Quest Diagnostics has reported a net income of $229m, or $2.03 per diluted share, for the second quarter ended 30 June 2024, a 2.4% decline compared to $235m, or $2.05 per diluted share, for the respective period in the previous year.
The diagnostics company’s net income for the second quarter of 2024 (Q2 2024) increased by 18% compared to $194m, or $1.72 per diluted share, for the first quarter of 2024 (Q1 2024).
Quest reported net revenues of $2.39bn for Q2 2024, a 2.5% rise compared to $2.33bn for the same quarter in 2023, and a 1% increase compared to $2.36bn for Q1 2024.
The company reported capital expenditures of $92m for Q2 2024, a 10.8% decline compared to $104m for the respective quarter in the previous year.
It has reported an operating income of $355 for Q2 2024, a 2% rise compared to $348m for the same period in 2024.
Quest Diagnostics chairman, CEO and president Jim Davis said: “We delivered another strong quarter, with base business revenue growth of nearly 4% and total revenue growth of 2.5% as well as continued improvement in productivity and profitability in the base business.
“This performance is due to the growth of new physician and hospital customers, a more favourable test mix that includes greater adoption of advanced diagnostics and continued strength in healthcare utilisation.
“We also made progress improving our operational quality and efficiency through greater use of automation and AI.”
Quest has reported a net income of $423m for the six months ended 30 June 2024, a 3.1% increase compared to $437m for the same period the previous year.
The company has reported net revenues of $4.76bn for the first half of 2024 (H1 2024), a 2% rise compared to $4.66bn for the respective period in 2023.
It has reported capital expenditures of $196m for H1 2024, a 15% decline compared to $231m for the same period in the previous year.
The diagnostics company has reported an operating income of $655m for H1 2024, a 0.2% decline compared to $653m for the respective period in 2023.
Davis added: “In addition, we are excited to announce four acquisitions that meet our criteria for growth, profitability and returns, and that will enable us to expand in strategic growth areas.
“Our planned acquisition of LifeLabs will position us to help this trusted lab leader grow and better serve Canada’s growing and ageing population.
“The acquisitions we recently announced of select outreach lab assets of Allina Health in Minnesota and Wisconsin and OhioHealth in Ohio reflect our ability to partner with high-quality health systems and extend our presence in key geographies.
“Our recently completed PathAI Diagnostics acquisition positions us to rapidly scale digital pathology innovation to help health systems and other providers improve cancer diagnoses.”
Earlier this month, Quest agreed with Canadian pension plan company OMERS to acquire community laboratory tests provider LifeLabs for a total of up to C$1.35bn ($985m).