- Quest Diagnostics Inc DGX expects Q4 sales of $2.74 billion, a decrease of 9% Y/Y, beating the consensus of $2.54 billion.
- The company noted preliminary Q4 results reflect higher than expected demand for COVID-19 testing services, while base testing volumes remained steady and consistent with the previous outlook.
- Total volume increased approximately 1.3% in Q4. Total base testing volumes (excluding COVID-19 testing) increased approximately 10% compared to Q4 FY19.
- COVID-19 testing volumes, which included approximately 7.9 million molecular tests and 0.7 million serology tests, declined compared to the prior year.
- The company expects adjusted EPS of $3.33, compared to $4.48 in the fourth quarter of 2020, and better than the consensus of $3.10.
- Quest Diagnostics expects FY21 sales of approximately $10.79 billion (prior view $10.45 billion - $10.60 billion),+14% Y/Y, beating the analyst estimate of $10.56 billion.
- For FY21, Quest Diagnostics forecasts adjusted EPS of $14.24 (prior view $13.50 - $13.90), well above the consensus of $13.97.
- The company believes it will exceed adjusted EPS of $8.00 (consensus $8.94) in 2022, driven by higher than anticipated demand for COVID-19 testing services, expected growth in the base business, and the recently announced one-year delay of PAMA cuts.
- At its Investor Day in March 2021, the company shared a baseline view for 2022, including revenue of at least $8.5 billion and adjusted EPS near the upper end of $7.40 - $8.00.
- Price Action: DGX shares are down 6.66% at $147.37 during the market session on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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