Quest Diagnostics Incorporated is a leading provider of diagnostic information services, working across the healthcare ecosystem to create a healthier world, one life at a time. The company provides diagnostic insights from laboratory testing to empower people, physicians, and organizations to improve health outcomes. Quest's diagnostic insights are derived from a large database of de-identifiable clinical lab results and can reveal new avenues to identify and treat disease, inspire healthy behaviors, and improve healthcare management. The company serves approximately one-third of the adult population in the United States annually, and over a three-year period, it serves approximately one-half of the adult population in the United States. It estimates that it serves approximately half of the physicians and half of the hospitals in the United States annually.

• Employees: Approximately 48,000 (as of December 31, 2023)
• Geographic Footprint: Operations primarily in the United States, with selected locations outside the United States
• Headquarters: Secaucus, NJ
• Founded: 1990 (predecessor companies date back to 1967)
• Number of locations/facilities: Laboratories, patient service centers, offices, and other facilities around the United States and in selected locations outside the United States.
• Revenue: $9.3 billion (FY2023)
• Market Capitalization: Approximately $15.7 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: AmeriPath, Dermpath Diagnostics, ExamOne, and Quanum

• CEO: James E. Davis
• CFO: Sam A. Samad
• Senior Vice President and Chief Commercial Officer: Mark E. Delaney
• Senior Vice President, Regional Businesses: Catherine T. Doherty
• Senior Vice President, Molecular Genomics and Oncology: Mark A. Gardner
• Senior Vice President, Clinical Solutions: Karthik Kuppusamy
• Senior Vice President, Diagnostics Services: Patrick Plewman
• Senior Vice President and General Counsel: Michael E. Prevoznik

James E. Davis became CEO and President on November 1, 2022. Sam A. Samad joined the company in July 2022. Mark E. Delaney joined the company in March 2022. Catherine T. Doherty has been with the company since 1990 and in her current role since March 2022. Mark A. Gardner joined the company in October 2022. Karthik Kuppusamy assumed his current role in August 2022. Patrick Plewman assumed his current role in April 2022. Michael E. Prevoznik joined the company in August 1999.

• Annual Revenue: $9.3 billion (FY2023)
• Net Income: $854 million (FY2023)
• Market Cap: Approximately $15.7 billion (as of June 30, 2023)
• Total Assets: $14.0 billion (as of December 31, 2023)
• Number of Employees: Approximately 48,000 (as of December 31, 2023)
• Key Financial Highlights: DIS revenues decreased by 6.6% compared to the prior year, driven by a decrease in COVID-19 testing, partially offset by growth in the base business. Revenue per requisition decreased by 5.9% compared to the prior year driven by the decrease in COVID-19 molecular testing.

Quest Diagnostics provides a wide range of diagnostic information services, including:

• Routine Clinical Testing Services: Commonly ordered tests such as blood chemistries, urinalysis, allergy tests, and complete blood cell counts.
• Gene-based and Esoteric Testing Services: Non-routine tests that may require professional attention from highly skilled personnel, including molecular diagnostics, oncology, neurology, companion diagnostics, and non-invasive prenatal and other germline genetic testing.
• Anatomic Pathology Testing Services: Diagnosis of cancer and other diseases through examination of tissue and cell samples.
• COVID-19 Testing Services: Testing for the COVID-19 virus.
• Advanced Diagnostics: Includes molecular diagnostics, oncology, neurology, companion diagnostics, and non-invasive prenatal and other germline genetic testing.

The company operates through two business segments:

• Diagnostic Information Services (DIS): Develops and delivers diagnostic information services, providing insights from laboratory testing. DIS accounted for 97% of net revenues in 2023.
• Diagnostic Solutions (DS): Includes risk assessment services for insurers and healthcare IT businesses that offer solutions for healthcare providers and payers. DS accounted for 3% of net revenues in 2023.

Quest's strategy aims to generate growth and optimize operating efficiency by continually developing solutions to meet evolving customer needs. The company drives growth by collaborating with healthcare providers, offering a leading menu of testing services, leveraging data assets to improve population health, and continuously improving quality and efficiency. Key strategic initiatives include:

• Focusing on primary customer channels: physicians, hospitals, patients, and consumers.
• Supporting growth through Advanced Diagnostics, strategic acquisitions, and continuous quality improvement.
• Enhancing operational excellence and improving efficiency across the value chain.
• Leveraging innovative technologies, such as automation and artificial intelligence.

Quest Diagnostics operates in the clinical testing industry, which is characterized by:

• Primary Industry: Diagnostic information services.
• Market Trends: Continued consolidation, price transparency, consumerization, and a focus on value-based care.
• Key Competitors: Other commercial clinical laboratories, hospital-affiliated laboratories, physician-office laboratories, and emerging non-traditional competitors. The company's largest commercial clinical laboratory competitor is Laboratory Corporation of America Holdings, Inc.
• Market Position: A leading provider of diagnostic information services in the United States.

• Market Risks: The clinical testing business is highly competitive, and the company may face challenges from new technologies, new product introductions, and new service offerings. The company also faces reimbursement pressure driven by PAMA and health plans.
• Operational Risks: The company's operations are subject to disruptions from hardware and software failures, and the company must continue to strengthen its efficiency to maintain its competitive position. The company also faces risks related to attracting and retaining qualified employees.
• Financial Risks: The company's outstanding debt may impair its financial and operating flexibility, and the company is exposed to interest rate risk. The company also faces risks related to its ability to accurately bill for services and comply with applicable laws.
• Regulatory Risks: The company is subject to numerous legal and regulatory requirements, including those related to CLIA, PAMA, Medicare and Medicaid, and the FDA. Changes in these regulations could impact the company's business.