Quest Diagnostics has reported a net income of $226m or $1.99 per diluted share for the third quarter (Q3 2024) ended on 30 September 2024, a 0.5% rise compared to $225m or $1.96 per diluted share for the respective quarter in 2023.
The diagnostics company’s net income for Q3 2024 decreased by 1.3% compared to $229m for the second quarter of 2024 (Q2 2024).
Quest reported net revenues of $2.48bn for Q3 2024, an 8.5% increase compared to $2.29bn for the same quarter in 2023, and a 3.6% decline compared to $2.39bn for Q2 2024.
The company reported total operating costs and expenses of $2.15bn for Q3 2024, a 9.3% rise compared to $1.95bn for the same quarter in the previous year.
Its income before income tax for the reported period was $296m, a 1% decline compared to $299m for the respective quarter in 2023.
Quest Diagnostics chairman, CEO and president Jim Davis said: “Our performance was driven by new customer wins and expanded business with physicians and hospitals as well as recent acquisitions, including LifeLabs.
“We are now on track to complete eight acquisitions by year’s end that meet our criteria for profitability, growth and returns.”
“We have increased our 2024 revenue guidance due to contributions from recent acquisitions and have maintained the midpoint of our adjusted EPS guidance despite the impact of Hurricane Milton in the fourth quarter.
“Given the strength of our business and revenue from acquisitions, we are well positioned to drive accelerated revenue and earnings growth in 2025.”
Quest reported a net income of $649m, or $5.74 per diluted share, for the first nine months of 2024 (9M 2024), a 1.9% decline compared to $662m, or $5.79 per diluted share, for the same period in 2023.
The company reported net revenues of $7.25bn for 9M 2024, a 4.1% increase compared to $6.96bn for the first nine months of 2023.
Quest reported total operating costs and expenses of $6.26bn for 9M 2024, a 5% rise compared to $5.96bn for the same period in the previous year.
The diagnostics company reported an income before tax of $876m, a 1.9% decline compared to $893m for the respective period in 2023.
Recently, Quest completed its previously announced acquisition of select laboratory assets from OhioHealth, a nationally recognised not-for-profit, charitable, integrated health system.
