quest diagnostics inc (DGX) Key Developments
Quest Diagnostics Declares Quarterly Cash Dividend, Payable on January 22, 2014
Dec 6 13
Quest Diagnostics announced that its board of directors declared a quarterly cash dividend of $0.30 per share, payable on January 22, 2014 to shareholders of record of Quest Diagnostics common stock on January 7, 2014.
Quest Diagnostics Inc. Presents at 25th Annual Piper Jaffray Healthcare Conference 2013, Dec-03-2013 09:30 AM
Nov 26 13
Quest Diagnostics Inc. Presents at 25th Annual Piper Jaffray Healthcare Conference 2013, Dec-03-2013 09:30 AM. Venue: The New York Palace Hotel, 455 Madison Avenue, New York, NY 10022, United States. Speakers: Stephen H. Rusckowski, Chief Executive Officer, President, Director and Member of Executive Committee.
General Atlantic Reportedly To Put Amedes On Sale For Up To €800 million
Oct 31 13
General Atlantic LLC is planning to sell amedes Holding AG, in a deal that could fetch around €800 million ($1.1 billion), according to people familiar with the matter. General Atlantic has hired Goldman Sachs Inc. to find potential buyers, these people said. Interest could come from Sonic Healthcare Limited (ASX:SHL), Quest Diagnostics Inc. (NYSE:DGX) and LabCorp Clinical Trials, as well as private-equity suitors like BC Partners or Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR). Spokespeople for Goldman, the private-equity firms and Quest declined to comment. Representatives for Sonic Health and LabCorp weren’t available for a comment. People familiar with the sales process said that Amedes could be valued at between €600 million and €800 million, based in part on earnings expectations released to potential buyers.
Quest Diagnostics Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Full Year 2013
Oct 17 13
Quest Diagnostics Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net revenues of $1,787.1 million against $1,821.8 million a year ago. Operating income was $689.5 million against $304.6 million a year ago. Income from continuing operations before taxes was $657.4 million against $271.1 million a year ago. Income from continuing operations attributable to the company's common stockholders was $405.1 million or $2.70 per basic and diluted share against $163.1 million or $1.02 per diluted share a year ago. Cash from operations was $186 million in the quarter compared to $395 million in the prior year. This is principally due to the following factors: adjusted operating income was lower by $54 million, higher cash in the prior year period due to a nonrecurring $72 million cash received upon termination of an interest rate swap agreement, increase in the size and the timing of tax payments of $38 million in 2013, and higher restructuring and integration payments in 2013 of $15 million. Capital expenditures were $51 million in the quarter compared to $45 million a year ago. Reported income from continuing operations in the third quarter of 2013 was favorably impacted by the gain on sale of Ibrutinib royalty rights of approximately $300 million after tax, or $1.97 per share. In addition, reported income from continuing operations was negatively impacted by a loss on sale of the Enterix business of approximately $25 million after tax, or $0.17 per share, as well as by $24 million after tax, or $0.16 per diluted share, of restructuring and integration costs related to the company's ongoing efforts to drive operational excellence and simplify the organization.
For the nine months, the company reported net revenues of $5,389.5 million against $5,608.8 million a year ago. Operating income was $1,205.2 million against $935.8 million a year ago. Income from continuing operations before taxes was $1,110.3 million against $836.8 million a year ago. Income from continuing operations attributable to the company's common stockholders was $706.4 million or $4.59 per diluted share against $499.9 million or $3.14 per diluted share a year ago. Net cash provided by operating activities was $441.7 million against $806.8 million a year ago. Capital expenditures were $155.5 million against $122.3 million a year ago. Adjusted income from continuing operations was $461 million, or $2.97 per diluted share, compared to $539 million, or $3.35 per diluted share a year ago. Income from continuing operations was $671 million, or $4.32 per diluted share, including the gain on sale of the Ibrutinib royalty rights, compared to $490 million, or $3.04 per diluted share, in 2012.
For the full year 2013, the company estimates results from continuing operations, before special items, as follows: Revenues now expected to approximate 3.5% below the prior year, compared to previous guidance of 1% to 2% below the prior year level; earnings per diluted share now expected to be between $3.85 to $3.95, compared to previous guidance of between $4.35 and $4.50; cash provided by operations to approximate $850 million, compared to previous guidance that it would approach $1 billion; and capital expenditures to approximate $250 million, unchanged.
Quest Diagnostics Announces the Availability of BRCAvantage, Broadly Expanding Patient Access to BRCA Genetic Testing for Inherited Breast and Ovarian Cancers
Oct 15 13
Quest Diagnostics announced the availability of BRCAvantage, a suite of four new lab-developed genetic tests (LDT) that identify mutations in BRCA1 and BRCA2 genes, which are associated with increased risk of inherited breast and ovarian cancers. An estimated 5% to 10% of female breast cancers are due to inherited gene mutations, with BRCA1 and BRCA2 gene mutations the most commonly identified cause. BRCA1 and BRCA2 mutations are also associated with increased inherited risk of ovarian, male breast and other cancers. Yet, research indicates that BRCA testing is underutilized among appropriate at-risk patients. Quest will address this gap with its unique scale and a service-rich offering that supports the patient journey, beginning with informed consideration of BRCA testing in dialogue with a clinician and genetic counselor. Clinicians can access results of BRCAvantage and Quest's more than 3,000 testing services through the company's secure Care360 connectivity platform, supporting clinical management of the individual patient across a continuum of care. As part of the BRCAvantage offering, Quest will provide access to third-party genetic counselors to clinicians and patients and a free, concierge-level pre-authorization service that helps expedite access to insurance-covered BRCA testing through any of the thousands of health plans in the Quest network. Patients can submit blood specimen for testing at Quest's more than 2,100 patient service centers located across the United States, for geographic convenience unmatched by any other BRCA test provider. The BRCAvantage test is performed using next-generation sequencing and multiplex ligation dependent probe amplification (MLPA) to detect all published deleterious mutations in BRCA1 and BRCA2. If a gene variant is identified, it is cross referenced with mutational databases to promote reliable clinical interpretation. Quest also plans to support open access to patient-consented de-identified BRCA data to promote research and innovation in the field.