDA LDT rule) is driving further expansion .
Apr 22, 2025, 12:31 PM
Quest Diagnostics Launches New AD-Detect Blood Test
·$DGX
Product Launch
New Projects/Investments
  • Quest Diagnostics announced the launch of its new AD-Detect™ blood test, which confirms Alzheimer’s pathology in patients with mild cognitive impairment or dementia using proprietary tandem mass spectrometry and immunoassay techniques.
  • The test demonstrated over 90% sensitivity and specificity with positive and negative predictive values of 89% in a real-world heterogeneous population, offering a less invasive and more affordable alternative to PET imaging and lumbar puncture.
  • The expansive network of nearly 8,000 patient access points supports broad adoption, excluding only New York where clinical approval is pending.
Apr 9, 2025, 11:53 AM
Quest Diagnostics 2025 Investor Day Emphasizes Innovation and Strategic Growth
·$DGX
New Projects/Investments
M&A
Guidance Update
  • Investor Day Overview: The event detailed Quest Diagnostics’ commitment to sustainable growth by addressing market trends such as rising obesity and evolving disease diagnostic needs, setting the stage for strategic operational improvements.
  • Diagnostic Innovation: Executives highlighted investments in advanced clinical solutions, including enhanced blood-based testing, AI-driven digital pathology, and automation initiatives designed to drive above‐average growth in key clinical areas.
  • Operational Transformation: The company is modernizing its order-to-cash process through Project Nova and expects to achieve 3% annual productivity savings by standardizing, simplifying, and digitizing its processes, further enhancing customer and employee experience.
  • Financial and M&A Outlook: With reaffirmed 2025 guidance of approximately $10.78 billion in revenue and $9.68 EPS, Quest Diagnostics also outlined long-term targets of 4-5% revenue CAGR and 7-9% adjusted EPS CAGR, supported by disciplined M&A activities and strategic regional consolidations.
Mar 19, 2025, 1:01 PM