- Quest Diagnostics (NYSE:DGX) reported second-quarter results that beat Wall Street estimates, helped by a faster than expected recovery in the company's base business.
- Shares fall more than 1% premarket.
- The company posted adjusted quarterly profit of $3.18 per share, ahead of analysts' average estimate by 32 cents.
- Second-quarter revenue rose more than 39% to $2.55B, beating analysts' estimate by $170M.
- Diagnostic Information Services revenue in the quarter grew more than 40% to $2.47B compared to the year-ago period.
- 2021 FY outlook: Net revenues between $9.54B and $9.79B, vs consensus estimate of $9.43B; Adjusted EPS between $10.65 and $11.35; CAPEX of about $400M.
- "This was the first quarter since 2019 that organic base testing revenues grew in the quarter, driven by contributions from new hospital lab management contracts as well as people returning to the healthcare system," CEO Steve Rusckowski said.
- The company also highlighted that it is "well-positioned" to continue its momentum in the coming months.
- Previously (July 22): Quest Diagnostics EPS beats by $0.32, beats on revenue.