Overview
- Quest reported Q3 revenue of $2.82 billion and adjusted EPS of $2.60, topping expectations that included a Zacks consensus of $2.51 per share and revenue estimates cited at $2.74 billion.
- The company lifted full-year guidance to adjusted EPS of $9.76–$9.84 and net revenue of $10.96–$11.00 billion, while trimming GAAP EPS guidance to $8.58–$8.66.
- Quest agreed to form a lab services joint venture with Corewell Health in Michigan, with Co‑Lab Solutions projected to reach about $1 billion in annual revenue next year across 21 hospitals.
- The company completed the acquisition of select dialysis testing assets from Fresenius Medical Care and began scaling testing for U.S. dialysis centers serving roughly 200,000 patients annually.
- Regulatory and capital updates included FDA Breakthrough Device designation for the Haystack MRD test with trials at Mass General Brigham and Rutgers, year‑to‑date operating cash flow of $1.4 billion, $150 million in share repurchases, and a stock decline of about 2.5% after the report.